Survey Results: Stock Repurchase Practices


1. Does your company use a Rule 10b5-1 plan for corporate buybacks: (Total responses: n=31)
(select only one)
n=18 (58.06%) Yes
n=13 (41.94%) No

2. If your company uses a Rule 10b5-1 plan for corporate buybacks, does the company publicly disclose the adoption of the plan: (Total responses: n=19)
(select only one)
n=6 (31.58%) Yes
n=13 (68.42%) No

3. If your company uses a Rule 10b5-1 plan for corporate buybacks, is there a waiting period between execution of the Rule 10b5-1 plan and the first repurchase: (Total responses: n=19)
(select only one)
n=11 (57.89%) No
n=6 (31.58%) Yes, and it is the same waiting period that our insiders use in connection with their Rule 10b5-1 plans
n=2 (10.53%) Yes, we have a waiting period - but it's not the same as the waiting period for insiders

4. If your company uses a Rule 10b5-1 plan for corporate buybacks, what is the typical duration of the plan: (Total responses: n=19)
(select only one)
n=8 (42.11%) Approximately equal to the blackout period
n=4 (21.05%) 2 months to less than 6 months
n=6 (31.58%) 6 months to less than 12 months
n=1 (5.26%) 12 months or greater

5. If your company uses a Rule 10b5-1 plan for corporate buybacks, are purchases made only during the company's blackout periods: (Total responses: n=19)
(select only one)
n=7 (36.84%) Yes, plan purchases are made only during the blackout periods
n=12 (63.16%) No, sometimes we make plan purchases outside the blackout periods too

6. If your company uses a Rule 10b5-1 plan for corporate buybacks, does it enter into a plan: (Total responses: n=19)
(select only one)
n=1 (5.26%) Once per year that covers all of the blackout periods for the year
n=3 (15.79%) More than once per year, one for each blackout period
n=15 (78.95%) On an ad hoc basis

7. If your company uses a Rule 10b5-1 plan for corporate buybacks, has it implemented more than one plan at a time for repurchases: (Total responses: n=19)
(select only one)
n=1 (5.26%) Yes
n=18 (94.74%) No

8. Has your company used accelerated share repurchase (ASR) programs for corporate buybacks: (Total responses: n=31)
(select only one)
n=12 (38.71%) Yes
n=19 (61.29%) No

9. If your company has used ASRs, has your company announced the ASR programs separately from any general announcement of a buyback authorization: (Total responses: n=14)
(select only one)
n=5 (35.71%) Always
n=5 (35.71%) Never
n=4 (28.57%) Depends on size of the ASR

10. If your company has used ASRs, has there been a waiting period between execution of the ASR and the start of its valuation period: (Total responses: n=13)
(select only one)
n=1 (7.69%) Yes, and it is the same period we use for 10b5-1 buyback plans
n=2 (15.38%) Yes, but it is not the same period we use for 10b5-1 buyback plans
n=10 (76.92%) No

11. Has your company used other derivatives (e.g. call options, capped calls, "Sub-VWAP forward" or other forward purchases) for corporate buybacks: (Total responses: n=30)
(select only one)
n=3 (10.00%) Yes
n=27 (90.00%) No