Item 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
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Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “PWR.” The following table sets forth the high and low sales prices of our common stock per quarter, as reported by the NYSE, for the two most recent fiscal years.
| High | Low | |||||||
| Year Ended December 31, 2013 | ||||||||
| 1st Quarter | $ | 29.94 | $ | 27.57 | ||||
| 2nd Quarter | 30.56 | 25.26 | ||||||
| 3rd Quarter | 29.13 | 25.57 | ||||||
| 4th Quarter | 31.60 | 26.72 | ||||||
| Year Ended December 31, 2012 | ||||||||
| 1st Quarter | $ | 22.55 | $ | 20.59 | ||||
| 2nd Quarter | 24.07 | 20.21 | ||||||
| 3rd Quarter | 26.07 | 21.63 | ||||||
| 4th Quarter | 27.96 | 22.92 |
On February 21, 2014, there were 849 holders of record of our common stock, two holders of record of exchangeable shares of Canadian subsidiaries of Quanta, one holder of record of our Series F preferred stock and one holder of record of our Series G preferred stock. There is no established trading market for the exchangeable shares or the Series F and Series G preferred stock; however, the exchangeable shares may be exchanged at the option of the holder for Quanta common stock on a one-for-one basis. See Notes 11 and 18 of the Notes to Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” for additional discussion of our equity securities.
Unregistered Sales of Securities During the Fourth Quarter of 2013
During the fourth quarter of 2013, we completed three acquisitions in which a portion of the consideration consisted of the unregistered issuance of shares of our common stock. Aggregate consideration consisted of approximately $175.8 million in cash and 2,747,412 shares of our common stock. Such shares of common stock were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, as the shares were issued to the owners of the businesses acquired in privately negotiated transactions not involving any public offering or solicitation.
Issuer Purchases of Equity Securities During the Fourth Quarter of 2013
The following table contains information about our purchases of equity securities during the three months ended December 31, 2013.
| Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs(1) | ||||||||||||
| October 1, 2013 — October 31, 2013 | — | $ | — | — | ||||||||||||
| November 1, 2013 — November 30, 2013 | 4,750 | (2) | $ | 29.62 | — | |||||||||||
| December 1, 2013 — December 31, 2013 | 114 | (2) | $ | 31.16 | — | |||||||||||
| Total | 4,864 | — | $ | 500,000,000 | ||||||||||||
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| (1) | During the fourth quarter of 2013, our board of directors approved a stock repurchase program authorizing us to purchase, from time to time, up to $500.0 million of our outstanding common stock through December 31, 2016. These repurchases can be made in open market transactions, in privately negotiated transactions, including block purchases or otherwise, at management’s discretion based on market and business conditions, applicable legal requirements and other factors. This program, which became effective December 6, 2013, does not obligate us to acquire any specific amount of common stock and will continue until completed or otherwise modified or terminated by our board of directors at any time at its sole discretion and without notice. As of December 31, 2013, there had been no repurchases under this plan. |
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| (2) | Represents shares purchased from employees to satisfy tax withholding obligations in connection with the vesting of restricted stock awards. |
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Dividends
We have not declared any cash dividends on our common stock during the years ended December 31, 2013 or 2012, nor in any previous periods. We currently intend to retain our future earnings, if any, to finance the growth, development and expansion of our business. Accordingly, we currently do not intend to declare or pay any cash dividends on our common stock in the immediate future. The declaration, payment and amount of future cash dividends, if any, will be at the discretion of our board of directors after taking into account various factors. These factors include our financial condition, results of operations, cash flows from operations, current and anticipated capital requirements and expansion plans, the income tax laws then in effect and the requirements of Delaware law. In addition, as discussed in Liquidity and Capital Resources — “Debt Instruments — Credit Facility” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our credit facility includes limitations on the payment of cash dividends without the consent of the lenders.
Performance Graph
The following Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
The following graph compares, for the period from December 31, 2008 to December 31, 2013, the cumulative stockholder return on our common stock with the cumulative total return on the Standard & Poor’s 500 Index (the S&P 500 Index) and a peer group selected by our management that includes public companies within our industry. The current peer group (the 2013 Peer Group) includes Chicago Bridge & Iron Company N.V., EMCOR Group Inc., Fluor Corporation, Jacobs Engineering Group Inc., MasTec, Inc., MYR Group Inc., Pike Electric Corporation, URS Corp. and Willbros Group, Inc. These companies were selected because they comprise a broad group of publicly held corporations, each of which has some operations similar to ours. The peer group used in the previous year (the 2012 Peer Group) included each of the foregoing companies as well as Dycom Industries, Inc. The shift to the 2013 Peer Group was based on our decision to eliminate from the comparison the company whose operations are concentrated in a line of business in which we no longer operate.
The graph below assumes an investment of $100 (with reinvestment of all dividends) in our common stock, the S&P 500 Index and each of the peer groups on December 31, 2008 and tracks their relative performance through December 31, 2013. The returns of each company in the peer group are weighted based on the market capitalization of each constituent company at the beginning of the measurement period. The stock price performance reflected on the following graph is not necessarily indicative of future stock price performance.
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COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN
Among Quanta Services, Inc., the S&P 500 Index,
the 2013 Peer Group and the 2012 Peer Group

| 12/08 | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | |||||||||||||||||||
| Quanta Services, Inc. | $ | 100.00 | 105.25 | 100.61 | 108.79 | 137.83 | 159.39 | |||||||||||||||||
| S&P 500 | $ | 100.00 | 126.46 | 145.51 | 148.59 | 172.37 | 228.19 | |||||||||||||||||
| 2013 Peer Group | $ | 100.00 | 104.00 | 131.74 | 114.25 | 135.57 | 195.96 | |||||||||||||||||
| 2012 Peer Group | $ | 100.00 | 103.90 | 132.44 | 116.15 | 137.04 | 197.96 |
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