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
Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “EAT”, and as of August 18, 2023, there were 430 holders of record of our common stock.
Comparison of Five Year Cumulative Total Return
The graph below presents Brinker International, Inc.’s cumulative 5-Year total shareholder return on common stock relative to the cumulative total returns of the S&P 500 index and the S&P Restaurants index for the period of June 27, 2018 through June 28, 2023. The graph is based on $100 invested as of June 27, 2018 in the Company’s common stock and each index, including the reinvestment of all dividends. The values shown below are neither indicative nor determinative of future performance.
Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Fiscal 2023
Brinker International, Inc. $ 100.00 $ 79.93 $ 50.61 $ 133.03 $ 48.20 $ 77.86
S&P 500 $ 100.00 $ 110.42 $ 118.70 $ 167.13 $ 149.39 $ 178.66
S&P Restaurants (1)
$ 100.00 $ 148.08 $ 134.90 $ 189.26 $ 172.52 $ 223.43
(1) The S&P Restaurants Index is comprised of Chipotle Mexican Grill, Inc., Darden Restaurants, Inc., Domino’s Pizza Inc., McDonald’s Corp., Starbucks Corp., and Yum! Brands, Inc.
Share Repurchase Program
In fiscal 2022, our Board of Directors approved a $300.0 million share repurchase program, and the Company repurchased 2.3 million shares of our common stock for $96.0 million. The Company did not repurchase any shares under the repurchase program in fiscal 2023.
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Table of Contents
During the thirteen week period ended June 28, 2023, we repurchased shares as follows (in millions, except per share amounts, unless otherwise noted):
Total
Number
of Shares
Purchased (1)
Average
Price Paid
per Share Total Number
of Shares
Purchased as
Part of Publicly
Announced
Program Approximate Dollar Value that May Yet be
Purchased
Under the Program (2)
March 30, 2023 through May 3, 2023 0.0 $ 38.62 — $ 204.0
May 4, 2023 through May 31, 2023 — — — 204.0
June 1, 2023 through June 28, 2023 0.1 38.83 — $ 204.0
Total 0.1 $ 38.81 —
(1) These amounts include shares purchased as part of our publicly announced programs and shares owned and tendered by team members to satisfy tax withholding obligations on the vesting of restricted share awards, which are not deducted from shares available to be purchased under publicly announced programs. Shares owned and tendered by team members to satisfy tax withholding obligations were purchased at the average of the high and low prices of the Company’s shares on the date of vesting. In the fourth quarter of fiscal 2023, 70,401 shares were tendered by team members at an average price of $38.81.
(2) The final amount shown is as of June 28, 2023.
Dividend Program
In the fourth quarter of fiscal 2020, our Board of Directors voted to suspend the quarterly cash dividend due to uncertainty surrounding the duration of closures of our dining rooms and other restrictions mandated by state and local governments in response to the COVID-19 pandemic.
Future decisions to reinstate the dividend program to pay, or to increase or decrease dividends, are at the discretion of the Board of Directors and will be dependent on our operating performance, financial condition, capital expenditure requirements, limitations on cash distributions pursuant to the terms and conditions of our revolving credit facility and applicable law, and such other factors that the Board of Directors considers relevant.
ITEM 6. [RESERVED]