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Shareholder's Equity
 3 Months Ended
Apr. 30, 2014
Shareholder's Equity

7. Shareholder’s Equity

On August 27, 2013, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program. The Company repurchased all of the remaining outstanding shares available under this authorization during the first quarter of fiscal 2015. The Company repurchased and subsequently retired 9,699,700 common shares at a total cost of $353,315 during the three months ended April 30, 2014. The average cost per share of the repurchases for the three months ended April 30, 2014 was $36.43, including commissions.

In addition to the shares repurchased under the share repurchase program, the Company acquired and subsequently retired 1,690 common shares at a total cost of $61 from employees to meet minimum statutory tax withholding requirements during the three months ended April 30, 2014.

As a result of the share repurchase activity during the three months ended April 30, 2014, the Company reduced the balance of additional paid-in-capital to zero with subsequent share repurchase activity recorded as a reduction of retained earnings of $250,246.

On May 27, 2014, the Company’s Board of Directors authorized the repurchase of an additional 10,000,000 common shares under a new share repurchase program.