
13.	Equity

Repurchases of L-3 Holdings common stock under the share repurchase programs, approved by the Board of Directors, are made at management’s discretion in accordance with applicable U.S. federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities (including acquisitions), market conditions and other factors. All share repurchases of L-3 Holdings common stock have been recorded as treasury shares. On April 26, 2011, L-3 Holdings’ Board of Directors approved a new share repurchase program that authorizes L-3 Holdings to repurchase up to an additional $1.5 billion of its outstanding shares of common stock through April 30, 2013. At September 30, 2011, the remaining dollar value under the $1.5 billion share repurchase program approved by L-3 Holdings’ Board of Directors on April 26, 2011 was $1,292 million. During the quarter ended September 30, 2011, L-3 Holdings utilized the remaining authorization under the $1 billion share repurchase program approved by L-3 Holdings’ Board of Directors on July 14, 2010.

From October 1, 2011 through November 2, 2011, L-3 Holdings repurchased 1,261,766 shares of its common stock at an average price of $65.12 per share for an aggregate amount of $82 million.

On October 11, 2011, L-3 Holdings’ Board of Directors declared a quarterly cash dividend of $0.45 per share, payable on December 15, 2011 to shareholders of record at the close of business on November 17, 2011.