This is the 10th stock split in the company’s history.
The stock split, first approved by the company’s Board of Directors on Nov. 23, 2015, is implemented by splitting the par value of the company’s common stock from $.0293 to $.01465 per share and increasing the number of authorized shares from 800 million to 1.6 billion.
Stockholders of record at the close of business on Jan. 26, 2016, will receive one additional share of common stock for each share owned on that date. Under the rules of the New York Stock Exchange (NYSE), where the company’s common stock is traded between Jan. 26 and the distribution of the new shares planned by Feb. 9, 2016, the selling stockholder is responsible for delivering the new shares received to the buyer.
The annual dividend rate, when adjusted for the two-for-one split, will be $.58 per share.