Waste Management 2006 Annual Report Download - page 55
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In October 2004, the Company announced that its Board of Directors approved a capital allocation program
authorizing up to $1.2 billion of stock repurchases and dividend payments annually for each of 2005, 2006 and
2007. Under this program, we paid quarterly cash dividends of $0.20 per share each quarter in 2005 for a total of
$449 million. We paid quarterly dividends in 2006 of $0.22 per common share for a total of $476 million.
In June 2006, our Board of Directors approved up to $350 million of additional share repurchases for 2006,
increasing the amount of capital authorized for our share repurchases and dividends for 2006 to $1.55 billion. In
2006, we repurchased approximately 31 million shares of our common stock for $1,072 million. All of the
repurchases were made pursuant to our capital allocation program. The following table summarizes our fourth
quarter 2006 share repurchase activity:
Issuer Purchases of Equity Securities
Period
Total Number
of Shares
Purchased
Average Price
Paid per
Share(a)
Total Number
of Shares
Purchased as
Part of
Publicly Announced
Plans or
Programs
Approximate Maximum
Dollar Value of
Shares that
May Yet be
Purchased Under
the Plans
or Programs(b)
October 1-31 . ......... 960,700 $37.36 960,700 $99 million
November 1-30 ......... 1,828,900 $37.78 1,828,900 $30 million
December 1-31 ......... 750,400 $37.32 750,400 $ 2 million
Total ................ 3,540,000 $37.57 3,540,000 $ —
(a) This amount represents the weighted average price paid per share and includes a per share commission paid for
all repurchases.
(b) For each period presented, the maximum dollar value of shares that may yet be purchased under the program
has been provided as of the end of such period. As discussed above, the amount of capital available for share
repurchases during 2006 was $1.55 billion, net of dividends paid. During the year ended December 31, 2006,
we paid $476 million in dividends. The maximum dollar value of shares that may be purchased under the
program included in the table above includes the effect of these dividend payments as if all payments had been
made at the beginning of the earliest period presented. The “Total” amount available for repurchases under the
plan is shown as zero because our capital allocation program, by its terms, provided for $1.55 billion in
dividends and share repurchases in 2006, which makes any unexpended portion of the $1.55 billion unavailable
after the end of the year.
In 2005, we repurchased 24.7 million shares of our common stock for $706 million, all of which was made
pursuant to the capital allocation program discussed above.
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