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0001145443-11-000288.txt : 20110307 0001145443-11-000288.hdr.sgml : 20110307 20110304210956 ACCESSION NUMBER: 0001145443-11-000288 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110131 FILED AS OF DATE: 20110307 DATE AS OF CHANGE: 20110304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COPART INC CENTRAL INDEX KEY: 0000900075 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 942867490 STATE OF INCORPORATION: CA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23255 FILM NUMBER: 11666409 BUSINESS ADDRESS: STREET 1: 4665 BUSINESS CENTER DRIVE CITY: FAIRFIELD STATE: CA ZIP: 94534 BUSINESS PHONE: 7076395000 MAIL ADDRESS: STREET 1: 4665 BUSINESS CENTER DRIVE CITY: FAIRFIELD STATE: CA ZIP: 94534 10-Q 1 d27785_10q.htm 10-Q HTML

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended January 31, 2011

o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission file number: 0-23255

COPART, INC.

(Exact name of registrant as specified in its charter)

California 94-2867490

(State or other jurisdiction (I.R.S. Employer

of incorporation or organization) Identification Number)

4665 Business Center Drive, Fairfield, CA 94534
(Address of principal executive offices with zip code)

Registrant's telephone number, including area code: (707) 639-5000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x Accelerated filer o

Non-accelerated filer o Smaller reporting company o

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x

Number of shares of the Registrant's Common Stock outstanding as of March 4, 2011: 70,289,559

Copart, Inc.

Index to the Quarterly Report

January 31, 2011

Description

PART I - Financial Information 3

Item 1 - Financial Statements 3

Consolidated Balance Sheets 3

Consolidated Statements of Income 4

Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements 6

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 12

Overview 13

Acquisitions and New Operations 13

Critical Accounting Policies and Estimates 14

Results of Operations 18

Liquidity and Capital Resources 21

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 23

Item 4 - Controls and Procedures 24

Evaluation of Disclosure Controls and Procedures 24

Changes in Internal Controls 24

PART II - Other Information 24

Item 1 - Legal Proceedings 24

Item 1A - Risk Factors 25

Item 1B - Unresolved Staff Comments 33

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 33

Item 3 - Defaults Upon Senior Securities 33

Item 4 - Removed and Reserved 33

Item 5 - Other Information 33

Item 6 - Exhibits 34

Signatures 34

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Copart, Inc.
Consolidated Balance Sheets
(in thousands)
(Unaudited)

January 31,
2011 July 31,
2010

ASSETS

Current assets:

Cash and cash equivalents $ 203,954 $ 268,188

Accounts receivable, net 136,972 109,061

Vehicle pooling costs 20,148 29,890

Inventories 5,890 4,976

Income taxes receivable 4,585 10,958

Deferred income taxes 1,073 —

Prepaid expenses and other assets 19,731 14,342

Total current assets 392,353 437,415

Property and equipment, net 575,686 573,514

Intangibles, net 10,836 13,016

Goodwill 177,882 175,870

Deferred income taxes 10,904 10,213

Other assets 20,750 18,784

Total assets $ 1,188,411 $ 1,228,812

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities $ 101,428 $ 93,740

Deferred revenue 6,963 10,642

Income taxes payable 1,846 1,314

Deferred income taxes — 1,154

Short-term debt 50,656 374

Total current liabilities 160,893 107,224

Deferred income taxes 9,390 9,748

Income taxes payable 25,098 23,369

Long-term debt 350,474 601

Other liabilities 1,222 636

Total liabilities 547,077 141,578

Commitments and contingencies

Shareholders' equity:

Common stock, no par value - 180,000 shares authorized; 70,199 and 84,363 shares issued and outstanding at January 31, 2011 and July 31, 2010, respectively 316,482 365,507

Accumulated other comprehensive loss (29,574 ) (32,741 )

Retained earnings 354,426 754,468

Total shareholders' equity 641,334 1,087,234

Total liabilities and shareholders' equity $ 1,188,411 $ 1,228,812

See accompanying notes to unaudited consolidated financial statements.

Copart, Inc.
Consolidated Statements of Income
(in thousands except per share amounts)
(Unaudited)

Three months ended
January 31, Six months ended
January 31,

2011 2010 2011 2010

Net sales and revenue:

Service revenues $ 173,742 $ 149,468 $ 353,322 $ 303,233

Vehicle sales 33,638 27,133 66,725 58,830

Total service revenues and vehicle sales 207,380 176,601 420,047 362,063

Operating costs and expenses:

Yard operations 94,473 75,733 190,438 154,180

Cost of vehicle sales 27,002 22,181 55,208 46,610

General and administrative 25,710 25,455 54,611 51,547

Total operating costs and expenses 147,185 123,369 300,257 252,337

Operating income 60,195 53,232 119,790 109,726

Other income (expense):

Interest expense (417 ) (21 ) (432 ) (164 )

Interest income 133 63 214 135

Other income (expense), net 806 (102 ) 1,311 529

Total other income (expense) 522 (60 ) 1,093 500

Income before income taxes 60,717 53,172 120,883 110,226

Income taxes 22,824 17,439 45,164 39,221

Net Income $ 37,893 $ 35,733 $ 75,719 $ 71,005

Earnings per share-basic

Basic net income per share $ 0.47 $ 0.42 $ 0.92 $ 0.84

Weighted average common shares outstanding 81,240 84,108 82,492 84,077

Earnings per share-diluted

Diluted net income per share $ 0.46 $ 0.42 $ 0.91 $ 0.84

Weighted average common shares and dilutive potential common shares outstanding 81,955 84,927 83,180 84,937

See accompanying notes to unaudited consolidated financial statements.

