Vectren 2010 Annual Report Download - page 31

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29
PART II
ITEM 5. MARKET FOR COMPANY'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER
PURCHASES OF EQUITY SECURITIES
Market Data, Dividends Paid, and Holders of Record
The Company’s common stock trades on the New York Stock Exchange under the symbol ‘‘VVC.’’ For each quarter in 2010
and 2009, the high and low sales prices for the Company’s common stock as reported on the New York Stock Exchange and
dividends paid are presented below.
Cash
Dividend High Low
2010
First Quarter 0.340$ 25.07$ 22.14$
Second Quarter 0.340 25.60 21.66
Third Quarter 0.340 26.05 22.97
Fourth Quarter 0.345 27.85 24.18
2009
First Quarter 0.335$ 26.90$ 18.08$
Second Quarter 0.335 24.06 19.72
Third Quarter 0.335 25.33 22.47
Fourth Quarter 0.340 25.50 21.99
Common Stock Price Range
On February 2, 2011 the board of directors declared a dividend of $0.345 per share, payable on March 1, 2011, to common
shareholders of record on February 15, 2011.
As of January 31, 2011, there were 9,261 shareholders registered of the Company’s common stock.
Quarterly Share Purchases
Periodically, the Company purchases shares from the open market to satisfy share requirements associated with the
Company’s share-based compensation plans; however, no such open market purchases were made during the quarter ended
December 31, 2010.
Dividend Policy
Common stock dividends are payable at the discretion of the board of directors, out of legally available funds. The Company’s
policy is to distribute approximately 65 percent of earnings over time. On an annual basis, this percentage has varied and could
continue to vary due to short-term earnings volatility. The Company has increased its dividend for 51 consecutive years. While
the Company is under no contractual obligation to do so, it intends to continue to pay dividends and increase its annual dividend
consistent with historical practice. Nevertheless, should the Company’s financial condition, operating results, capital
requirements, or other relevant factors change, future dividend payments, and the amounts of these dividends, will be
reassessed.
Certain lending arrangements contain restrictive covenants, including the maintenance of a total debt to total capitalization ratio,
which could limit the Company’s ability to pay dividends. These restrictive covenants are not expected to affect the Company’s
ability to pay dividends in the near term.