PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Our Common Stock began trading on The NASDAQ National Market under the symbol “CHRW” on October 15, 1997.
Quarterly market information can be found in Part II, Item 8. Financial Statements and Supplementary Data, Note 11.
On February 23, 2009, the closing sales price per share of our Common Stock as quoted on the NASDAQ National Market was $42.64 per share. On February 23, 2009, there were approximately 211 holders of record and approximately 88,600 beneficial owners of our Common Stock.
During 1999, our Board of Directors authorized a stock repurchase program, allowing for the repurchase of 8,000,000 shares. There are no shares remaining for purchase under this program. During 2007, the Board of Directors authorized management to repurchase an additional 10,000,000 shares under the program. We purchased approximately 3.7 million shares of our Common Stock in 2008 under this program and approximately 100,000 shares in 2007 under this program. There are approximately 6.2 million shares remaining for purchase under this program. We intend to fund any future repurchases with internally generated funds.
We declared quarterly dividends during 2007 for an aggregate of $0.76 per share and quarterly dividends during 2008 for an aggregate of $0.90 per share. We have declared a quarterly dividend of $0.24 per share payable to shareholders of record as of March 6, 2009, payable on April 1, 2009. Our declaration of dividends is subject to the discretion of the Board of Directors. Any determination as to the payment of dividends will depend upon our results of operations, capital requirements and financial condition, and such other factors as the Board of Directors may deem relevant. Accordingly, there can be no assurance that the Board of Directors will declare or continue to pay dividends on the shares of Common Stock in the future.
Participants in the Robinson Companies Retirement Plan may, among other investment options, elect to invest their contributions and all company matching contributions in shares of our Common Stock. When plan participants elect to invest plan contributions in shares of our Common Stock, the plan trustee, Wachovia, purchases shares of our Common Stock on the open market and holds those shares beneficially for plan participants. During the quarter ended December 31, 2008, plan participants elected to invest plan contributions in a total of approximately 26,275 shares of our Common Stock having an approximate aggregate purchase price of $1,268,325. Because participants may elect to invest plan contributions in shares of our Common Stock, the plan is required to be registered under the Securities Act of 1933. There is no exemption from registration under the Securities Act available for the plan. On November 12, 2003, we registered the plan pursuant to a Form S-8 filed with the Securities and Exchange Commission.
