XML 44 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholder's Equity
 6 Months Ended
Jul. 31, 2014
Shareholder's Equity

7. Shareholder’s Equity

On May 27, 2014, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a new share repurchase program. Under this authorization, the Company repurchased and subsequently retired 3,736,279 common shares at a total cost of $125,607 during the three months ended July 31, 2014. The average cost per share of these repurchases for the three months ended July 31, 2014 was $33.62, including commissions.

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 and subsequently retired all of the remaining 9,699,700 outstanding shares available under this authorization during the first quarter of fiscal 2015 at a total cost of $353,315 for an average cost per share of $36.43, including commissions.

In addition to the shares repurchased under the share repurchase programs during the six months ended July 31, 2014, 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 six months ended July 31, 2013, the Company acquired and subsequently retired 8,711 common shares at a total cost of $365 from employees to meet minimum statutory tax withholding requirements.

As a result of the share repurchase activity during the three and six months ended July 31, 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 $368,768.