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Shareholders' Equity
 9 Months Ended
Oct. 31, 2012
Shareholders' Equity

7. Shareholders’ Equity

On February 28, 2006, a stock repurchase authorization by the Company’s Board of Directors allowed the Company to repurchase up to 8,000,000 common shares. On November 16, 2010 and August 25, 2011, two additional stock repurchase authorizations by the Company’s Board of Directors allowed the Company to repurchase, in aggregate, 20,000,000 additional common shares.

The Company repurchased all of the remaining outstanding shares available under the above authorizations during fiscal 2012. There were no share repurchases during the nine months ended October 31, 2012. The Company repurchased and subsequently retired 20,491,530 common shares at a total cost of $538,311 during the nine months ended October 31, 2011. The average cost per share of the repurchases was $26.27, including commissions.

As a result of the share repurchases for the nine months ended October 31, 2011, 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 nine months ended October 31, 2011, the Company reduced retained earnings by $498,339 related to these share repurchases.