CIRI’s dividend policy states that the total CIRI dividend payment to shareholders in any given year is equal to 3.5 percent of total shareholders’ equity, calculated as of Dec. 31 of the prior year. The CIRI Board is expected to set the dates of record for 2014 shareholder distributions in late February.
Dividend amounts will then be calculated shortly before the date of record for the 2014 first quarter dividend distribution, which generally falls within the last two weeks of March.
As the first step in the process, the company’s 2013 accounting books must be “closed” (i.e., all 2013 expenses and income must be received and either paid or properly accounted for).
Next, the Finance and Accounting Department prepares CIRI’s 2013 financial statements, after which an independent accounting firm retained by CIRI reviews its financial statements and confirms their accuracy. This process will determine CIRI’s total shareholders’ equity upon which the 2014 dividends will be based.
When the Board declares a dividend, shareholders are notified via the newsletter, CIRI’s website and the dividend hotline, which can be accessed by dialing (907) 263-5100 in Anchorage or toll-free outside of Anchorage by dialing (800) 764-2435 (CHEK).
Once calculated, a table containing the dates and amounts for each type of payment CIRI expects to issue to shareholders in 2014 will be posted on CIRI’s website. Information on CIRI’s dividend policy may also be found online at www.ciri.com.