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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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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Tractor Supply Company’s common stock trades on The Nasdaq Global Select Market under the symbol “TSCO”.

The table below sets forth the high and low sales prices of our common stock as reported by The Nasdaq Global Select Market for each fiscal quarter of the periods indicated:

Price Range
20142013
HighLowHighLow
First Quarter$78.17$62.06$52.69$43.13
Second Quarter$72.99$59.75$59.12$50.17
Third Quarter$67.84$57.20$67.13$57.00
Fourth Quarter$79.14$55.95$77.00$64.17

As of January 30, 2015, the number of record holders of our common stock was 759 (excluding individual participants in nominee security position listings), and the estimated number of beneficial holders of our common stock was 119,000.

Index

Common Stock Dividends

During 2014 and 2013, the Board of Directors declared the following cash dividends:

Date DeclaredDividend Amount Per ShareStockholders of Record DateDate Paid
October 29, 2014$0.16November 17, 2014December 2, 2014
July 30, 2014$0.16August 18, 2014September 3, 2014
April 30, 2014$0.16May 19, 2014June 3, 2014
February 5, 2014$0.13February 24, 2014March 11, 2014
October 30, 2013$0.13November 18, 2013December 3, 2013
July 31, 2013$0.13August 19, 2013September 4, 2013
May 1, 2013$0.13May 20, 2013June 4, 2013
February 6, 2013$0.10February 25, 2013March 12, 2013

It is the present intention of the Board of Directors to continue to pay a quarterly cash dividend; however, the declaration and payment of future dividends will be determined by the Board of Directors in its sole discretion and will depend upon the earnings, financial condition, and capital needs of the Company, as well as other factors which the Board of Directors deem relevant.

On February 4, 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of the Company’s common stock. The dividend will be paid on March 10, 2015, to stockholders of record as of the close of business on February 23, 2015.

Issuer Purchases of Equity Securities

On February 24, 2014, the Company’s Board of Directors authorized a $1 billion increase to the existing share repurchase program, bringing the total amount authorized to date under the program to an aggregate of $2 billion of common stock, exclusive of any fees, commissions, or other expenses related to such repurchases, through December 2017. Additionally, the Company withholds shares from vested restricted stock units to satisfy employees’ minimum statutory tax withholding requirements. Stock purchase activity during fiscal 2014 is set forth in the table below:

PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
First Quarter (a)1,280,109$66.921,261,866$1,077,330,571
Second Quarter960,89965.09960,8991,014,803,424
Third Quarter (b)1,633,10961.811,574,160917,441,732
Fourth Quarter:
9/28/14 – 10/25/14703,90059.39703,900875,649,148
10/26/14 – 11/22/14100,00073.80100,000868,270,578
11/23/14 – 12/27/1464,00077.0664,000863,339,833
867,90062.35867,900863,339,833
As of December 27, 20144,742,017$63.954,664,825$863,339,833

(a)The total number of shares purchased and average price paid per share include 18,243 shares withheld from vested restricted stock units to satisfy employees’ minimum statutory tax withholding requirements.

(b)The total number of shares purchased and average price paid per share include 58,949 shares withheld from vested restricted stock units to satisfy employees’ minimum statutory tax withholding requirements.

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We expect to implement the balance of the repurchase program through purchases made from time to time either in the open market or through private transactions, in accordance with regulations of the SEC and other applicable legal requirements. The timing and amount of any common stock repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions.

Any additional stock repurchase programs will be subject to the discretion of our Board of Directors and subject to our results of operations, financial condition, cash requirements and other factors deemed relevant by our Board of Directors. The program may be limited or terminated at any time without prior notice.

STOCK PERFORMANCE GRAPH

This performance graph shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Tractor Supply Company under the Securities Act of 1933, as amended, or the Exchange Act.

The following graph compares the cumulative total stockholder return on our common stock from December 26, 2009 to December 27, 2014 (the Company’s fiscal year-end) with the cumulative total returns of the S&P 500 Index and the S&P Retail Index over the same period. The comparison assumes that $100 was invested on December 26, 2009 in our common stock and in each of the foregoing indices and in each case assumes reinvestment of dividends. The historical stock price performance shown on this graph is not necessarily indicative of future performance.

12/26/200912/25/201012/31/201112/29/201212/28/201312/27/2014
Tractor Supply Company$100.00$179.16$259.67$323.78$559.24$576.86
S&P 500$100.00$111.57$111.64$124.50$163.46$185.42
S&P Retail Index$100.00$122.58$125.31$156.19$223.73$245.95

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