NOTE 8 – 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 2,938,519 shares of its common stock during the nine months ended April 30, 2016 at a weighted average price of $40.13 per share totaling $117.9 million. The Company did not repurchase any common stock under the program during the nine months ended April 30, 2015. As of April 30, 2016, the total number of shares repurchased under the program was 53,456,801, and 44,543,199 shares were available for repurchase under the program.

On December 30, 2015, the Company completed a modified "Dutch Auction" tender offer, or tender offer, to purchase up to 7,317,073 shares of its common stock at a price not greater than $41.00 nor less than $38.00 per share. In connection with the tender offer, the Company accepted for payment an aggregate of 8,333,333 shares of its common stock at a purchase price of $39.00 per share for a total value of $325.0 million. The Company's directors and executive officers did not participate in the tender offer. The shares repurchased as a result of the tender offer are not part of the Company's stock repurchase program.

In fiscal 2015, certain executive officers and 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 $1.9 million for the nine months ended April 30, 2015 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	Weighted Average Exercise Price		Shares Net Settled for Exercise	Shares Withheld for Taxes⁽¹⁾	Net Shares to Employees	Weighted Average Share Price for Withholding		Tax Withholdings (in 000s)
FY 2015—Q1	201,333	$	19.59	124,621	35,416	41,296	$	31.65	$	1,121
FY 2015—Q3	139,690	$	20.27	76,021	20,656	43,013	$	37.27	$	770
FY 2015—Q4	200,000	$	12.02	66,602	52,158	81,240	$	36.08	$	1,882

(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, October 31, 2015, January 31, 2016, and April 30, 2016.