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Common Stock Repurchases | 3 Months Ended
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Oct. 31, 2013
Common Stock Repurchases [Abstract] |
Common Stock Repurchases | NOTE 8 - 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 did not repurchase its common stock during the three months ended October 31, 2013. The Company repurchased 500,000 shares of its common stock during the three months ended October 31, 2012, at a weighted average price of $27.77 per share totaling $13.9 million. The total number of shares repurchased under the program as of October 31, 2013 was 50,286,782 and 47,713,218 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. Directors and executive officers of the Company were expressly prohibited from participating in the tender offer by our board of directors under the Company’s Securities Trading Policy. 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 on dilutive earnings per share of all repurchased shares on the weighted average number of common shares outstanding for the three months ended October 31, 2013 is less than $0.01. In the second quarter of fiscal 2013, certain executive officers exercised stock options through cashless exercises and in the first quarter of fiscal 2014, certain employees 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 $0.6 million and $0.08 million in fiscal year 2013 and fiscal year 2014, respectively, 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 2013-Q2 |  |  | 73,228 |  |  | $ | 8.89 |  |  |  | 18,127 |  |  |  | 17,461 |  |  |  | 37,640 |  |  | $ | 35.91 |  |  | $ | 627 |
FY 2014-Q1 |  |  | 14,000 |  |  | $ | 16.43 |  |  |  | 7,241 |  |  |  | 2,519 |  |  |  | 4,240 |  |  | $ | 31.77 |  |  | $ | 80 |
(1) Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References No definition available. + Details
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