Windstream 2007 Annual Report Download - page 70

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Windstream Corporation
Form 10-K, Part II
Item 5. Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of
Equity Securities
(2) In February 2008, the Windstream Board of Directors approved a stock repurchase program for up to $400.0
million of the Company’s common stock continuing until December 31, 2009. While it is our intention to
fully achieve this plan over this period, we will also review other opportunities to enhance shareholder
returns as they become available.
The calculation of average price paid per share does not include any fees, commissions or other costs associated with
the repurchase of such shares.
Set forth below is a line graph showing a quarterly comparison since February 9, 2005, the initial day of public trading
of Valor shares, of total cumulative stockholder returns on Windstream common stock, along with the returns on the
Standards & Poor’s (“S&P”) 500 Stock Index and the S&P Telecom Index. The S&P Telecom Index consists of the
following companies: American Tower Corporation, AT&T Inc., CenturyTel Inc., Citizens Communications Company,
Embarq Corporation, Qwest Communications International Inc., Verizon Communications Inc. and Windstream
Corporation.
Comparative Shareholder Return
$70.00
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
$160.00
$170.00
2/9/2005
Q1 2005
Q2 2005
Q3 2005
Q4 2005
Q1 2006
Q2 2006
Q3 2006
Q4 2006
Q4 2007
Q3 2007
Q2 2007
Q1 2007
Dollars
Windstream
S&P 500
S&P Telecom
Total Cumulative Shareholder Returns
2005 2006 2007
2/9/05 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07
Windstream $100.00 $95.65 $90.64 $91.87 $79.25 $93.97 $84.28 $99.18 $108.86 $114.55 $120.54 $123.16 $119.89
S&P 500 $100.00 $99.38 $100.74 $104.37 $106.55 $111.03 $109.43 $115.63 $123.38 $124.17 $131.97 $134.65 $130.16
S&P Telecom(1) $100.00 $98.04 $101.53 $100.47 $100.62 $115.06 $114.40 $126.40 $137.28 $147.15 $158.27 $161.63 $153.48
(1) S&P Telecom Index includes: AMT, T, CTL, CZN, EQ, Q, VZ, WIN
The graph and table above provides the cumulative change of $100.00 invested on February 9, 2005, including
reinvestment of dividends, for the periods indicated.
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