| Stockholders' Equity |
Stockholders’ Equity Common Stock Repurchase Program In November 2009 we announced a stock repurchase program, providing for the repurchase of up to $250.0 million of our Class A common stock. Our board of directors approved an additional $300.0 million for our stock repurchase program in July 2010, $250.0 million in July 2011, and $100.0 million in February 2012, for a total authorization of up to $900.0 million in stock repurchases. Stock repurchases under this program may be made through open market transactions, negotiated purchases, or otherwise, at times and in amounts that we consider appropriate. The timing of repurchases and the number of shares repurchased depend upon a variety of factors including price, regulatory requirements, the rate of dilution from our equity compensation programs, and other market conditions. We may limit, suspend, or terminate the stock repurchase program at any time without prior notice. This program does not have a specified expiration date. Shares repurchased under the program will be returned to the status of authorized but unissued shares of Class A common stock. As of March 30, 2012, the remaining authorization to purchase additional shares is $380.2 million. Stock repurchase activity under the stock repurchase program during the fiscal year-to-date period ended March 30, 2012 is summarized as follows: | | | | | | | | | | | Shares Repurchased | Cost (in thousands) (1) | Average Price Paid per Share (2) | Repurchase activity for the fiscal quarter ended December 30, 2011 | 885,969 |
| $ | 26,068 |
| $ | 29.41 |
| Repurchase activity for the fiscal quarter ended March 30, 2012 | 1,575,891 |
| $ | 60,081 |
| $ | 38.11 |
| Total | 2,461,860 |
| $ | 86,149 |
| |
| | (1) | Cost of share repurchases includes the price paid per share and applicable commissions. |
| | (2) | Excludes commission costs. |
Comprehensive Income The components of comprehensive income were as follows: | | | | | | | | | | | | | | | Fiscal Quarter Ended | Fiscal Year-to-Date Ended | | April 1,
2011 | March 30,
2012 | April 1,
2011 | March 30,
2012 | | (in thousands) | Net income including controlling interest | $ | 82,482 |
| $ | 88,317 |
| $ | 169,247 |
| $ | 161,683 |
| Other comprehensive income: | | | | | Foreign currency translation adjustment, net of tax | 2,237 |
| 1,934 |
| 3,344 |
| 1,557 |
| Unrealized losses on available-for-sale securities, net of tax | 220 |
| 306 |
| (656 | ) | 192 |
| Comprehensive income | 84,939 |
| 90,557 |
| 171,935 |
| 163,432 |
| Less: comprehensive income attributable to controlling interest | (555 | ) | (415 | ) | (933 | ) | (556 | ) | Comprehensive income attributable to Dolby Laboratories, Inc. | $ | 84,384 |
| $ | 90,142 |
| $ | 171,002 |
| $ | 162,876 |
|
Accumulated Other Comprehensive Income Accumulated other comprehensive income consists of the following: | | | | | | | | September 30,
2011 | March 30,
2012 | | (in thousands) | Accumulated foreign currency translation gains, net of tax of ($2,653) at September 30, 2011 and ($3,026) at March 30, 2012 | $ | 6,834 |
| 8,239 |
| Accumulated unrealized gains on available-for-sale securities, net of tax of ($387) at September 30, 2011 and ($496) at March 30, 2012 | 699 |
| 891 |
| Total accumulated other comprehensive income | $ | 7,533 |
| 9,130 |
|
Stockholders' Equity and Controlling Interest The following tables present the changes in total stockholders’ equity attributable to Dolby Laboratories, Inc. and the controlling interest: | | | | | | | | | | | | Dolby Laboratories, Inc. | Controlling Interest | Total | | (in thousands) | Balance at September 24, 2010 | $ | 1,473,737 |
| $ | 20,942 |
| $ | 1,494,679 |
| Net income | 168,448 |
| 799 |
| 169,247 |
| Translation adjustments, net of taxes of ($301) | 3,210 |
| 134 |
| 3,344 |
| Unrealized losses on available-for-sale securities, net of taxes of $406 | (656 | ) | — |
| (656 | ) | Stock-based compensation expense | 22,111 |
| — |
| 22,111 |
| Repurchase of common stock | (75,124 | ) | — |
| (75,124 | ) | Tax benefit from the exercise of stock options and vesting of restricted stock units | 11,320 |
| — |
| 11,320 |
| Common stock issued under employee stock plans, net of shares withheld for taxes | 15,215 |
| — |
| 15,215 |
| Balance at April 1, 2011 | $ | 1,618,261 |
| $ | 21,875 |
| $ | 1,640,136 |
|
| | | | | | | | | | | | Dolby Laboratories, Inc. | Controlling Interest | Total | | (in thousands) | Balance at September 30, 2011 | $ | 1,663,513 |
| $ | 21,837 |
| $ | 1,685,350 |
| Net income | 161,279 |
| 404 |
| 161,683 |
| Distributions to controlling interest | — |
| (13 | ) | (13 | ) | Translation adjustments, net of taxes of ($373) | 1,405 |
| 152 |
| 1,557 |
| Unrealized losses on available-for-sale securities, net of taxes of ($109) | 192 |
| — |
| 192 |
| Stock-based compensation expense | 23,536 |
| — |
| 23,536 |
| Repurchase of common stock | (86,149 | ) | — |
| (86,149 | ) | Tax benefit from the exercise of stock options and vesting of restricted stock units | (2,513 | ) | — |
| (2,513 | ) | Common stock issued under employee stock plans, net of shares withheld for taxes | 3,524 |
| — |
| 3,524 |
| Balance at March 30, 2012 | $ | 1,764,787 |
| $ | 22,380 |
| $ | 1,787,167 |
|
|