Note 2 — Share Repurchases

In October 2010, our Board of Directors authorized a new three-year, $400,000 share repurchase program, following the completion of our previous share repurchase programs in the second quarter of 2010. Under the program, we may repurchase shares in the open market and through privately negotiated transactions. Our repurchases will be funded with available borrowing capacity and cash. The timing and amount of specific repurchase transactions will depend upon market conditions, corporate considerations and applicable legal and regulatory requirements. We account for repurchased shares of common stock as treasury stock. Treasury shares are recorded at cost and are included as a component of stockholders’ equity in our consolidated balance sheet. We have also issued shares of common stock out of our cumulative balance of treasury shares. Such shares are issued to certain of our associates upon the vesting of their equity awards under the Ingram Micro Inc. 2011 Equity Incentive Plan (see Note 4). Our stock repurchase and issuance activity for the twenty-six weeks ended July 2, 2011 and July 3, 2010 are summarized in the table below.


				Weighted
				Average-
	Shares			Price Per		Net Amount
	Repurchased			Share		Repurchased
Cumulative balance at January 1, 2011		23,713		$	16.40	$	388,817
Repurchase of Class A Common Stock		4,081			18.60		75,906
Issuance of Shares of Class A Common Stock		(538	)		19.00		(10,221	)


Cumulative balance at July 2, 2011		27,256			16.68	$	454,502


Cumulative balance at January 2, 2010		15,095		$	16.11	$	243,219
Repurchase of Class A Common Stock		8,960			16.99		152,285
Issuance of Shares of Class A Common Stock		(225	)		19.67		(4,435	)


Cumulative balance at July 3, 2010		23,830			16.41	$	391,069