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Shareholders' Equity
 6 Months Ended
Jul. 31, 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 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 under the Company's 2006 stock repurchase program.

During the three and six months ended July 31, 2011, the Company repurchased and subsequently retired 2,340,330 common shares at a total cost of $67,319 and 7,165,199 common shares at a total cost of $215,993, respectively. The average cost per share of the repurchases for the three and six months ended July 31, 2011 was $28.76 and $30.14, respectively, including commissions. During the three and six months ended July 31, 2010 the Company repurchased and subsequently retired 2,015,180 common shares at a total cost of $68,002. The average cost per share was $33.74, including commissions. During the three and six months ended July 31, 2010, the Company repurchased and subsequently retired 112,770 common shares for $3,986 from an employee to meet a minimum statutory tax withholding requirement. As of July 31, 2011, a total of 3,326,354 common shares remained available under the 2010 authorization.

As a result of the share repurchase activity noted above, the Company reduced the balance of additional paid-in-capital to zero which required subsequent share repurchase activity to be recorded as a reduction of retained earnings. During the six months ended July 31, 2011, the Company reduced retained earnings by $179,543, related to these share repurchases.