XML 82 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock Repurchase Program
9 Months Ended
Oct. 26, 2014
Equity [Abstract]  
Stock Repurchase Program
Stock Repurchase Program
The Company maintains an active stock repurchase program which was approved by Semtech's Board of Directors (the “Program”). The Program does not have an expiration date and the Board of Directors has authorized expansion of the program over the years. In November 2011 the Board of Directors authorized the Company to repurchase up to $50.0 million of shares of the Company’s common stock from time to time through negotiated or open market transactions. In August 2013 the Company announced an additional $50.0 million expansion of the Program, for a total authorized Program of $100.0 million. In November 2014, the Company announced that the Board of Directors authorized an additional $28.4 million of repurchases under the Program, which together with the $21.6 million remaining under the Program, brought the total current authorization to $50.0 million, such authorization being subject to certain limitations, guidelines and conditions as directed by the Board of Directors. As of October 26, 2014, the Company had repurchased an aggregate $78.4 million in shares of common stock under the Program.

In the first nine months of fiscal year 2015, the Company repurchased 1,578,869 shares for $40.9 million. In the first nine months of fiscal 2014, the Company repurchased 484,698 for $15.0 million.
The Company currently intends to hold the repurchased shares as treasury stock. The Company typically reissues treasury shares to settle stock option exercises and vested restricted stock units.