SCHN 2017 Annual Report

SCHNITZER STEEL INDUSTRIES, INC. 25 / Schnitzer Steel Industries, Inc. Form 10-K 2017 PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our Class A common stock is listed on the NASDAQ Global Select Market (“NASDAQ”) under the symbol SCHN. There were 192 holders of record of Class A common stock on October 20, 2017. Our Class A common stock has been trading since November 16, 1993. The following table sets forth the high and low trading stock prices reported on NASDAQ and the dividends paid per share for the periods indicated. Fiscal 2017 High Price Low Price Dividends Per Share First Quarter $ 30.33 $ 17.30 $ 0.1875 Second Quarter $ 30.60 $ 22.55 $ 0.1875 Third Quarter $ 25.00 $ 17.50 $ 0.1875 Fourth Quarter $ 27.70 $ 18.65 $ 0.1875 Fiscal 2016 High Price Low Price Dividends Per Share First Quarter $ 17.81 $ 12.64 $ 0.1875 Second Quarter $ 16.93 $ 11.70 $ 0.1875 Third Quarter $ 21.57 $ 14.49 $ 0.1875 Fourth Quarter $ 20.65 $ 14.83 $ 0.1875 Our Class B common stock is not publicly traded. There was one holder of record of Class B common stock on October 20, 2017. Issuer Purchases of Equity Securities Pursuant to a share repurchase program as amended in 2001 and 2006, we were authorized to repurchase up to 6 million shares of our Class A common stock when management deems such repurchases to be appropriate. In November 2008, our Board of Directors approved an increase in the shares authorized for repurchase by 3 million, to 9 million. As of the beginning of fiscal 2015, we had repurchased approximately 6.9 million shares of our Class A common stock under the program. We repurchased approximately 68 thousand shares for a total of $1 million and 203 thousand shares for a total of $3 million in open-market transactions in fiscal 2015 and 2016, respectively. We did not repurchase any shares in fiscal 2017. As of August 31, 2017, there were approximately 1.8 million shares available for repurchase under the program. The share repurchase program does not require us to acquire any specific number of shares, and we may suspend, extend or terminate the program at any time without prior notice and the programmay be executed through open-market purchases, privately negotiated transactions or utilizing Rule 10b5-1 programs. We evaluate long- and short-range forecasts as well as anticipated sources and uses of cash before determining the course of action that would best enhance shareholder value. Securities Authorized for Issuance under Equity Compensation Plans See Note 14 - Share-Based Compensation in the Notes to the Consolidated Financial Statements in Part II, Item 8 of this report for information regarding securities authorized for issuance under share-based compensation plans.