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Stock Repurchase Program
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Apr. 30, 2011
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| Stock Repurchase Program | Note 9. Stock Repurchase Program The Company's Board of Directors (Board) previously approved a stock repurchase program pursuant to which the Company was authorized to purchase up to $500.0 million of its common stock. The Board has periodically replenished the stock repurchase program up to $500.0 million. The Company repurchases shares to offset dilution caused by ongoing stock issuances from existing plans for equity compensation awards, acquisitions, and when management believes it is a good use of cash. Repurchases are transacted in accordance with Rule 10b-18 of the Securities Exchange Act of 1934 (Exchange Act) and may be made through any means including, but not limited to, open market purchases, plans executed under Rule 10b5-1(c) of the Exchange Act and structured transactions. As of April 30, 2011, $80.3 million remained available for further repurchases under the program. On May 25, 2011, the Board replenished the stock repurchase program up to $500.0 million. The following table summarizes stock repurchase activities as well as the reissuance of treasury stock for employee stock compensation purposes:
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