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, 2014 or 2013. As of October 31, 2014, the total number of shares repurchased under the program was 50,286,782, and 47,713,218 shares were available for repurchase under the program. 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, 2014, was less than $0.01.

In the first quarter of fiscal 2014 and 2015, certain employees and 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 $1.1 million and $0.1 million for the three months ended October 31, 2014 and 2013, respectively, to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements.

The exercised stock options 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 000s)
FY 2014 - Q1	14,000	$	16.43	7,241	2,519	4,240	$	31.77	$	80
FY 2015 - Q1	201,333	$	19.59	124,621	35,416	41,296	$	31.65	$	1,121

⁽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.