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 trades on the NASDAQ Global Select Market under the symbol “WING”. As of February 20, 2024, there were 132 stockholders of record of our common stock. This number excludes stockholders whose stock is held in nominee or street name by brokers.
Dividends on Common Stock
On February 20, 2024, the Company’s board of directors declared a quarterly dividend of $0.22 per share of common stock, to be paid on March 29, 2024 to stockholders of record as of March 8, 2024, totaling approximately $6.5 million.
We evaluate dividend payments on common stock within the context of our overall capital allocation strategy with our board of directors on an ongoing basis, giving consideration to a number of factors including our current and forecasted earnings, financial condition, the general economic and regulatory environment, cash requirements, cash surplus, legal requirements or limitations, and other factors. There can be no assurance that we will continue to pay such dividends or as to the amount of any such dividends if paid.
Recent Sales of Unregistered Securities
There were no sales of unregistered securities during the fiscal year ended December 30, 2023 that were not previously reported on a Quarterly Report on Form 10-Q or a Current Report on Form 8-K.
Issuer Purchases of Equity Securities
The following table sets forth information on our share repurchases of our common stock during the fourth quarter of 2023:
Period Total 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)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
October 1, 2023 - October 28, 2023 — $ — — $ —
October 29, 2023 - November 25, 2023 — — — —
November 26, 2023 - December 30, 2023 78,801 $ 193.51 78,801 125,000,000
Total 78,801 $ 193.51 78,801 $ 125,000,000
(1) On August 23, 2023, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with a third-party financial institution to repurchase $125.0 million of the Company’s common stock. Pursuant to the terms of the ASR Agreement, the Company paid the financial institution $125.0 million and, on August 25, 2023, the Company received and retired 567,151 shares of its common stock. Final settlement of the ASR Agreement occurred on December 21, 2023, and the Company received and retired an additional 78,801 shares of common stock. In connection with the ASR Agreement, the Company received and retired a total of 645,952 shares of common stock at an average share price of $193.51. The total number of shares repurchased under the ASR Agreement was based on a daily volume-weighted average share price during the valuation period specified in the ASR Agreement, less a discount and subject to adjustments.
(2) On August 16, 2023, the Company’s Board of Directors approved a new share repurchase program with authorization to purchase up to $250.0 million of its outstanding shares of common stock (the “Share Repurchase Authorization”). As of December 30, 2023, $125.0 million remained available under the Share Repurchase Authorization.
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Performance Graph
The following performance graph compares the dollar change in the cumulative stockholder return on our common stock with the cumulative total returns of the NASDAQ Composite Index and the Standard & Poor’s 400 Restaurant Index (the “S&P 400 Restaurant Index”). This graph assumes a $100 investment in our common stock and in each of the foregoing indices on December 29, 2018, and assumes the reinvestment of dividends, if any. The indices are included for comparative purposes only. They do not necessarily reflect management’s opinion that such indices are an appropriate measure of the relative performance of our common stock, and historical stock price performance should not be relied upon as an indication of future stock price performance. This graph is “furnished” and not “filed” with the SEC and it is not “soliciting material,” and should not be incorporated by reference in any of our filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in such filing.
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Item 6. Reserved
Not applicable.