Shareholders' Equity

3 Months Ended

Nov. 30, 2013

Stockholders' Equity Note [Abstract]

Shareholders' Equity

5.     Shareholders' Equity

Stock Repurchases

During the first quarter of fiscal 2014, the Company purchased a total of 1.8 million shares of its common stock at a cost of $125.0 million. All shares are purchased pursuant to share repurchase authorizations approved by the Board of Directors. $70.8 million of the $125.0 million repurchases were from the Board grant announced on September 28, 2011, which depleted this share repurchase authorization. The remaining $54.2 million of repurchases were from the Board grant announced on January 17, 2013. As of November 30, 2013, the Company had $245.8 million remaining under current share repurchase authorizations. A summary of the share repurchase authorizations is as follows:

(in thousands)
Authorization Announced	Authorized Amount		Repurchases through August 31, 2013		Repurchases during  the quarter ended November 30, 2013		Remaining Repurchase Authorization
September 28, 2011	$	250,000	$	179,209	$	70,791	$	—
January 17, 2013	300,000		—		54,220		245,780
Total	$	550,000	$	179,209	$	125,011	$	245,780

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

Option Exercises

During the first quarter of fiscal 2014, a total of 0.3 million stock options with a weighted average exercise price of $33.72 were exercised. The total intrinsic value of the options exercised during the period was $11.8 million.

Dividends

During the first quarter of fiscal 2014, the Company paid cash dividends of $0.26 per share for a total of $29.9 million.