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
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Our Class B Common Stock is traded on the New York Stock Exchange. Shares of our Class A, Class C and Class D Common Stock are not traded in any public market, but are each convertible into shares of our Class B Common Stock on a share-for-share basis. In November, 2009, we declared a two-for-one stock split in the form of a 100% stock dividend which was paid on December 15, 2009 to shareholders of record as of December 1, 2009. All classes of common stock participated on a pro rata basis and, as required, all references to share quantities and share prices for all periods presented have been adjusted to reflect the two-for-one stock split.
The table below sets forth, for the quarters indicated, the high and low reported closing sales prices per share reported on the New York Stock Exchange for our Class B Common Stock for the years ended December 31, 2011 and 2010:
| 2011 | 2010 | |||||||
| High-Low Sales Price | High-Low Sales Price | |||||||
| Quarter: | ||||||||
| 1st | $ | 49.41-$42.06 | $ | 36.59-$25.75 | ||||
| 2nd | $ | 56.41-$46.13 | $ | 43.36-$34.86 | ||||
| 3rd | $ | 54.64-$34.00 | $ | 39.15-$31.06 | ||||
| 4th | $ | 42.90-$31.91 | $ | 43.74-$37.21 |
The number of stockholders of record as of January 31, 2012 were as follows:
| Class A Common | 20 | |||
| Class B Common | 315 | |||
| Class C Common | 3 | |||
| Class D Common | 130 |
Stock Repurchase Programs
In various prior years, our Board of Directors has approved stock repurchase programs authorizing us to purchase shares of our outstanding Class B Common Stock on the open market at prevailing market prices or in negotiated transactions off the market. There is no expiration date for our stock repurchase programs. The most recent approval occurred during 2007 at which time our Board of Directors authorized the purchase of up to 10 million shares, a portion of which (as reflected below) remains available for purchase as of December 31, 2011. The following schedule provides information related to our stock repurchase programs for each of the three years ended December 31, 2011:
| Additional Shares Authorized For Repurchase | Total number of shares purchased(a) | Average price paid per share for forfeited restricted shares | Total number of shares purchased as part of publicly announced programs | Average price paid per share for shares purchased as part of publicly announced program | Aggregate purchase price paid (in thousands) | Maximum number of shares that may yet be purchased under the program | ||||||||||||||||||||||
| Balance as of January 1, 2009 | 4,713,548 | |||||||||||||||||||||||||||
| 2009 | — | 2,574,209 | $ | 0.01 | 2,561,209 | $ | 24.71 | $ | 63,288 | 2,152,339 | ||||||||||||||||||
| 2010 | — | 301,933 | $ | 0.01 | 293,933 | $ | 39.22 | $ | 11,528 | 1,858,406 | ||||||||||||||||||
| 2011 | — | 1,602,286 | $ | 0.01 | 1,602,286 | $ | 37.75 | $ | 60,482 | 256,120 | ||||||||||||||||||
| Total for three year period ended December 31, 2011 | — | 4,478,428 | $ | 0.01 | 4,457,428 | $ | 30.35 | $ | 135,298 | |||||||||||||||||||
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| (a) | During 2010 and 2009, there were 8,000 and 13,000, respectively, of restricted shares that were forfeited by former employees pursuant to the terms of our restricted stock purchase plan which are included in the total number of shares purchased. No such forfeitures occurred during 2011. |
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During the period of October 1, 2011 through December 31, 2011, we repurchased the following shares:
| Additional Shares Authorized For Repurchase | Total number of shares purchased | Average price paid per share for forfeited restricted shares | Total Number of shares purchased as part of publicly announced programs | Average price paid per share for shares purchased as part of publicly announced program | Aggregate purchase price paid (in thousands) | Maximum number of shares that may yet be purchased under the program | ||||||||||||||||||||
| October, 2011 | — | 423,919 | N/A | 423,919 | $ | 34.16 | $ | 14,482 | 293,264 | |||||||||||||||||
| November, 2011 | — | 16,029 | N/A | 16,029 | $ | 38.99 | $ | 625 | 277,235 | |||||||||||||||||
| December, 2011 | — | 21,115 | N/A | 21,115 | $ | 39.88 | $ | 842 | 256,120 | |||||||||||||||||
| Total October through December | — | 461,063 | N/A | 461,063 | $ | 34.59 | $ | 15,949 | ||||||||||||||||||
Dividends
During the two years ending December 31, 2011, dividends per share were declared and paid as follows:
| 2011 | 2010 | |||||||
| First quarter | $ | .05 | $ | .05 | ||||
| Second quarter | $ | .05 | $ | .05 | ||||
| Third quarter | $ | .05 | $ | .05 | ||||
| Fourth quarter | $ | .05 | $ | .05 | ||||
| Total | $ | .20 | $ | .20 | ||||
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Stock Price Performance Graph
The following graph compares the cumulative total stockholder return on our common stock with the cumulative total return on the stock included in the Standard & Poor’s 500 Index and a Peer Group Index during the five year period ended December 31, 2011. The graph assumes an investment of $100 made in our common stock and each Index as of January 1, 2007 and has been weighted based on market capitalization. Note that our common stock price performance shown below should not be viewed as being indicative of future performance.
Companies in the peer group, which consist of companies in the S&P 500 Index or S&P MidCap 400 Index (in which we are also included), are as follows: Community Health Systems, Inc., Health Management Associates, LifePoint Hospitals, Inc., Tenet Healthcare Corporation and HCA Holdings, Inc. (included from March, 2011 at which time the company’s stock began publicly trading).
COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN
(The Company, S&P 500 and Peer Group)
| Company Name / Index | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||||
| Universal Health Services, Inc | $ | 100.00 | $ | 92.90 | $ | 68.59 | $ | 112.03 | $ | 160.38 | $ | 144.17 | ||||||||||||
| S&P 500 Index | $ | 100.00 | $ | 105.49 | $ | 66.46 | $ | 84.05 | $ | 96.71 | $ | 98.76 | ||||||||||||
| Peer Group | $ | 100.00 | $ | 75.30 | $ | 30.58 | $ | 80.66 | $ | 94.13 | $ | 67.09 |
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