Ethan Allen approves dividend, stock options
Awarding 25 cents per share on Jan. 9
Furniture Today Staff -- Furniture Today, 11/13/2008 7:39:16 AM
DANBURY, Conn. — Manufacturer and retailer Ethan Allen approved its regular dividend and also said it awarded stock options to key management employees, "recognizing the extraordinary challenges of the current economic environment."The quarterly stock dividend of 25 cents per share, to be paid Jan. 23 to shareholders of record on Jan. 9, was raised earlier this year.
"We are gratified that our healthy balance sheet and our profitability and cash flow enables us to continue to distribute this cash dividend to our shareholders," said Chairman and CEO Farooq Kathwari.
The stock awards, described as non-cash, incentive-based compensation, included up to 60,000 restricted shares to Kathwari, with vesting based on achieving a certain amount of operating income this fiscal year, and options to purchase another 50,000 shares at the Nov. 11 closing price over the next four years.
