Tucows 2015 Annual Report Download - page 61

We repurchased 214,089 shares under this program during the three months ended March 31, 2015 for a total of
$4.1 million. We repurchased 25,413 shares under this program during the three months ended June 30, 2015 for a total of
$0.5 million. We repurchased 398,000 shares under this program during the three months ended September 30, 2015 for a
total of $10.0 million. We repurchased 231,047 shares under this program during the three months ended
December 31, 2015 for a total of $5.4 million. In total, we repurchased 868,549 shares under this program during the year
ended December 31, 2015 for a total of $20.0 million.
Our current equity-based compensation plans include provisions that allow for the “net exercise” of stock options
by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the
shares due from the option holder can be paid for by having the option holder tender back to the Company a number of
shares at fair value equal to the amounts due. These transactions are accounted for by the Company as a purchase and
retirement of shares and are included in the table below as common stock received in connection with share-based
compensation.
During the fiscal quarter ended December 31, 2015, certain employees and directors tendered 99,675 shares of
common stock having a market value of $23.43 per share, or $2.3 million in the aggregate, as payment for related payroll
tax obligations and exercise price of the shares due from the option holder arising from the vesting and settlement of stock
option awards.
The following table summarizes our share repurchase activity for the periods covered below:
SHARE REPURCHASES
Year Ended December 31,
2015 2014 2013
Common stock repurchased on the open market or through tender
offer
Number of shares 1,062,456 79,392 1,064,299
Aggregate market value of shares (in thousands) $ 23,616 $1,182$6,538
Average price per share $ 22.23 $ 14.89 $ 6.14
Common stock received in connection with share-based
compensation
Number of shares 99,675 ——
Aggregate market value of shares (in thousands) $2,335$—$—
Average price per share $ 23.42 $—$—
The following schedule sets forth the purchase activity for each month during the three months ended December
31, 2015:
ISSUER PURCHASES OF EQUITY SECURITIES FOR THE THREE MONTHS ENDED December 31, 2015
Period
Total Number
of
Shares
Purchased
Average Price
Paid per Share
Total Number
of
Shares
Purchased
as Part of
Publicly
Announced
Plans
or Programs
Dollar Value
of
Shares that
May
Yet be
Purchased
Under the
Plans
or Programs
(in thousands)
October 1 through October 31, 2015 - $ - - $ 5,450,000
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