Wendy's 2014 Annual Report Download - page 100

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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
Treasury Stock
There were 470,424 shares of common stock issued at the beginning and end of 2014, 2013 and 2012.
Treasury stock activity for 2014, 2013 and 2012 was as follows:
Treasury Stock
2014 2013 2012
Number of shares at beginning of year .................................... 77,637 78,051 80,700
Repurchases of common stock .......................................... 32,716 8,720 —
Common shares issued:
Stock options, net ............................................... (4,930) (8,771) (2,079)
Restricted stock, net .............................................. (732) (202) (211)
Director fees ................................................... (24) (35) (45)
Other ............................................................. (53) (126) (314)
Number of shares at end of year ........................................ 104,614 77,637 78,051
Repurchases of Common Stock
In August 2014, our Board of Directors authorized a repurchase program for up to $100,000 of our common
stock through December 31, 2015, when and if market conditions warrant and to the extent legally permissible.
During 2014, the Company repurchased 2,986 shares with an aggregate purchase price of $23,889, excluding
commissions of $52. Subsequent to December 28, 2014 through February 18, 2015, we repurchased 545 shares for
an aggregate purchase price of $5,996, excluding commissions of $10.
In January 2014, our Board of Directors authorized a repurchase program for up to $275,000 of our common
stock through the end of fiscal year 2014. As part of the repurchase program, the Board of Directors also authorized
the commencement of a modified Dutch auction tender offer to repurchase shares of our common stock for an
aggregate purchase price of up to $275,000. On February 11, 2014, the tender offer expired and on
February 19, 2014, the Company repurchased 29,730 shares for an aggregate purchase price of $275,000. As a result,
the repurchase program authorized in January 2014 was completed. The Company incurred costs of $2,275 in
connection with the tender offer, which were recorded to treasury stock.
In November 2012, our Board of Directors authorized the repurchase of up to $100,000 of our common stock
through December 29, 2013. During 2013, the Company repurchased 8,720 shares with an aggregate purchase price
of $69,167, excluding commissions of $153. The authorization for the repurchase program expired at the end of the
2013 fiscal year. No repurchases were made during the year ended December 30, 2012.
Preferred Stock
There were 100,000 shares authorized and no shares issued of preferred stock throughout 2014, 2013 and
2012.
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