PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON
EQUITY
AND RELATED STOCKHOLDER MATTERS
STOCK TRADING
Our common stock
is listed on the New York Stock Exchange and traded under the ticker
symbol WR. As of March 14, 2003, there were 33,334 common shareholders
of record. For information regarding quarterly common stock price
ranges for 2002 and 2001, see Note 33 of the Notes to Consolidated
Financial Statements, “Quarterly Results (Unaudited).”
DIVIDENDS
Holders of our common stock are entitled
to dividends when and as declared by our board of directors. However,
prior to the payment of common dividends, dividends must first be
paid to the holders of preferred stock based on the fixed dividend
rate for each series, and our obligations with respect to mandatorily
redeemable preferred securities issued by subsidiary trusts must
be met.
Quarterly
dividends on common stock and preferred stock normally are paid
on or about the first business day of January, April, July and October
to shareholders of record as of or about the ninth day of the preceding
month. Our board of directors reviews our common stock dividend
policy from time to time. Among the factors the board of directors
considers in determining our dividend policy are earnings, cash
flows, capitalization ratios, regulation, including the KCC’s order
requiring us to reduce our outstanding debt, competition
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and financial loan covenants. In February
2003, we declared a firstquarter 2003 dividend of $0.19 per share.
Our Articles of Incorporation restrict the payment of dividends
or the making of other distributions on our common stock while any
preferred shares remain outstanding unless certain capitalization
ratios and other conditions are met. We provide further information
on these restrictions in Note 20 of the Notes to Consolidated Financial
Statements, “Common Stock, Preferred Stock and Other Mandatorily
Redeemable Securities.” We do not expect these restrictions to have
an impact on our ability to pay dividends on our common stock at
the current rate.
See “Management’s Discussion and Analysis
of Financial Condition and Results of Operations — Liquidity and
Capital Resources — Future Cash Requirements,” Note 3 of the Notes
to Consolidated Financial Statements, “Rate Matters and Regulation”
and Note 20, “Common Stock, Preferred Stock and Other Mandatorily
Redeemable Securities,” included herein for additional information
on dividends.
SECURITIES AUTHORIZED FOR ISSUANCE
UNDER EQUITY COMPENSATION PLANS
The information called for by the item
relating to “Securities Authorized for Issuance Under Equity Compensation
Plans” will be set forth under that heading in the Proxy Statement
relating to the Annual Meeting of Shareholders to be held June 16,
2003, which will be filed with the Securities and Exchange Commission
no later than April 30, 2003, and which is incorporated herein by
reference. See also “Item 12. Security Ownership of Certain Beneficial
Owners and Management.”
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