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Treasury Stock
6 Months Ended
Aug. 31, 2013
Treasury Stock
(4) Treasury Stock. The Company’s Board of Directors authorized the repurchase of 1,000,000 shares of the Company’s common stock on September 14, 2011, and again on September 27, 2012. The shares may be repurchased from time-to-time on the open market, subject to market conditions and other factors, and generally will be funded with internally generated cash. The Company did not repurchase any shares under the September 2011 or September 2012 authorizations during the six months ended August 31, 2013. At August 31, 2013, there were 364,476 shares available for purchase under the September 2011 authorization and 1,000,000 shares available for purchase under the September 2012 authorization.

 

     Shares      Cost of Shares
Purchased
(in thousands)
     Average Price
per Share
 

Treasury Stock as of February 28, 2013

     8,824,172       $ 76,756       $ 8.70   

Repurchases During the Six Months Ended August 31, 2013

     —           —        
  

 

 

    

 

 

    

Treasury Stock as of August 31, 2013

     8,824,172       $ 76,756       $  8.70   
  

 

 

    

 

 

    

 

On February 15, 2013, the Company entered into a written trading plan to purchase up to 364,476 shares under Rule 10b5-1 of the Exchange Act as part of the existing share repurchase program. The plan will expire on February 15, 2014, or when all the shares have been repurchased, whichever occurs first.