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 under the ticker symbol “TRN”. Our transfer agent and registrar as of December 31, 2021 was American Stock Transfer & Trust Company.
Holders
At January 31, 2022, we had 1,180 record holders of common stock. The par value of the common stock is $0.01 per share.
Stock Performance Graph
The following Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing.
The following graph compares our cumulative total stockholder return (assuming reinvestment of dividends) during the five-year period ended December 31, 2021 with an overall stock market index (New York Stock Exchange Composite Index) and our peer group index (Dow Jones US Commercial Vehicles & Trucks Index). The S&P MidCap 400 is included as we believe it is a meaningful data point as the Company's common stock is included in this index. Additionally, the S&P MidCap 400 is used in measuring the Company's relative total stockholder return for purposes of determining the performance of certain stock awards granted beginning in 2018. The data in the graph assumes $100 was invested on December 31, 2016. For the purpose of this graph, historical stock prices of Trinity prior to the spin-off of Arcosa, Inc. have been adjusted to reflect the impact of the spin.
2016 2017 2018 2019 2020 2021
Trinity Industries, Inc. 100 137 103 115 142 168
Dow Jones US Commercial Vehicles & Trucks Index 100 147 123 156 200 236
New York Stock Exchange Composite Index 100 119 108 136 146 176
S&P MidCap 400 100 116 103 130 148 185
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Issuer Purchases of Equity Securities
This table provides information with respect to purchases by the Company of shares of its common stock during the quarter ended December 31, 2021:
Period Number of Shares Purchased (1)
Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)
(in millions)
October 1, 2021 through October 31, 2021
2,514 $ 28.68 — $ 250.0
November 1, 2021 through November 30, 2021
1,094,381 $ 28.41 1,094,330 $ 218.9
December 1, 2021 through December 31, 2021
12,837,828 $ 28.88 4,061,161 $ 98.1
Total 13,934,723 5,155,491
(1) These columns include the following transactions during the three months ended December 31, 2021: (i) the surrender to the Company of 4,079 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees, (ii) the purchase of 145 shares of common stock by the Trustee for assets held in a non-qualified employee profit-sharing plan trust, (iii) the purchase of 5,155,491 shares of common stock on the open market as part of our share repurchase program, of which 3,311,258 shares of common stock were purchased as part of our accelerated share repurchase agreement (the "ASR") as further described below, and (iv) the purchase of 8,775,008 shares of common stock in a privately negotiated transaction with ValueAct.
(2) In September 2021, our Board of Directors authorized a new share repurchase program effective September 9, 2021 through December 31, 2022. The new share repurchase program authorizes the Company to repurchase up to $250.0 million of its common stock. In December 2021, we entered into an ASR to repurchase $125.0 million of our common stock. Approximately 3,311,258 shares repurchased as part of the ASR were delivered to us in January 2022, representing approximately 80% of the total notional value of the ASR. The final number of shares to be repurchased will be based on Trinity's volume-weighted average stock price, less a discount, during the term of the ASR, which is expected to be completed during the third quarter of 2022. The Company repurchased 5,155,491 shares under the share repurchase program during the three months ended December 31, 2021, at a cost of approximately $151.9 million. As of December 31, 2021, the Company had a remaining authorization to repurchase up to $98.1 million of its common stock under the share repurchase program. Approximately $73.1 million of the share repurchase program will remain after the completion of the ASR. Shares repurchased as part of the ASR on December 31, 2021, totaling $100.0 million, were delivered to the Company in January 2022 in accordance with normal settlement practices. The approximate dollar value of shares that were eligible to be repurchased under our share repurchase program is shown as of the end of such month or quarter.
Item 6. [Reserved]
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