2 unchanged sentences
Our Common stock is listed on the New York Stock Exchange under the ticker symbol WSO, and our Class B common stock is listed on the New York Stock Exchange under the ticker symbol WSOB.
−Removed: At February 22, 2022, there were 233 Common stock registered shareholders and 156 Class B common stock registered shareholders.
+Added: At February 21, 2023, there were 260 registered holders of our Common stock and 152 registered holders of our Class B common stock.
Shareholder Return Performance
−Removed: The following graph compares the cumulative five-year total shareholder return attained by holders of our Common stock and Class B common stock relative to the cumulative total returns of the Russell 2000 index, the S&P MidCap 400 index, and the S&P 500 index.
+Added: The following graph compares the cumulative five-year total shareholder return attained by holders of our Common stock and Class B common stock relative to the cumulative total returns of the Russell 2000 index, the S&P MidCap 400 index, the S&P 500 index, and the S&P 400 Industrials index.
Given our position as the largest distributor of HVAC/R equipment, parts and supplies in North America, our unique, sole line of business, the nature of our customers (air conditioning and heating contractors), and the products and markets we serve, we cannot reasonably identify an appropriate peer group;
−Removed: therefore, we have included in the graph below the performance of the Russell 2000 index, the S&P MidCap 400 index, and the S&P 500 index, which contain companies with market capitalizations similar to our own.
−Removed: An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each index on December 31, 2016 and its relative performance is tracked through December 31, 2021.
+Added: therefore, we have included in the graph below the performance of certain major market indices, which contain companies with market capitalizations similar to our own.
+Added: We have determined to add the S&P 400 Industrials Index in the graph below because it more closely relates to the industry in which we operate.
+Added: The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2017 to December 31, 2022.
The performance graph shall not be deemed incorporated by reference by any general statement incorporating by reference this annual report into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, as amended, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under such acts.
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S&P 500 Index
+Added: S&P 400 Industrials
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
+Added: Total Number of
+Added: Shares Purchased
+Added: Average Price Paid
+Added: Total Number of
+Added: Shares Purchased
+Added: as Part of Publicly
+Added: Announced Plans
+Added: or Programs (1)
+Added: Maximum Dollar
+Added: Value that May Yet
+Added: Under the Plans or
+Added: October 1, 2022 to October 31, 2022(1)
+Added: November 1, 2022 to November 30, 2022
+Added: December 1, 2022 to December 31, 2022
+Added: On October 15, 2022, 975,622 shares of Class B restricted stock previously granted to our CEO during the period from 1997 to 2011 under various performance-based incentive plans vested.
+Added: The vested shares had a value of $265.1 million based on the closing price of our Class B common stock as of that date.
+Added: This vested value constitutes taxable compensation to our CEO for income tax purposes and was subject to statutory withholding.
+Added: Upon vesting, we funded $104.3 million in statutory withholding, which, in turn, was satisfied by the CEO through a cash payment to us of $19.7 million and by the surrendering of 311,408 shares of Class B common stock, which we retired.
In September 1999, our Board of Directors authorized the repurchase, at management’s discretion, of up to 7,500,000 shares of common stock in the open market or via private transactions.
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At December 31, 2022, there were 1,129,087 shares remaining authorized for repurchase under this plan.
−Removed: Shares were last repurchased by the Company in 2008;
−Removed: thus, we did not otherwise repurchase any of our common stock during the quarter ended December 31, 2021.
+Added: Shares were last repurchased by the Company under this plan in 2008.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.