On Tuesday, CBOE Holdings?(NASDAQ:?CBOE) announced that its Board of Directors ?declared a special cash dividend of?$0.75 per share on its common stock. The dividend will be paid on?December 28, 2012?to stockholders of record on?December 21, 2012.
The special dividend comes in addition to CBOE’s regular fourth-quarter $0.15 per share cash dividend that had been declared on?October 30, 2012.? This will be paid on?December 21, 2012?to stockholders of record on?November 30, 2012.
William J. Brodsky,?CBOE Holdings?Chairman and CEO said in a press release,?”We are pleased to be in a position to pay a special dividend, which reflects our commitment to return excess cash to stockholders and the continued success of our Company. Our Board believes that paying the special dividend at this time represents a tax-efficient way to return value to stockholders given the uncertainty regarding future tax rates on dividends.”?
He added, “The company’s solid, debt-free balance sheet and strong cash generation allows us to pay the estimated?$66.6 million?of special?dividends?from cash on hand while maintaining the flexibility to continue to invest in our business and pursue dividend and share repurchase activities.”?