CHICAGO, July 30, 2014 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that its Board of Directors has approved a 17-percent increase in the Company's quarterly cash dividend and, effectively immediately, a $100 million-increase in its stock repurchase authorization.
The cash dividend will increase to $0.21 from $0.18 per share of common stock and is effective with the third quarter dividend, payable September 19, 2014, to stockholders of record at the close of business on August 29, 2014.
The company's Board of Directors also authorized the company to repurchase an additional $100 million of its outstanding common stock. This is in addition to any unused amount remaining under prior authorizations, under which approximately $50 million remained available as of July 30, 2014. The new authorization brings the total amount available for stock repurchases to approximately $150 million as of July 30, 2014. The company had approximately 85.2 million shares of common stock outstanding at July 30, 2014.
"Consistent with our commitment of returning capital to our stockholders, we are pleased to increase our quarterly cash dividend and stock repurchase authorization," said CBOE Holdings Chief Executive Officer Edward T. Tilly. "Our business continues to generate strong operating cash flow, enabling us to continue to invest in our strategic growth opportunities, while also returning capital to stockholders."
The stock repurchase program has no expiration date. The repurchase program permits the company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the corporation to make any repurchases at any specific time or situation. The timing and extent to which the company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements and other factors. Share repurchases may be commenced or suspended at any time or from time to time without prior notice.
Certain information contained in this news release may constitute forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and are subject to a number of risks and uncertainties.
About CBOE Holdings:
CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), the CBOE Futures Exchange (CFE) and other subsidiaries. CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options and volatility trading through product innovation, trading technology and investor education. CBOE Holdings offers equity, index and ETP options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and
futures on the CBOE Volatility Index (the VIX Index). Other products engineered by CBOE include equity options, security index options, Weeklys options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P BuyWrite Index (BXM). CBOE Holdings is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources.
CBOE®, Chicago Board Options Exchange®, CFE®, Execute Success®, FLEX®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, CBOE Futures Exchange SM, BXMSM, SPXSM and The Options InstituteSM are service marks of Chicago Board Options Exchange, Incorporated (CBOE). C2 and C2 Options Exchange are service marks of C2 Options Exchange, Incorporated (C2). Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's
Financial Services, LLC and have been licensed for use by CBOE, CFE and C2.
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SOURCE CBOE Holdings, Inc.