Windstream 2015 Annual Report Download - page 110

28
Stock Performance
Set forth below is a line graph showing comparisons of annual stockholder returns since December 31, 2010. The graph includes
the total cumulative stockholder returns on our common stock, and comparative returns on the S&P 500 Stock Index and the S&P
Telecom Index. The S&P Telecom Index consists of the following companies: AT&T Inc., CenturyLink, Inc., Crown Castle
International Corp., Frontier Communications Corp., Sprint Communications, Inc., T-Mobile US, Inc., Verizon Communications
Inc., Windstream Holdings, Inc. The graph and table below provide the cumulative change of $100.00 invested on December 31,
2010, including reinvestment of dividends, for the periods indicated.
Total Cumulative Shareholder Returns
2010 2011 2012 2013 2014 2015
Windstream $100.00 $ 91.29 $ 71.21 $ 77.60 $ 89.23 $ 54.87
S&P 500 $100.00 $102.11 $118.43 $156.77 $178.22 $180.66
S&P Telecom $100.00 $106.27 $125.72 $140.14 $144.33 $149.24
Notes to Comparative Shareholder Return:
• On April 24, 2015, Windstream completed the spin-off and distribution of CS&L. As a result, Windstream Holdings
shareholders received one share of CS&L common stock for every five shares of Windstream Holdings common stock
owned. The return calculation for 2015 assumes that the dollar value of the CS&L shares distributed in connection with
the spin-off was reinvested in Windstream Holdings common stock on April 27, 2015. The dollar value of the CS&L
shares distributed is based on a price per share of CS&L of $28.60, which was the closing price of CS&L in the “when
issued” market on April 24, 2015. The dollar value of the CS&L shares distributed was assumed to be reinvested at a
price per share of Windstream Holdings common stock of $10.61, which was the closing price on April 27, 2015.
$0
$50
$100
$150
$200
$250
2010 2011 2012 2013 2014 2015
Comparative Shareholder Return
12/31/10 - 12/31/15
Windstream S&P 500 S&P Telecom