Target 2011 Annual Report Download - page 36

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PART II
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
Our common stock is listed on the New York Stock Exchange under the symbol ‘‘TGT.’’ We are authorized to
issue up to 6,000,000,000 shares of common stock, par value $0.0833, and up to 5,000,000 shares of preferred
stock, par value $0.01. At March 12, 2012, there were 16,879 shareholders of record. Dividends declared per share
and the high and low closing common stock price for each fiscal quarter during 2011 and 2010 are disclosed in
Note 29 of the Notes to Consolidated Financial Statements, included in Item 8, Financial Statements and
Supplementary Data.
In November 2007, our Board of Directors authorized the repurchase of $10 billion of our common stock. Since
the inception of this share repurchase program, we have repurchased 188.6 million common shares for a total cash
investment of $9,721 million ($51.54 per share). In January 2012, our Board of Directors authorized a new $5 billion
share repurchase program. Upon completion of the current program, we expect to begin repurchasing shares
under this new authorization primarily through open-market transactions.
The table below presents information with respect to Target common stock purchases made during the three
months ended January 28, 2012, by Target or any ‘‘affiliated purchaser’’ of Target, as defined in Rule 10b-18(a)(3)
under the Exchange Act.
Approximate
Total Number of Dollar Value of
Shares Purchased Shares that May
Total Number Average as Part of Yet Be Purchased
of Shares Price Paid Publicly Announced Under the
Period Purchased (a)(b) per Share (a) Programs (a) Programs
October 30, 2011 through
November 26, 2011 500,000 $52.35 186,030,743 $ 413,469,141
November 27, 2011 through
December 31, 2011 2,460,638 52.46 188,483,902 284,784,698
January 1, 2012 through
January 28, 2012 123,772 50.20 188,607,674 5,278,571,598
3,084,410 $52.35 188,607,674 $5,278,571,598
(a) The table above includes shares reacquired upon settlement of prepaid forward contracts. For the three months ended January 28, 2012,
0.2 million shares were reacquired through these contracts. At January 28, 2012, we held asset positions in prepaid forward contracts for
1.4 million shares of our common stock, for a total cash investment of $61 million, or an average per share price of $44.21. Refer to Notes 24
and 26 of the Notes to Consolidated Financial Statements for further details of these contracts.
(b) The number of shares above includes shares of common stock reacquired from team members who wish to tender owned shares to satisfy
the tax withholding on equity awards as part of our long-term incentive plans or to satisfy the exercise price on stock option exercises. For
the three months ended January 28, 2012, 7,479 shares were reacquired at an average per share price of $53.48 pursuant to our long-term
incentive plan.
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