BB&T 2014 Annual Report Download - page 30

Table of Contents
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
 
 
   
       
Quarter Ended:
March 31 $ 41.04 $ 36.28 $ 40.17 $ 0.23 $ 31.81 $ 29.54 $ 31.39 $ 0.23
June 30 40.95 36.38 39.43 0.24 34.37 29.18 33.88 0.23
September 30 40.21 35.86 37.21 0.24 36.59 33.30 33.75 0.23
December 31 39.69 34.50 38.89 0.24 37.42 32.65 37.32 0.23
Year $ 41.04 $ 34.50 $ 38.89 $ 0.95 $ 37.42 $ 29.18 $ 37.32 $ 0.92
Common Stock, Dividends and Share Repurchases
BB&T’s ability to pay dividends is primarily dependent on earnings from operations, the adequacy of capital and the availability of liquid assets for
distribution and is subject to the FRB not objecting to its capital plan. BB&T’s ability to generate liquid assets for distribution is dependent on the ability of
Branch Bank to pay dividends to the Parent Company. The payment of cash dividends is an integral part of providing a competitive return on shareholders’
investments. The Company’s policy is to accomplish this while retaining sufficient capital to support future growth and to meet regulatory requirements.
Management has established a guideline that the common dividend payout ratio will be between 30% and 50% and the total payout ratio (including
dividends and share repurchases) will be between 30% and 80% of basic EPS during normal economic conditions. BB&T’s common dividend payout ratio,
computed by dividing dividends declared per common share by basic EPS, was 34.1% in 2014 compared to 41.4% in 2013. BB&T has paid a cash dividend
to shareholders every year since 1903. BB&T expects common dividend declarations, if declared, to occur in January, April, July and October with payment
dates on or about the first of March, June, September and December. A discussion of dividend restrictions is included in Note 16 “Regulatory Requirements
and Other Restrictions” in the “Notes to Consolidated Financial Statements” and in the “Regulatory Considerations” section.
Share Repurchases
BB&T has periodically repurchased shares of its own common stock. In accordance with North Carolina law, repurchased shares cannot be held as treasury
stock, but revert to the status of authorized and unissued shares upon repurchase.
The Board of Directors has granted authority under the 2006 Repurchase Plan for the repurchase of up to 50 million shares of BB&T’s common stock. The
2006 Repurchase Plan remains in effect until all the authorized shares are repurchased unless the plan is modified by the Board of Directors. No shares were
repurchased in connection with the 2006 Repurchase Plan during 2014, 2013, or 2012.
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


   
   
   

October 2014 54 $ 37.16 ― 44,139
November 2014 5 37.80 ― 44,139
December 2014 5 37.81 ― 44,139
Total 64 37.26 ― 44,139
(1) Repurchases reflect shares exchanged or surrendered in connection with the exercise of equity-based awards under BB&T’s equity-based compensation
plans.
(2) Excludes commissions.
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Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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