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
The Company’s common stock is traded on the New York Stock Exchange under the symbol “WWW.” The number of stockholders of record on February 12, 2021, was 1,073.
A quarterly dividend of $0.10 per share was declared on February 9, 2021. The Company currently expects that comparable cash dividends will be paid in future quarters in fiscal 2021.
Stock Performance Graph
The following graph compares the five-year cumulative total stockholder return on the Company’s common stock to the Standard & Poor’s Small Cap 600 Index and the Standard & Poor’s 600 Footwear Index, assuming an investment of $100 at the beginning of the period indicated. The Company is part of both the Standard & Poor’s Small Cap 600 Index and the Standard & Poor’s 600 Footwear Index. This Stock Performance Graph shall not be deemed to be incorporated by reference into the Company’s SEC filings and shall not constitute soliciting material or otherwise be considered filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Five-Year Cumulative Total Return Summary
23
The following table provides information regarding the Company’s purchases of its own common stock during the fourth quarter of fiscal 2020.
Issuer Purchases of Equity Securities
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Amount that May Yet Be Purchased Under the Plans or Programs
Period 10 (September 27, 2020 to October 31, 2020)
Common Stock Repurchase Program (1)
— $ — — $ 487,440,708
Employee Transactions (2)
1,586 $ 27.11
Period 11 (November 1, 2020 to November 28, 2020)
Common Stock Repurchase Program (1)
— $ — — $ 487,440,708
Employee Transactions (2)
2,031 $ 30.14
Period 12 (November 29, 2020 to January 2, 2021)
Common Stock Repurchase Program (1)
— $ — — $ 487,440,708
Employee Transactions (2)
142,531 $ 31.77
Total for the fourth Quarter Ended January 2, 2021
Common Stock Repurchase Program (1)
— — $ 487,440,708
Employee Transactions (2)
146,148 $ 31.70
(1) On September 11, 2019, the Company’s Board of Directors approved a new common stock repurchase program that authorizes the repurchase of $400.0 million of common stock over a four-year period, incremental to the $113.4 million available for repurchases under the previous program at such time. There have been $26.0 million common stock repurchases after the Board of Director authorization. The annual amount of any stock repurchases is restricted under the terms of the Credit Agreement and senior notes indenture.
(2) Employee transactions include: (1) shares delivered or attested to in satisfaction of the exercise price and/or tax withholding obligations by holders of employee stock options who exercised options, and (2) restricted shares and units withheld to offset statutory minimum tax withholding that occurs upon vesting of restricted shares and units. The Company’s employee stock compensation plans provide that the shares delivered or attested to, or withheld, shall be valued at the closing price of the Company’s common stock on the date the relevant transaction occurs.
Item 6. Selected Financial Data
Five-Year Operating and Financial Summary (1)
Fiscal Year
(In millions, except per share data) 2020 2019 2018 2017 2016
Summary of Operations
Revenue $ 1,791.1 $ 2,273.7 $ 2,239.2 $ 2,350.0 $ 2,494.6
Net earnings attributable to Wolverine World Wide, Inc. (136.9) 128.5 200.1 0.3 87.7
Net earnings per share of common stock:
Basic net earnings (2)
$ (1.70) $ 1.48 $ 2.07 $ — $ 0.90
Diluted net earnings (2)
(1.70) 1.44 2.05 — 0.89
Cash dividends declared 0.40 0.40 0.32 0.24 0.24
Financial Position at Year-End
Total assets $ 2,137.4 $ 2,480.0 $ 2,183.1 $ 2,399.0 $ 2,431.7
Debt 722.5 798.4 570.5 782.6 820.7
(1) This summary should be read in conjunction with the consolidated financial statements and the related notes, which are included in Item 8 of this Annual Report on Form 10-K.
(2) Basic earnings per share are based on the weighted average number of shares of common stock outstanding during the year after adjustment for unvested restricted common stock. Diluted earnings per share assume the exercise of dilutive stock options and the vesting of all outstanding restricted stock and units.
24