Note 14: Capital Stock
Snap-on has undertaken repurchases of Snap-on common stock from time to time to offset dilution created by shares issued for employee and franchisee stock purchase plans, stock awards and other corporate purposes. Snap-on repurchased 926,000 shares in 2013, 1,180,000 shares in 2012 and 628,000 shares in 2011. As of 2013 year end, Snap-on has remaining availability to repurchase up to an additional $191.7 million in common stock pursuant to Board authorizations. The purchase of Snap-on common stock is at the company’s discretion, subject to prevailing financial and market conditions.
Cash dividends paid in 2013, 2012 and 2011 totaled $92.0 million, $81.5 million and $76.7 million, respectively. Cash dividends in 2013, 2012 and 2011 were $1.58 per share, $1.40 per share and $1.30 per share, respectively. On February 13, 2014, the company’s Board declared a quarterly dividend of $0.44 per share, payable on March 10, 2014, to shareholders of record on February 24, 2014.