Shareholders' Equity

3 Months Ended

Nov. 24, 2012

Stockholders' Equity Note [Abstract]

Shareholders' Equity

5. Shareholders’ Equity

Stock Repurchases

During the first quarter of fiscal 2013, the Company purchased a total of 0.4 million shares of its common stock at a cost of $25.0 million. All shares are purchased pursuant to share repurchase authorizations approved by the Board of Directors. On September 28, 2011, the Company announced that the Board of Directors authorized the Company to purchase up to $250 million of the Company’s outstanding common stock (the “2011 authorization”). As of November 24, 2012, the Company had $120.8 million remaining under this authorization.

There is no expiration date related to the 2011 authorization. Shares purchased under share repurchase authorizations are generally held in treasury or are cancelled and returned to the status of authorized but unissued shares.

Option Exercises

During the first quarter of fiscal 2013, a total of 0.6 million stock options with a weighted average exercise price of $26.33 were exercised. The total intrinsic value of the options exercised during the period was $24.6 million.

Stockholders’ Rights Plan

On March 2, 2011, the Company adopted a stockholders’ rights plan whereby the Board of Directors of the Company authorized and declared a dividend distribution of one right for each outstanding share of common stock of the Company to stockholders of record at the close of business on March 2, 2011. On February 24, 2012, the Board of Directors approved, and the Company entered into, an amendment to the stockholders' rights plan to extend the expiration date of the rights to March 2, 2013. On November 16, 2012, the Board of Directors approved, and the Company entered into, an amendment to the stockholders' rights plan to accelerate the expiration date of the rights to November 16, 2012, thereby terminating the stockholder's rights plan.