Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is traded on the NASDAQ Global Select Market under the symbol "COLM."
Holders
At February 12, 2021, we had 266 shareholders of record, although we have a much larger number of beneficial owners, whose shares of record are held by banks, brokers and other financial institutions
Quarterly dividends on our common stock, when declared by our Board of Directors, are paid in March, May, August, and November. In March 2020, our Board of Directors suspended quarterly dividend payments as part of a broader capital preservation effort during the ongoing COVID-19 pandemic.
Based on the strength of our balance sheet and confidence in our earnings recovery and long-term growth trajectory, our Board of Directors approved a regular quarterly cash dividend of $0.26 per share, payable on March 22, 2021 to shareholders of record on March 9, 2021.
Performance Graph
The line graph below compares the cumulative total shareholder return of our common stock with the cumulative total return of the Russell 1000 Index and Russell 1000 Textiles Apparel & Shoes Index for the period beginning December 31, 2015 and ending December 31, 2020. The graph and table assume that $100 was invested on December 31, 2015, and that any dividends were reinvested. Historical stock price performance should not be relied on as indicative of future stock price performance.
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Columbia Sportswear Company $100.00 $121.02 $151.11 $178.63 $214.99 $188.17
Russell 1000 Index $100.00 $112.05 $136.36 $129.83 $170.63 $206.40
Russell 1000 Textiles Apparel & Shoes Index $100.00 $87.13 $107.64 $110.65 $151.70 $189.19
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Issuer Purchases of Equity Securities
Since the inception of our share repurchase program in 2004 through December 31, 2020, our Board of Directors has authorized the repurchase of $1.1 billion of our common stock. Shares of our common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions. The repurchase program does not obligate us to acquire any specific number of shares or to acquire shares over any specified period of time. Under this program as of December 31, 2020, we have repurchased 26.8 million shares at an aggregate purchase price of $1,017.8 million, and have $82.2 million remaining available.
In March 2020, we suspended future share repurchases as part of a broader capital preservation effort during the ongoing COVID-19 pandemic. We did not repurchase any shares or common stock during the fourth quarter of 2020.
In 2021, we have reinstated our historical capital allocation strategy, which includes share repurchases. At its regular board meeting in January 2021, our Board of Directors approved an additional $400.0 million share repurchase authorization.
Item 6. SELECTED FINANCIAL DATA
Selected Consolidated Financial Data
The selected consolidated financial data presented below for, and as of the end of, each of the years in the five-year period ended December 31, 2020 have been derived from our audited Consolidated Financial Statements. The selected consolidated financial data should be read in conjunction with the Item 7 and Item 8 of this annual report.
(in thousands, except per share amounts) 2020 2019 2018 2017 2016
Statement of Operations Data:
Net sales $ 2,501,554 $3,042,478 $ 2,802,326 $ 2,466,105 $ 2,377,045
Gross profit 1,223,889 1,515,670 1,386,348 1,159,962 1,110,348
Gross margin 48.9 % 49.8 % 49.5 % 47.0 % 46.7 %
Income from operations 137,049 394,971 350,982 262,969 256,508
Net income attributable to Columbia Sportswear Company (1)
108,013 330,489 268,256 105,123 191,898
Per Share of Common Stock Data:
Earnings per share attributable to Columbia Sportswear Company:
Basic $ 1.63 $ 4.87 $ 3.85 $ 1.51 $ 2.75
Diluted 1.62 4.83 3.81 1.49 2.72
Cash dividends per share 0.26 0.96 0.90 0.73 0.69
Weighted average shares outstanding:
Basic 66,376 67,837 69,614 69,759 69,683
Diluted 66,772 68,493 70,401 70,453 70,632
Balance Sheet Data:
Inventories, net (2)
$ 556,530 $ 605,968 $ 521,827 $ 457,927 $ 487,997
Total assets (2)(3)
2,836,571 2,931,591 2,368,721 2,212,902 2,013,894
Non-current operating lease liabilities (3)
353,181 371,507 — — —
(1) The year-ended December 31, 2017 reflects the provisional impact from the enactment of the Tax Cuts and Jobs Act in December 2017.
(2) The year-ended December 31, 2018 reflects the impact from adoption of ASU 2014-09, Revenue from Contracts with Customers.
(3) The year-ended December 31, 2019 reflects the impact from the adoption of ASU 2016-02, Leases.
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