TD Ameritrade 2018 Annual Report

48 Stock Repurchase Programs On October 20, 2011, our board of directors authorized the repurchase of up to 30 million shares of our common stock. During the first half of fiscal year 2016, we completed the October 20, 2011 stock repurchase authorization by repurchasing the remaining 7.9 million shares at a weighted average purchase price of $29.42 per share. From the inception of this stock repurchase authorization through its completion in March 2016, we repurchased a total of 30 million shares at a weighted average purchase price of $29.19 per share. On November 20, 2015, our board of directors authorized the repurchase of up to an additional 30 million shares of our common stock. During fiscal year 2018, we repurchased approximately 4.6 million shares at a weighted average purchase price of $55.52 per share. From the inception of this stock repurchase authorization through September 30, 2018, we have repurchased approximately 8.6 million shares at a weighted average purchase price of $43.31 per share. As of September 30, 2018, we had approximately 21.4 million shares remaining under the November 20, 2015 stock repurchase authorization. Cash Dividends We declared $0.21 per share, $0.18 per share and $0.17 per share quarterly cash dividends on our common stock during each quarter of fiscal years 2018, 2017 and 2016, respectively. We paid $477 million, $379 million and $362 million to fund the dividends for fiscal years 2018, 2017 and 2016, respectively. We declared a $0.30 per share cash dividend on our common stock for the first quarter of fiscal year 2019, which is payable on November 20, 2018 to all holders of record of our common stock as of November 6, 2018. Off-Balance Sheet Arrangements We enter into guarantees and other off-balance sheet arrangements in the ordinary course of business, primarily to meet the needs of our clients and to manage our asset-based revenues. For information on these arrangements, see the following sections under Item 8, Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements: "General Contingencies" and "Guarantees" in Note 15 — Commitments and Contingencies and "Insured Deposit Account Agreement" in Note 21 — Related Party Transactions. Bank deposit account fees, generated from the IDAagreement and other sweep arrangements with non-affiliated third-party depository financial institutions, account for a significant percentage of our net revenues (28% of our net revenues for the fiscal year ended September 30, 2018). These sweep arrangements enable our clients to invest in FDIC-insured (up to specified limits) deposit products without the need for the Company to establish the significant levels of capital that would be required to maintain our own bank charter.