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Common stock transactions
3 Months Ended
May 01, 2015
Common stock transactions  
Common stock transactions

 

9.Common stock transactions

 

On August 29, 2012, the Company’s Board of Directors authorized a common stock repurchase program, which has been increased on several occasions, most recently on March 10, 2015. As of May 1, 2015, a total of $3.0 billion had been authorized under the program and $688.8 million remained available for repurchase. The repurchase authorization has no expiration date and allows repurchases from time to time in the open market or in privately negotiated transactions. The timing and number of shares purchased depends on a variety of factors, such as price, market conditions, compliance with the covenants and restrictions under the Company’s debt agreements and other factors. Repurchases under the program may be funded from available cash or borrowings under the Facilities discussed in further detail in Note 4.

 

Pursuant to its common stock repurchase program, during the 13-week periods ended May 1, 2015, and May 2, 2014, the Company repurchased in the open market approximately 7.1 million shares of its common stock at a total cost of $534.7 million, and approximately 14.1 million shares at a total cost of $800.1 million, respectively.

 

On March 10, 2015, the Company’s Board of Directors approved a quarterly cash dividend of $0.22 per share (approximately $66.0 million in the aggregate) which was paid on April 22, 2015 to shareholders of record as of April 8, 2015, and on May 27, 2015, the Company’s Board of Directors approved a quarterly cash dividend of an identical amount per share which is payable on July 1, 2015 to shareholders of record as of June 17, 2015. The payment of future cash dividends is subject to the Board’s discretion and will depend upon, among other things, the Company’s results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant in its sole discretion.