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 for Registrant’s Common Equity
Our sole class of common equity is our $0.01 par value common stock, which trades on the New York Stock Exchange ("NYSE") under the symbol "TPX." Trading of our common stock commenced on the NYSE on December 18, 2003. Prior to that time, there was no public trading market for our common stock.
As of February 15, 2021, we had approximately 67 stockholders of record of our common stock.
Common Stock Split
On November 24, 2020, the Company effected a four-for-one stock split to shareholders of record as of November 10, 2020. All share, restricted stock unit ("RSU"), performance restricted stock unit ("PRSU") and per share information has been retroactively adjusted to reflect the stock split within this Annual Report on Form 10-K.
Dividends
In February 2021, our Board of Directors declared a cash dividend of $0.07 per share on our common stock. The dividend is payable on March 12, 2021 to shareholders of record on the close of business February 25, 2021. However, payment of future dividends, and the timing and amount thereof, will be at the discretion of our Board of Directors and will depend on our earnings, operating and financial condition, capital requirements, legal requirements and other factors that our Board of Directors deems relevant. Further, we are subject to certain customary restrictions on dividends under our 2019 Credit Agreement and Indentures. See Note 5, "Debt," in our Consolidated Financial Statements, included in Part II, ITEM 8 of this Report, for a discussion of the 2019 Credit Agreement and Indentures.
Issuer Purchases of Equity Securities
Our Board of Directors authorized a share repurchase program in 2016 pursuant to which we were authorized to repurchase shares of our common stock. During 2020, the Board of Directors authorized increases to our share repurchase authorization of $194.2 million and $168.7 million during February and October 2020, respectively. During the year ended December 31, 2020, we had repurchased 6.5 million shares, under the share repurchase program, for approximately $285.9 million and had approximately $201.6 million remaining under the program. In February 2021, our Board of Directors increased the share repurchase authorization to $400.0 million.
Share repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, financing, regulatory requirements and other market conditions. The program does not require the repurchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. Repurchases may be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when we might otherwise be precluded from doing so under federal securities laws.
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Table of Co ntents
The following table sets forth purchases of our common stock for the three months ended December 31, 2020:
Period (a) Total number of shares purchased (b) Average price paid per share (c) Total number of shares purchased as part of publicly announced plans or programs (d) Maximum number of shares (or approximate dollar value of shares) that may yet be purchased under the plans or programs
(in millions)
October 1, 2020 - October 31, 2020 1,395 (1)
$93.06 — $300.0
November 1, 2020 - November 30, 2020 1,793,250 (1)
$24.43 (2)
1,791,447 $256.3
December 1, 2020 - December 31, 2020 3,309,673 (1)
$26.67 2,083,732 $201.6
Total 5,104,318 3,875,179
(1) Includes shares withheld upon the vesting of certain equity awards to satisfy tax withholding obligations. The shares withheld were valued at the closing price of the common stock on the New York Stock Exchange on the vesting date or prior business day.
(2) As noted above, on November 24, 2020, the Company effected a four-for-one stock split, which accordingly reduced the Company's price per share subsequent to that date.
Equity Compensation Plan Information
Equity compensation plan information required by this Item is incorporated by reference from Part III, ITEM 12 of this Report.
Performance Graph
The following Performance Graph and related information shall not be deemed to be "soliciting material" or to be "filed" with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act or Exchange Act, except to the extent that the Company specifically incorporates it by reference into such filing.
The following table compares cumulative stockholder returns for us over the last five years to the Standard & Poor’s ("S&P") 500 Stock Composite Index and a peer group. The S&P 500 Composite Index is a capitalization weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy. We selected these stocks based on market size, liquidity and industry group representation. We believe the peer group discussed below closely reflects our business and, as a result, provides a meaningful comparison of stock performance.
The peer issuers included in this graph are set forth below in the table.
2020 Peer Group
Brunswick Corporation (BC) Hasbro, Inc. (HAS) RH (RH)
Carter's, Inc. (CRI) HNI Corporation (HNI) Sleep Number Corporation (SNBR)
Columbia Sportswear Company (COLM) La-Z-Boy Incorporated (LZB) Steelcase Inc. (SCS)
Deckers Outdoor Corporation (DECK) Leggett & Platt, Incorporated (LEG) Under Armour, Inc. (UA)
Gildan Activewear Inc. (GIL) Herman Miller, Inc. (MLHR) Williams-Sonoma, Inc. (WSM)
Hanesbrands Inc. (HBI) Polaris Industries Inc. (PII) Wolverine World Wide, Inc. (WWW)
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Table of Co ntents
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Tempur Sealy International, Inc. $ 100.00 $ 96.91 $ 88.97 $ 58.76 $ 123.56 $ 153.28
S&P 500 100.00 111.96 136.40 130.42 171.49 203.04
Peer Group 100.00 100.26 115.98 104.32 135.67 146.84