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Common Stock Repurchases

6 Months Ended

Jan. 31, 2015

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 six months ended January 31, 2015 or 2014. As of January 31, 2015, 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 six months ended January 31, 2015, 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 six months ended January 31, 2015 and 2014, respectively, to the proper taxing authorities in satisfaction of the employees’ minimum statutory withholding requirements.

The stock options exercised by certain employees and executive officers through cashless 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 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.

No stock options were exercised by certain employees and executive officers through cashless exercises during the three months ended January 31, 2015 and 2014.