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Common Stock Repurchases

9 Months Ended

Apr. 30, 2012

NOTE 9 - Common Stock Repurchases

On September 22, 2011, the Company's board of directors approved a 40 million share increase in the Company's stock repurchase program, bringing the total current authorization to 98 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the stock repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company repurchased 6,080,708 shares of its common stock during the nine months ended April 30, 2012, at a weighted average price of $22.18 per share totaling $134.9 million. The Company repurchased 7,382,736 shares of its common stock during the nine months ended April 30, 2011 at a weighted average price of $18.66 per share totaling $137.7 million. The total number of shares repurchased under the program as of April 30, 2012 was 46,986,782 and 51,013,218 shares were available for repurchase under the program.

Additionally, on January 14, 2011, the Company completed a tender offer to purchase up to 21,052,630 shares of its common stock at a price of $19.00 per share. In connection with the tender offer, the Company accepted for purchase 24,344,176 shares of its common stock. The shares accepted for purchase are comprised of the 21,052,630 shares the Company offered to purchase and an additional 3,291,546 shares purchased pursuant to the Company's right to purchase additional shares up to 2% of its outstanding shares. The shares purchased as a result of the tender offer are not part of the Company's repurchase program. The purchase of the shares of common stock was funded by the proceeds relating to the issuance of long term debt. The impact dilutive earnings per share of all repurchased shares on the weighted average number of common shares outstanding for the nine months ended April 30, 2012 is $0.02.

In the second, third and fourth quarters of fiscal 2011, and first, second and third quarters of fiscal 2012, certain executive officers exercised stock options through cashless exercises. A portion of the options exercised were net settled in satisfaction of the exercise price and federal and state minimum statutory tax withholding requirements. The Company remitted $4.2 million in fiscal year 2011 and $2.6 million in fiscal year 2012 to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements. The exercises are summarized in the following table:


Period	Options Exercised	Exercise Price		Shares Net Settled for Exercise	Shares Withheld for Taxes⁽¹⁾	Net Shares to Employee	Share Price for Withholding		Tax Withholding (in 000's)
FY 2011-Q2	177,500	$	8.47	76,050	37,834	63,616	$	19.76	$	748
FY 2011-Q3	548,334	$	11.02	295,496	118,032	134,806	$	20.40	$	2,408
FY 2011-Q4	180,000	$	9.48	76,396	48,366	55,238	$	22.33	$	1,080
FY 2012-Q1	40,000	$	9.00	16,082	8,974	14,944	$	22.39	$	201
FY 2012-Q2	20,000	$	9.00	7,506	4,584	7,910	$	23.98	$	110
FY 2012-Q3	322,520	$	10.74	131,298	85,684	105,538	$	26.38	$	2,260

(1)Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program.