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
Common Stock and Dividend Information
Our common stock is traded on the NASDAQ Global Select Market ("Nasdaq") under the symbol ODFL. At February 22, 2017, there were 38,078 holders of our common stock, including 113 shareholders of record. We did not pay any dividends on our common stock during fiscal year 2016 or 2015. On February 2, 2017, we announced that our Board of Directors had declared a cash dividend of $0.10 per share payable on March 20, 2017, to shareholders of record at the close of business on March 6, 2017. We currently intend to pay a quarterly cash dividend on our common stock for the foreseeable future.
Our senior unsecured credit agreement includes a provision limiting our ability to make restricted payments, including dividends and payments for share repurchases, unless, among other conditions, no defaults or events of default under the credit agreement are ongoing (or would be caused by such restricted payment).
The following table sets forth the high and low sales price of our common stock for the periods indicated, as reported by Nasdaq:
| 2016 | ||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| High | $ | 70.52 | $ | 72.45 | $ | 71.75 | $ | 91.69 | ||||||||
| Low | $ | 48.92 | $ | 56.74 | $ | 59.55 | $ | 68.21 |
| 2015 | ||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| High | $ | 80.96 | $ | 76.98 | $ | 74.86 | $ | 65.78 | ||||||||
| Low | $ | 69.50 | $ | 67.25 | $ | 60.40 | $ | 56.80 |
The following table provides information regarding our repurchases of our common stock during the fourth quarter of 2016:
| ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||
| Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs | |||||||||||
| October 1-31, 2016 | 134,784 | $ | 69.75 | 134,784 | $ | 201,865,076 | ||||||||
| November 1-30, 2016 | 25,519 | $ | 74.16 | 25,519 | $ | 199,972,557 | ||||||||
| December 1-31, 2016 | — | $ | — | — | $ | 199,972,557 | ||||||||
| Total | 160,303 | $ | 70.45 | 160,303 |
During the second quarter of 2016, we completed our $200.0 million stock repurchase program, previously announced on November 10, 2014. On May 23, 2016, we announced that our Board of Directors had approved a new two-year stock repurchase program authorizing us to repurchase up to an aggregate of $250.0 million of our outstanding common stock (the “2016 Repurchase Program”). Under the 2016 Repurchase Program, we may repurchase shares from time to time in open market purchases or through privately negotiated transactions. Shares of our common stock repurchased under our repurchase programs are canceled at the time of repurchase and are authorized but unissued shares of our common stock.
Performance Graph
The following graph compares the total shareholder cumulative returns, assuming the reinvestment of all dividends, of $100 invested on December 31, 2011, in (i) our common stock, (ii) the S&P 500 Total Return Index, and (iii) the NASDAQ Industrial Transportation Index, for the five-year period ended December 31, 2016.
Cumulative Total Return
| 12/31/11 | 12/31/12 | 12/31/13 | 12/31/14 | 12/31/15 | 12/31/16 | |||||||||||||||||||
| Old Dominion Freight Line, Inc. | $ | 100 | $ | 127 | $ | 196 | $ | 287 | $ | 219 | $ | 318 | ||||||||||||
| S&P 500 Total Return Index | $ | 100 | $ | 116 | $ | 154 | $ | 175 | $ | 177 | $ | 198 | ||||||||||||
| NASDAQ Industrial Transportation Index | $ | 100 | $ | 107 | $ | 151 | $ | 183 | $ | 141 | $ | 183 |
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