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Shareholders' Equity
3 Months Ended
Apr. 30, 2011
Shareholders' Equity  
Shareholders' Equity

8. Shareholders' Equity

On February 28, 2006, the Company's Board of Directors approved a stock repurchase program. The program authorized the Company to repurchase of up to 8,000,000 common shares. On November 16, 2010, the Company's Board of Directors authorized the repurchase of up to 10,000,000 additional common shares. This authorization supplements the Company's 2006 stock repurchase program.

 

The Company repurchased and subsequently retired 4,824,869 common shares at a total cost of $148,674 during the three months ended April 30, 2011. The average cost per share of the repurchases was $30.81, including commissions. The Company did not repurchase any shares during the three months ended April 30, 2010. The repurchases completed the Company's 2006 share repurchase program and reduced the 2010 repurchase program by 4,333,316 shares. As of April 30, 2011, a total of 5,666,684 shares remain available under the 2010 repurchase program.

As a result of the share repurchase noted above, the Company reduced the balance of additional paid-in-capital to zero which required subsequent share repurchases to be recorded as a reduction of retained earnings. During the three months ended April 30, 2011, the Company reduced retained earnings by $115,778 related to these share repurchases.