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
All per share amounts and number of shares presented below reflect the four-for-one stock split that was effected in the second quarter of fiscal 2015. See Note 14—Stockholders' Equity in Item 8—Financial Statements and Supplementary Data of this report.
Price Range of Common Stock
Our class A common stock has been listed on the New York Stock Exchange under the symbol “V” since March 19, 2008. At November 9, 2016, we had 362 stockholders of record of our class A common stock. The number of beneficial owners is substantially greater than the number of record holders, because a large portion of our class A common stock is held in "street name" by banks and brokers. The following table sets forth the intra-day high and low sale prices for our class A common stock in each of our last eight fiscal quarters:
| Fiscal 2016 | High | Low | |||||
| First Quarter | $ | 81.01 | $ | 68.36 | |||
| Second Quarter | $ | 77.00 | $ | 66.12 | |||
| Third Quarter | $ | 81.73 | $ | 73.25 | |||
| Fourth Quarter | $ | 83.79 | $ | 73.83 | |||
| Fiscal 2015 | High | Low | |||||
| First Quarter | $ | 67.33 | $ | 48.80 | |||
| Second Quarter | $ | 69.66 | $ | 61.29 | |||
| Third Quarter | $ | 70.69 | $ | 64.35 | |||
| Fourth Quarter | $ | 76.92 | $ | 60.00 |
There is currently no established public trading market for our class B or class C common stock. There were 1,656 and 676 holders of record of our class B and class C common stock, respectively, as of November 9, 2016.
Dividend Declaration and Policy
During the fiscal years ended September 30, 2016 and 2015, we paid the following quarterly cash dividends per share of our class A common stock (determined in the case of class B and C common stock and U.K.&I and Europe preferred stock, on an as-converted basis) to all holders of record of our common and preferred stock on the respective record dates.
| Fiscal 2016 | Dividend Per Share | ||
| First Quarter | $ | 0.14 | |
| Second Quarter | $ | 0.14 | |
| Third Quarter | $ | 0.14 | |
| Fourth Quarter | $ | 0.14 | |
| Fiscal 2015 | Dividend Per Share | ||
| First Quarter | $ | 0.12 | |
| Second Quarter | $ | 0.12 | |
| Third Quarter | $ | 0.12 | |
| Fourth Quarter | $ | 0.12 |
Additionally, in October 2016, our board of directors declared a quarterly cash dividend of $0.165 per share of class A common stock (determined in the case of class B and C common stock and U.K.&I and Europe preferred
stock on an as-converted basis) payable on December 6, 2016, to holders of record as of November 18, 2016 of our common and preferred stock.
Subject to legally available funds, we expect to continue paying quarterly cash dividends on our outstanding common and preferred stock in the future. However, the declaration and payment of future dividends is at the sole discretion of our board of directors after taking into account various factors, including our financial condition, settlement indemnifications, operating results, available cash and current and anticipated cash needs.
Issuer Purchases of Equity Securities
The table below sets forth the Company's purchases of common stock during the quarter ended September 30, 2016.
| Period | Total Number Of Shares Purchased (1) | Average Price Paid Per Share | Total Number Of Shares Purchased As Part Of Publicly Announced Plans Or Programs (2),(3) | Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans Or Programs (2),(3) | ||||||||||
| July 1-31, 2016 | 2,597,645 | $ | 77.65 | 2,574,980 | $ | 7,122,065,457 | ||||||||
| August 1-31, 2016 | 8,280,851 | $ | 79.85 | 8,279,268 | $ | 6,460,797,525 | ||||||||
| September 1-30, 2016 | 9,648,865 | $ | 82.37 | 9,648,865 | $ | 5,665,815,457 | ||||||||
| Total | 20,527,361 | $ | 80.76 | 20,503,113 |
| (1) | Includes 24,248 shares of class A common stock withheld at an average price of $78.23 per share (per the terms of grants under the Visa 2007 Equity Incentive Compensation Plan) to offset tax withholding obligations that occur upon vesting and release of restricted shares. |
| (2) | The figures in the table reflect transactions according to the trade dates. For purposes of our consolidated financial statements included in this Form 10-K, the impact of these repurchases is recorded according to the settlement dates. |
| (3) | Our board of directors from time to time authorizes the repurchase of shares of our common stock up to a certain monetary limit. In October 2015 and July 2016, our board of directors authorized share repurchase programs for $5.0 billion each. These authorizations have no expiration date. All share repurchase programs authorized prior to October 2015 have been completed. |
EQUITY COMPENSATION PLAN INFORMATION
The table below presents information as of September 30, 2016, for the Visa 2007 Equity Incentive Compensation Plan (the "EIP") and the Visa Inc. Employee Stock Purchase Plan (the "ESPP"), which were approved by our stockholders. We do not have any equity compensation plans that have not been approved by our stockholders. For a description of the awards issued under the EIP and the ESPP, see Note 16—Share-based Compensation to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
| Plan Category | (a) Number Of Shares Of Class A Common Stock Issuable Upon Exercise Of Outstanding Options And Purchase Rights | Weighted-Average Exercise Price Of Outstanding Options And Purchase Rights | Number Of Shares Of Class A Common Stock Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Shares Reflected In Column (a)) | |||||||
| Equity compensation plans approved by stockholders | 9,221,389 | (1) | $ | 38.42 | (2) | 170,655,889 | (3) |
| (1) | Includes 8,876,484 outstanding options under the EIP and 344,905 outstanding purchase rights under the ESPP. In addition, the EIP authorizes the issuance of restricted stock, restricted stock units, performance shares and other stock-based awards. The maximum number of shares issuable as of September 30, 2016, pursuant to outstanding restricted stock units and performance shares, totals 3,146,954 and 1,042,012, respectively. |
| (2) | Does not include the weighted-average exercise price of the outstanding purchase rights under the ESPP as the exercise price is based on the future stock price, net of discount, at the end of each monthly purchase over the offering period. |
| (3) | In January 2015, the Company's class A stockholders approved the ESPP which permits eligible employees to purchase shares of Class A common stock at a 15% discount to the stock price on the purchase date, subject to certain restrictions. See Note 16—Share-based Compensation to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report. As of September 30, 2016, 152 million shares and 19 million shares were available for issuance under the EIP and the ESPP, respectively. |
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