Note 15—Common Stock Repurchase Programs

Advent's Board has approved common stock repurchase programs authorizing management to repurchase shares of the Company's common stock. The timing and actual number of shares subject to repurchase have been made at the discretion of Advent's management and are contingent on a number of factors, including the price of Advent's stock, Advent's cash balances and working capital needs, general business and market conditions, regulatory requirements and alternative investment opportunities. The stock repurchase programs specify a maximum number of shares subject to repurchase, do not have an expiration date and may be limited or terminated at any time without prior notice. Repurchased shares are returned to the status of authorized and un-issued shares of common stock.

The purchase price for the shares of our common stock repurchased was reflected as a reduction to stockholders' equity. In accordance with ASC 505-30, "Treasury Stock", we are required to allocate the purchase price of the repurchased shares as (i) an increase to accumulated deficit and (ii) a reduction of common stock and additional paid-in capital. Issuance of common stock and the tax benefit related to employee stock option plans are recorded as an increase to common stock and additional paid-in capital. As a result of future repurchases, we may continue to report an accumulated deficit included in stockholders' equity in our consolidated balance sheets.

The following is a summary of the repurchase programs authorized by Advent's Board since fiscal 2008 (in thousands):

Date of Authorization		Number of Shares Authorized

May 2008			2,000
October 2008			6,000
May 2010			2,000
October 2011			2,000

			12,000

The following is a summary of the Company's annual repurchase activity under the stock repurchase program approved by the Board by year since fiscal 2008 (in thousands, except per share data):

Fiscal Year		Cost		Average Price Paid Per Share

2008	4,662	$	61,572	$	13.21
2009	1,380	$	14,578	$	10.57
2010	1,670	$	35,881	$	21.48
2011	2,243	$	51,582	$	23.00
2012	1,651	$	41,275	$	25.00

Total	11,606	$	204,888	$	17.65

At December 31, 2012, there remained approximately 0.4 million shares authorized by Advent's Board for repurchase.

In addition to the above, Advent has withheld shares through net share settlements upon the vesting of restricted stock units and the exercise of stock-settled stock appreciation rights under its equity compensation plan to satisfy tax withholding obligations.