Stock Repurchases

9 Months Ended

Apr. 30, 2019

NOTE 8 – Stock Repurchases

On September 22, 2011, the Company’s Board of Directors approved an 80 million share increase in the stock repurchase program, bringing the total current authorization to 196 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 7,635,596 shares of its common stock under the program during the nine months ended April 30, 2019 at a weighted average price of $47.81 per share totaling $365.0 million. The Company did not repurchase any shares of its common stock under the program during the nine months ended April 30, 2018. As of April 30, 2019, the total number of shares repurchased under the program was 114,549,198, and 81,450,802 shares were available for repurchase under the program.

In fiscal 2018, certain members of the Company’s Board of Directors exercised stock options through cashless exercises. In fiscal 2019, the Company’s former President exercised all of his vested stock options through cashless exercises. A portion of the options exercised were net settled in satisfaction of the exercise price. The Company remitted $45.6 million for the nine months ended April 30, 2019 and no amounts for the nine months ended April 30, 2018, to the proper taxing authorities in satisfaction of the employees’ statutory withholding requirements.

The exercised stock options, utilizing a cashless exercise, 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 Individuals	Weighted Average Share Price for Withholding		Employee Stock-Based Tax Withholding (in 000s)
FY 2018—Q2	80,000	$	6.54	11,996	—	68,004	$	43.60	$	—
FY 2019—Q3	3,000,000	17.81		945,162	806,039	1,248,799	56.53		45,565

(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.