Stock Repurchase Programs

6 Months Ended

May 31, 2011

Stock Repurchase Programs

Stock Repurchase Programs

17. STOCK REPURCHASE PROGRAMS

On December 21, 2010, we announced that our Board of Directors approved a new stock repurchase program pursuant to which we may repurchase up to $300.0 million of our outstanding common stock from time to time in the open market or through privately negotiated transactions. As of May 31, 2011, the remaining authorized amount available for repurchases under the December 2010 stock repurchase program was approximately $227.7 million.

All repurchased shares of common stock have been retired. The following table summarizes the activities under our stock repurchase programs for the periods indicated (in thousands, except per share data):

	Three Months Ended May 31,				Six Months Ended May 31,
	2011		2010		2011		2010
Cash used for repurchases	$	47,899	$	37,918	$	72,329	$	67,482
Shares repurchased		1,642		3,447		2,860		6,587
Average price per share	$	29.17	$	11.00	$	25.29	$	10.24

In connection with the repurchase activities during the six months ended May 31, 2011, we classified $37.0 million of the excess purchase price over the par value of our common stock to retained earnings and $35.3 million to additional paid-in capital. From June 1, 2011 up to July 5, 2011, we have repurchased approximately 1.3 million shares of our outstanding common stock at an average price of $29.18 per share pursuant to our December 2010 stock repurchase program.