Toro 2009 Annual Report Download - page 28

PART II
restricted stock will vest in full on October 19, 2012 and may vest
ITEM 5. MARKET FOR REGISTRANT’S
earlier upon the occurrence of certain events, including death or
COMMON EQUITY, RELATED
disability or a change of control of Toro. In the event the executive
STOCKHOLDER MATTERS, AND
voluntarily terminates the executive’s employment prior to Octo-
ISSUER PURCHASES OF EQUITY
ber 19, 2012, the entire restricted stock grant will be forfeited and
SECURITIES
the shares will be returned to Toro’s treasury account. The
restricted shares were issued in reliance upon the exemption from
Toro common stock is listed for trading on the New York Stock registration provided under Section 4(2) of the Securities Act of
Exchange and trades under the symbol ‘‘TTC.’’ The high, low, and 1933, as amended.
last sales prices for Toro common stock and cash dividends paid The following table sets forth information with respect to shares
for each of the quarterly periods for fiscal 2009 and 2008 were as of Toro common stock purchased by the company during each of
follows: the three fiscal months in the period ended October 31, 2009.
Fiscal year ended
Total
October 31, 2009 First Second Third Fourth
Number of Maximum
Market price per share of common Shares Number of
stock – Purchased Shares that
High sales price $36.55 $31.66 $36.18 $42.03 as Part of May Yet be
Low sales price 24.80 20.26 26.57 34.06 Total Average Publicly Purchased
Last sales price 29.61 29.75 34.66 37.02 Number of Price Announced Under the
Cash dividends per share of Shares Paid Per Plans or Plans or
common stock
1
0.15 0.15 0.15 0.15 Period Purchased
1,2
Share Programs Programs
1,2
August 1, 2009 through
August 28, 2009 512,177 $36.22 512,177 5,068,918
Fiscal year ended
August 29, 2009
October 31, 2008 First Second Third Fourth
through
Market price per share of common September 25, 2009 772,206 38.89 772,206 4,296,712
stock – September 26, 2009
High sales price $59.16 $51.99 $42.20 $46.67 through October 31,
Low sales price 40.74 37.92 30.05 27.16 2009 291,226
3
40.34 289,000 4,007,712
Last sales price 50.93 40.81 33.13 33.64
Total 1,575,609 $38.29 1,573,383
Cash dividends per share of common
stock
1
0.15 0.15 0.15 0.15
1
On May 21, 2008, the company’s Board of Directors authorized the repurchase of
an additional 4,000,000 shares of the company’s common stock in open-market
1
Future cash dividends will depend upon the company’s financial condition, capital
or in privately negotiated transactions. This program has no expiration date but
requirements, results of operations, and other factors deemed relevant by the
may be terminated by the company’s Board of Directors at any time. The com-
Board of Directors.
pany purchased an aggregate of 581,095 shares during the periods indicated
Common Stock – 100,000,000 shares authorized, $1.00 par above under this program. There are no shares remaining for repurchase under
value, 33,369,486 and 35,484,766 shares outstanding as of Octo- this program.
2
On July 21, 2009, the company’s Board of Directors authorized the repurchase of
ber 31, 2009 and 2008, respectively.
an additional 5,000,000 shares of the company’s common stock in open-market
Preferred Stock – 1,000,000 voting shares authorized and or in privately negotiated transactions. This program has no expiration date but
may be terminated by the company’s Board of Directors at any time. The com-
850,000 non-voting shares authorized, $1.00 par value, no shares
pany purchased an aggregate of 992,288 shares during the periods indicated
outstanding. under this program.
Shareholders – As of December 16, 2009, Toro had approxi-
3
Includes 2,226 units (shares) of Toro common stock purchased in open-market
transactions at an average price of $38.92 per share on behalf of a rabbi trust
mately 4,255 shareholders of record.
formed to pay benefit obligations of the company to participants in deferred com-
Issuance of Unregistered Securities – On October 19, 2009, pensation plans. These 2,226 shares were not repurchased under the company’s
repurchase programs, as described in footnotes 1 and 2 above.
Toro awarded 4,752 restricted shares of Toro common stock to an
executive officer as an employment inducement award. The
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