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 12, 2024, we had approximately 60 stockholders of record of our common stock.
Dividends
In February 2024, our Board of Directors declared a cash dividend of $0.13 per share on our common stock. The dividend is payable on March 7, 2024 to shareholders of record on the close of business February 22, 2024. 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 2023 Credit Agreement and Indentures. See Note 6, "Debt," in our Consolidated Financial Statements, included in Part II, ITEM 8 of this Report, for a discussion of the 2023 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, and the Board of Directors has authorized increases to this authorization from time to time. During the year ended December 31, 2023, we had repurchased 0.1 million shares, under the share repurchase program, for approximately $5.0 million and had approximately $774.5 million remaining under the program.
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.
The following table sets forth purchases of our common stock for the three months ended December 31, 2023:
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, 2023 - October 31, 2023 —
$— — $774.5
November 1, 2023 - November 30, 2023 — $— — $774.5
December 1, 2023 - December 31, 2023 —
$— — $774.5
Total — —
Equity Compensation Plan Information
Equity compensation plan information required by this Item is incorporated by reference from Part III, ITEM 12 of this Report.
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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, the S&P 400 Consumer Discretionary Sector and a custom peer group. We believe the custom 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. Each year we assess our peer group and evaluate if they meet our market capitalization criteria. In 2023, Capri Holdings Limited, Levi Strauss & Corporation, PVH Corporation, and Skechers U.S.A., Incorporated were added to the peer group, while Herman Miller, Incorporated, La-Z-Boy Incorporated, and Steelcase Incorporated were removed since they no longer meet our market capitalization criteria.
2023 Peer Group
Brunswick Corporation (BC) Hasbro, Inc. (HAS) Skechers U.S.A., Inc. (SKX)
Capri Holdings Limited (CPRI) Leggett & Platt, Incorporated (LEG) Sleep Number Corporation (SNBR)
Carter's, Inc. (CRI) Levi Strauss & Co. (LEVI) Tapestry, Inc. (TPR)
Columbia Sportswear Company (COLM) Polaris Industries Inc. (PII) Under Armour, Inc. (UA)
Deckers Outdoor Corporation (DECK) PVH Corp. (PVH) Williams-Sonoma, Inc. (WSM)
Gildan Activewear Inc. (GIL) Ralph Lauren Corporation (RL)
Hanesbrands Inc. (HBI) RH (RH)
2022 Peer Group
Brunswick Corporation (BC) Hasbro, Inc. (HAS) RH (RH)
Carter's, Inc. (CRI) Herman Miller, Inc. (MLHR) Sleep Number Corporation (SNBR)
Columbia Sportswear Company (COLM) La-Z-Boy Incorporated (LZB) Steelcase Inc. (SCS)
Deckers Outdoor Corporation (DECK) Leggett & Platt, Incorporated (LEG) Tapestry, Inc. (TPR)
Gildan Activewear Inc. (GIL) Polaris Industries Inc. (PII) Under Armour, Inc. (UA)
Hanesbrands Inc. (HBI) Ralph Lauren Corporation (RL)
Williams-Sonoma, Inc. (WSM)
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12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
Tempur Sealy International, Inc. $ 100.00 $ 210.29 $ 260.87 $ 458.08 $ 339.18 $ 509.01
S&P 500 100.00 131.49 155.68 200.37 164.08 207.21
S&P 400 Consumer Discretionary 100.00 126.57 165.80 211.70 167.18 207.78
2022 Peer Group 100.00 124.19 132.04 161.94 118.89 143.77
2023 Peer Group 100.00 124.18 130.37 162.79 121.36 145.99
ITEM 6. [RESERVED]