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 Nasdaq Global Select Market under the trading symbol “POOL.” On February 18, 2022, there were approximately 531 holders of record of our common stock.
We initiated quarterly dividend payments to our shareholders in the second quarter of 2004 and we have continued payments in each subsequent quarter. Our Board has increased the dividend amount sixteen times, including in the fourth quarter of 2004, annually in the second quarters of 2005 through 2008 and in the second quarters of 2011 through 2021. Our Board may declare future dividends at their discretion, after considering various factors, including our earnings, capital requirements, financial position, contractual restrictions and other relevant business considerations. For a description of restrictions on dividends in our Credit Facility, Term Facility and Receivables Facility, see Note 5 of “Notes to Consolidated Financial Statements,” included in Item 8 of this Form 10-K. We cannot assure shareholders or potential investors that dividends will be declared or paid any time in the future if our Board determines that there is a better use of our funds.
Stock Performance Graph
The information included under the caption “Stock Performance Graph” in this Item 5 of this Annual Report on Form 10-K is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Securities Exchange Act of 1934 (the 1934 Act) or to the liabilities of Section 18 of the 1934 Act, and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the 1934 Act, except to the extent we specifically incorporate it by reference into such a filing.
The following graph compares the cumulative total shareholder return on our common stock for the last five fiscal years with the total return on the S&P 500 Index, of which we have been a member since 2020, and the Nasdaq Index for the same period, in each case assuming the investment of $100 on December 31, 2016 and the reinvestment of all dividends. We believe the S&P 500 Index is comprised of similar-sized public companies that represent the most likely alternative investments for investors. Additionally, we chose the S&P 500 Index for comparison, as opposed to an industry index, because we do not believe that we can reasonably identify a peer group or a published industry or line-of-business index that contains companies in a similar line of business.
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Base
Period Indexed Returns
Years Ending
Company / Index 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21
Pool Corporation $ 100.00 $ 125.78 $ 145.87 $ 210.78 $ 372.99 $ 570.59
S&P 500 Index 100.00 121.83 116.49 153.17 181.35 233.41
Nasdaq Index 100.00 129.64 125.96 172.18 249.51 304.85
Purchases of Equity Securities
The table below summarizes the repurchases of our common stock in the fourth quarter of 2021:
Period Total Number
of Shares Purchased (1)
Average
Price
Paid per
Share Total Number of
Shares Purchased
as Part of Publicly
Announced Plan (2)
Maximum Approximate
Dollar Value of Shares
That May Yet be Purchased
Under the Plan (3)
October 1 – October 31, 2021 125 $ 515.16 — $ 494,723,778
November 1 – November 30, 2021 — $ — — $ 494,723,778
December 1 – December 31, 2021 — $ — — $ 494,723,778
Total 125 $ 515.16 —
(1) These shares may include shares of our common stock surrendered to us by employees in order to satisfy minimum tax withholding obligations in connection with certain exercises of employee stock options or lapses upon vesting of restrictions on previously restricted share awards, and/or to cover the exercise price of such options granted under our share-based compensation plans. There were 125 shares surrendered for this purpose in the fourth quarter of 2021.
(2) In May 2021, our Board authorized an additional $450.0 million under our share repurchase program for the repurchase of shares of our common stock in the open market at prevailing market prices or in privately negotiated transactions.
(3) As of February 18, 2022, our total authorization remaining was $482.4 million.
Item 6. [RESERVED]
Not applicable.
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