filings.toolsItem 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Price Range of Common Stock and Dividends
Our common stock trades on the New York Stock Exchange under the symbol "CHK". The following table sets forth, for the periods indicated, the high and low sales prices per share of our common stock as reported by the New York Stock Exchange and the amount of cash dividends declared per share:
| Common Stock | Dividend | |||||||||||
| High | Low | Declared | ||||||||||
| Year Ended December 31, 2016: | ||||||||||||
| Fourth Quarter | $ | 8.20 | $ | 5.14 | $ | — | ||||||
| Third Quarter | $ | 8.15 | $ | 4.13 | $ | — | ||||||
| Second Quarter | $ | 7.59 | $ | 3.53 | $ | — | ||||||
| First Quarter | $ | 5.76 | $ | 1.50 | $ | — | ||||||
| Year Ended December 31, 2015: | ||||||||||||
| Fourth Quarter | $ | 9.55 | $ | 3.56 | $ | — | ||||||
| Third Quarter | $ | 11.90 | $ | 6.01 | $ | — | ||||||
| Second Quarter | $ | 16.98 | $ | 10.94 | $ | — | ||||||
| First Quarter | $ | 21.49 | $ | 13.38 | $ | 0.0875 |
As of February 6, 2017, there were approximately 2,000 holders of record of our common stock and approximately 347,000 beneficial owners.
In July 2015, our Board of Directors determined to eliminate quarterly cash dividends on our common stock.
In January 2016, we announced that we were suspending payment of dividends on each series of our outstanding convertible preferred stock. Suspension of the dividends did not constitute an event of default under our revolving credit facility or outstanding bond indentures. On February 15, 2017, we reinstated the payment of dividends on each series of our outstanding convertible preferred stock and paid our dividends in arrears.
Our revolving credit facility and our term loan facility contain restrictions on our ability to declare and pay cash dividends on our common or preferred stock if an event of default has occurred. The certificates of designation for our preferred stock prohibit payment of cash dividends on our common stock unless we have declared and paid (or set apart for payment) full accumulated dividends on the preferred stock.
Unregistered Sales of Equity Securities and Use of Proceeds
The following table presents information about repurchases of our common stock during the quarter ended December 31, 2016:
| Period | Total Number of Shares Purchased(a) | Average Price Paid Per Share(a) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(b) | ||||||||||
| ($ in millions) | ||||||||||||||
| October 1, 2016 through October 31, 2016 | 5,693 | $ | 6.12 | — | $ | 1,000 | ||||||||
| November 1, 2016 through November 30, 2016 | 2,026 | $ | 6.80 | — | $ | 1,000 | ||||||||
| December 1, 2016 through December 31, 2016 | 837 | $ | 7.06 | — | $ | 1,000 | ||||||||
| Total | 8,556 | $ | 6.37 | — |
| (a) | Reflects the surrender to the Company of shares of common stock to pay withholding taxes in connection with the vesting of employee restricted stock. Also includes shares of common stock purchased on behalf of Chesapeake’s deferred compensation plan related to participant deferrals and Company matching contributions. |
| (b) | In December 2014, the Company’s Board of Directors authorized the repurchase of up to $1 billion in value of its common stock from time to time. The repurchase program does not have an expiration date. As of December 31, 2016, no repurchases had been made under the program. |
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