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Common Stock
3 Months Ended
May. 30, 2015
Equity [Abstract]  
Common Stock
Common Stock
On July 21, 2011, the Company’s Board of Directors authorized a share repurchase program (the “2011 Share Repurchase Program”) to repurchase up to 5,000,000 shares of the Company’s common stock outstanding through December 31, 2014. On January 3, 2013, the Company’s Board of Directors amended the 2011 Share Repurchase Program (the “2013 Amended Program”) and authorized the repurchase of an additional 5,000,000 shares of the Company’s common stock, which authorization shall expire on December 31, 2017. On March 26, 2015, the Company’s Board of Directors amended the 2013 Amended Program (the “2015 Amended Program”) and authorized the repurchase of an additional 5,000,000 shares of the Company’s common stock, which authorization shall expire on December 31, 2018.
The Company purchased 1,250,000 shares at an average price of $25.04 per share for an aggregate amount of $31.3 million during the thirteen weeks ended May 30, 2015. As of May 30, 2015, there were 4,954,503 shares remaining available to repurchase under the 2015 Amended Program.
As of May 30, 2015, the Company held 14,884,449 shares of its common stock as treasury shares at an average price of $20.34 per share for an aggregate carrying amount of $302.7 million. The Company’s treasury shares may be issued upon the exercise of employee stock options, under the Employee Stock Purchase Plan, in the form of restricted stock, or for other corporate purposes. The number of shares of common stock reserved for issuance upon the exercise of options, restricted stock, or other awards is limited as defined in the 2002 Stock Incentive Plan of The Finish Line, Inc. (the “2002 Incentive Plan”) and The Finish Line, Inc. Amended and Restated 2009 Incentive Plan (the “Amended 2009 Incentive Plan”). Further purchases will occur from time to time as market conditions warrant and as the Company deems appropriate when judged against other alternative uses of cash.
On April 16, 2015, the Company announced a quarterly cash dividend of $0.09 per share of the Company’s common stock. The Company declared dividends of $4.2 million during the thirteen weeks ended May 30, 2015. The cash dividends of $4.2 million were paid on June 15, 2015 to shareholders of record on May 29, 2015 and were included in other liabilities and accrued expenses on the Company’s consolidated balance sheet as of May 30, 2015. Further declarations of dividends remain at the discretion of the Company’s Board of Directors.