HEy, Opt, you might want to keep LEG on the radar when it gets near its 52 week lows or so. I go this from the transcripts of the conference call yesterday, I plan on selling today, but it'll go back down.
We declared a first quarter dividend of $0.25 per share, representing a 47% increase over last year's first quarter dividend. The current dividend yield is approximately 7% based on a $14.30 stock price. This year marks the 37th consecutive annual dividend increase for Leggett at an average compound growth rate of over 14%. And we also repurchased 3 million shares during the quarter.
We anticipate using much of our excess cash to repurchase shares. The Board recently increased our share repurchase authorization for 2008 to 30 million shares or about 18% of the share base. As the divestitures are completed, we plan to use the proceeds to repurchase shares. Given our strong consistent cash flow even during the soft economic cycles, we are confident we can meet these priorities
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