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Under Armour approves first stock split

Baltimore-based Under Armour Inc. approved a two-for-one split of its outstanding common stock, the first since the sports apparel maker went public in November 2005, the company said Monday.

Shares of Under Armour have climbed 65 percent in a one-year period, closing at $103.31 per share on Friday on the New York Stock Exchange. The stock is up 45 percent so far this year.

"We are proud of the value we have delivered to our stockholders over the long-term, and we believe this stock split may broaden our investor base and improve the trading liquidity of our stock," said Kevin Plank, chairman, chief executive and president, in a statement.

The stock split, approved by the company's board, will take the form of a dividend of one share of Class A common stock for each share of Class A common stock outstanding and one share of Class B common stock for each share of Class B common stock outstanding. The additional shares issued through the split will be distributed on or close to July 9 to stockholders of record on June 25, the company said.

Under Armour is known for its moisture-wicking fabrics designed for athletes.

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