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 ($.20 par value per share) trades on the NASDAQ Global Select Market under the symbol TROW. Dividends per share during the past two years were:
1st
quarter 2nd
quarter 3rd
quarter 4th
quarter
2020 $ .90 $ .90 $ .90 $ .90
2019 $ .76 $ .76 $ .76 $ .76
Our common stockholders have approved all of our equity-based compensation plans. These plans provide for the following issuances of shares of our common stock at December 31, 2020:
Employee and non-employee director plans Employee stock purchase plan Total
Exercise of outstanding options 4,329,056 — 4,329,056
Settlement of outstanding restricted stock units 6,443,411 — 6,443,411
Future issuances 11,085,553 1,602,666 12,688,219
Total 21,858,020 1,602,666 23,460,686
The outstanding options included in the table above have a weighted-average exercise price of $72.52. Under the terms of the 2020 Long-Term Incentive Plan, approved by stockholders in May 2020, and the 2012 Long-Term Incentive Plan, the number of shares provided and available for future issuance will increase as we repurchase common stock in the future with the proceeds from stock option exercises. No shares have been issued under our Employee Stock Purchase Plan since its inception; all shares have been purchased in the open market.
The following table presents repurchase activity during the fourth quarter of 2020.
Month Total number of
shares purchased Average price
paid per share Total number of
shares purchased as
part of publicly
announced program Maximum number of
shares that may yet
be purchased under
the program
October 56,706 $ 144.31 300 21,612,258
November 10,934 $ 140.14 — 21,612,258
December 188,090 $ 148.11 144,947 21,467,311
Total 255,730 $ 147.33 145,247
Shares repurchased by us in a quarter may include repurchases conducted pursuant to publicly announced board authorizations, outstanding shares surrendered to the company to pay the exercise price in connection with swap exercises of employee stock options and shares withheld to cover the minimum tax withholding obligation associated with the vesting of restricted stock awards. Of the total number of shares purchased during the fourth quarter of 2020, 110,483 were related to shares surrendered in connection with employee stock option exercises and none were related to shares withheld to cover tax withholdings associated with the vesting of restricted stock awards.
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The following table details the changes in and status of the Board of Directors’ outstanding publicly announced board authorizations.
Authorization dates 12/31/2019 Additional shares authorized Total Number of
Shares Purchased Maximum Number of Shares that May Yet Be Purchased at 12/31/2020
April 2018 7,375,047 — (7,375,047) —
February 2019 10,000,000 — (3,532,689) 6,467,311
March 2020 — 15,000,000 — 15,000,000
17,375,047 15,000,000 (10,907,736) 21,467,311
We have 7,649 stockholders of record and approximately 360,000 beneficial stockholder accounts held by brokers, banks, and other intermediaries holding our common stock. Common stock owned outright by our associates and directors, combined with outstanding vested stock options and unvested restricted stock awards, total approximately 8% of our outstanding stock and outstanding vested stock options at December 31, 2020.
Item 6. Selected Financial Data.
2020 2019 2018 2017 2016
(in millions, except per-share data)
Net revenues (1)
$ 6,207 $ 5,618 $ 5,373 $ 4,855 $ 4,285
Net operating income $ 2,746 $ 2,387 $ 2,361 $ 2,109 $ 1,733
Net income $ 2,523 $ 2,249 $ 1,769 $ 1,581 $ 1,254
Net income (loss) attributable to redeemable non-controlling interests $ 151 $ 118 $ (69) $ 83 $ 39
Net income attributable to T. Rowe Price Group $ 2,373 $ 2,131 $ 1,838 $ 1,498 $ 1,215
Adjusted net income attributable to
T. Rowe Price Group (2)
$ 2,277 $ 1,976 $ 1,807 $ 1,361 $ 1,149
Per common share information
Basic earnings $ 10.08 $ 8.82 $ 7.41 $ 6.07 $ 4.85
Diluted earnings $ 9.98 $ 8.70 $ 7.27 $ 5.97 $ 4.75
Adjusted diluted earnings (2)
$ 9.58 $ 8.07 $ 7.15 $ 5.43 $ 4.49
Cash dividends declared $ 3.60 $ 3.04 $ 2.80 $ 2.28 $ 2.16
Weighted-average common shares outstanding 228.8 235.4 242.2 241.2 245.5
Weighted-average common shares outstanding assuming dilution 231.2 238.6 246.9 245.1 250.3
December 31,
2020 2019 2018 2017 2016
Balance sheet data (in millions)
Total assets $ 10,659 $ 9,330 $ 7,689 $ 7,535 $ 6,226
Redeemable non-controlling interests $ 1,562 $ 1,121 $ 740 $ 993 $ 687
Stockholders’ equity $ 7,707 $ 7,102 $ 6,124 $ 5,824 $ 5,009
Assets under management (in billions)
$ 1,470.5 $ 1,206.8 $ 962.3 $ 991.1 $ 810.8
(1) Net revenues for 2018 and 2017 have been adjusted to reflect the adoption of new revenue accounting guidance on January 1, 2018. We adopted the guidance using the retrospective method, which required adjustments to be reflected as of January 1, 2016. Accordingly, net revenues for 2016 have not been adjusted.
(2) These items represent non-GAAP financial measures that have been established in order to increase transparency for the purpose of evaluating our core business, for comparing current results with prior period results, and to enable more appropriate comparison with industry peers. See Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations for the definitions of these measures and the related reconciliation from U.S. GAAP.
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