From time to time, our Board authorizes us to repurchase our common stock. The activity under Board authorized share repurchase programs in 2013, 2012 and 2011 was as follows:
|
| | | | | | | | | | | | | | | | | | | | | |
| Purchase Not to Exceed |
| | Shares Purchased |
| | 2013 | | 2012 | | 2011 |
(Millions) | | Shares |
| Cost |
| | Shares |
| Cost |
| | Shares |
| Cost |
|
Authorization date: | | | | | | | | | | |
September 27, 2013 | $ | 750.0 |
| | 2.3 |
| $ | 153.0 |
| | — |
| $ | — |
| | — |
| $ | — |
|
February 19, 2013 | 750.0 |
| | 11.6 |
| 750.0 |
| | — |
| — |
| | — |
| — |
|
July 27, 2012 | 750.0 |
| | 9.1 |
| 504.7 |
| | 5.3 |
| 245.3 |
| | — |
| — |
|
February 24, 2012 | 750.0 |
| | — |
| — |
| | 17.8 |
| 750.0 |
| | — |
| — |
|
September 23, 2011 | 750.0 |
| | — |
| — |
| | 9.2 |
| 422.2 |
| | 7.9 |
| 327.8 |
|
May 20, 2011 | 750.0 |
| | — |
| — |
| | — |
| — |
| | 19.3 |
| 750.0 |
|
December 3, 2010 | 750.0 |
| | — |
| — |
| | — |
| — |
| | 17.9 |
| 735.2 |
|
Total repurchases | N/A |
| | 23.0 |
| $ | 1,407.7 |
| | 32.3 |
| $ | 1,417.5 |
| | 45.1 |
| $ | 1,813.0 |
|
| | | | | | | | | | |
Repurchase authorization remaining at December 31, | | N/A |
| $ | 597.0 |
| | N/A |
| $ | 504.7 |
| | N/A |
| $ | 422.2 |
|
| | | | | | | | | | |
Prior to February 2011, our policy had been to pay an annual dividend of $.04 per share. In February 2011, we announced that our Board increased our cash dividend to shareholders to $.15 per share and moved us to a quarterly dividend payment cycle. In December 2011, our Board increased our quarterly cash dividend to shareholders to $.175 per share. In November 2012, our Board increased our quarterly cash dividend to shareholders to $.20 per share. In December 2013, our Board increased our quarterly cash dividend to shareholders to $.225 per share. On February 28, 2014, our Board declared a cash dividend of $.225 per share that will be paid on April 25, 2014 to shareholders of record at the close of business on April 10, 2014.
In 2013 and 2012 our Board declared the following cash dividends:
|
| | | | | | | | | | |
Date Declared | Dividend Amount Per Share | | Stockholders of Record Date | Date Paid/ To be Paid | Total Dividends (Millions) | |
February 24, 2012 | | $ | .175 |
| April 12, 2012 | April 27, 2012 | | $ | 60.8 |
|
May 18, 2012 | | .175 |
| July 12, 2012 | July 27, 2012 | | 58.5 |
|
September 28, 2012 | | .175 |
| October 11, 2012 | October 26, 2012 | | 58.6 |
|
November 30, 2012 | | .20 |
| January 10, 2013 | January 25, 2013 | | 65.5 |
|
February 19, 2013 | | .20 |
| April 11, 2013 | April 26, 2013 | | 65.3 |
|
May 17, 2013 | | .20 |
| July 11, 2013 | July 26, 2013 | | 74.4 |
|
September 27, 2013 | | .20 |
| October 10, 2013 | October 25, 2013 | | 73.5 |
|
December 6, 2013 | | .225 |
| January 16, 2014 | January 31, 2014 | | 81.4 |
|
| | | | | | |
Declaration and payment of future dividends is at the discretion of our Board and may be adjusted as business needs or market conditions change.
On the Effective Date, we issued approximately 52.2 million Aetna common shares with a fair value of
approximately $3.1 billion and paid approximately $3.8 billion in cash in exchange for all the outstanding shares of Coventry common stock and outstanding awards.
In addition to the common stock disclosed on our balance sheets, approximately 8 million shares of Class A voting preferred stock, $.01 par value per share, have been authorized. At December 31, 2013, there were also approximately 423 million undesignated shares that our Board has the power to divide into such classes and series, with such voting rights, designations, preferences, limitations and special rights as our Board determines.