Copart, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

Six Months Ended
January 31,

2011 2010

Cash flows from operating activities:

Net income $ 75,719 $ 71,005

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 23,089 21,078

Allowance for doubtful accounts 280 304

Deferred rent (282 ) (244 )

Share-based compensation 9,116 8,883

Excess tax benefits from share-based compensation (1,043 ) (2,449 )

Loss (gain) on sale and impairment of property and equipment 2,256 (77 )

Deferred income taxes (3,434 ) (5,006 )

Changes in operating assets and liabilities, net of effects from acquisitions:

Accounts receivable (28,225 ) (10,010 )

Vehicle pooling costs 9,810 (2,065 )

Inventory (817 ) 583

Prepaid expenses and other current assets (5,157 ) (3,854 )

Other assets (105 ) 353

Accounts payable and accrued liabilities 6,030 6,106

Deferred revenue (3,682 ) (248 )

Income taxes receivable 7,534 (1,323 )

Income taxes payable 2,234 (232 )

Net cash provided by operating activities 93,323 82,804

Cash flows from investing activities:

Purchases of property and equipment (42,335 ) (39,847 )

Proceeds from sale of property and equipment 20,216 1,711

Purchases of assets and liabilities in connection with acquisition, net of cash acquired (16 ) (21,367 )

Net cash used in investing activities (22,135 ) (59,503 )

Cash flows from financing activities:

Proceeds from the exercise of stock options 2,861 2,479

Proceeds from the issuance of Employee Stock Purchase Plan shares 1,077 1,087

Repurchase of common stock (538,997 ) (3,544 )

Excess tax benefit from share-based payment arrangements 1,043 2,449

Proceeds from issuance of debt 400,000 —

Debt issuance costs (2,023 ) —

Net cash (used in) provided by financing activities (136,039 ) 2,471

Effect of exchange rate changes on cash 617 827

Net (decrease) increase in cash and cash equivalents (64,234 ) 26,599

Cash and cash equivalents at beginning of period 268,188 162,691

Cash and cash equivalents at end of period $ 203,954 $ 189,290

Supplemental disclosure of cash flow information:

Interest paid $ 80 $ 163

Income taxes paid $ 38,817 $ 45,748

See accompanying notes to unaudited consolidated financial statements.

Copart, Inc.
Notes to Consolidated Financial Statements
January 31, 2011
(Unaudited)

NOTE 1 - Description of Business and Summary of Significant Accounting Policies

Description of Business

The Company provides vehicle sellers with a full range of services to process and sell vehicles over the Internet through the Company's Virtual Bidding Second Generation (VB²) Internet auction-style sales technology. Sellers are primarily insurance companies but also include banks and financial institutions, charities, car dealerships, fleet operators, vehicle rental companies and the general public. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters; however at certain locations, the Company sells directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price. In the United States and Canada, or North America, the Company sells vehicles primarily as an agent and derives revenue primarily from fees paid by vehicle sellers and vehicle buyers as well as related fees for services such as towing and storage. In the United Kingdom, or UK, the Company operates both on a principal basis, purchasing the salvage vehicle outright from the insurance company and reselling the vehicle for its own account, and as an agent.

Principles of Consolidation

The consolidated financial statements of the Company include the accounts of the parent company and its wholly-owned subsidiaries, including its foreign wholly-owned subsidiaries, Copart Canada, Inc. (Copart Canada) and Copart Europe Limited (Copart Europe) which currently operates solely in the UK. Significant intercompany transactions and balances have been eliminated in consolidation. Copart Canada was incorporated in January 2003 and Copart Europe was incorporated in June 2007.

In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (which are normal recurring accruals) necessary to present fairly its financial position as of January 31, 2011 and July 31, 2010, and its consolidated statements of income and cash flows for the three and six months ended January 31, 2011 and January 31, 2010. Interim results for the six months ended January 31, 2011 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2011. These consolidated financial statements have been prepared in accordance with the rules and regulations of the US Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2010.

Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, vehicle pooling costs, self-insured reserves, allowance for doubtful accounts, income taxes, revenue recognition, share-based compensation, long-lived asset and goodwill impairment calculations and contingencies. Actual results could differ from those estimates.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company applies the provisions of the accounting standard for uncertain tax positions to its income taxes. For benefits to be realized, a tax position must be more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement.

Foreign Currency Translation

The functional currency of the Company is the US dollar. The Canadian dollar and the British pound are the functional currencies of the Company's foreign subsidiaries, Copart Canada and Copart Europe, respectively, as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary's operations are translated into US dollars at period-end exchange rates, and revenues and expenses are translated into US dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary's financial statements are reported in other comprehensive income.

Revenue Recognition

The Company provides a portfolio of services to its sellers and buyers that facilitate the sale and delivery of a vehicle from seller to buyer. These services include the ability to use the Company's Internet sales technology and vehicle delivery, loading, title processing, preparation and storage. The Company evaluates multiple-element arrangements relative to its member and seller agreements.

The services provided to the seller of a vehicle involve disposing of a vehicle on the seller's behalf and, under most of the Company's current North American contracts, collecting the proceeds from the member. Upon adoption of the new accounting standard for evaluating multiple-element arrangements as discussed below, pre-sale services, including towing, title processing, preparation and storage, sale fees and certain other enhancement service fees meet the criteria for separate units of accounting. The revenue associated with each service is recognized upon completion of the respective service, net of applicable rebates or allowances. For certain sellers who are charged a proportionate fee based on high bid of the vehicle, the revenue associated with the pre-sale services is recognized upon completion of the sale when the total arrangement is fixed and determinable. The selling price of each service is determined based on management's best estimate and allotted based on the relative selling price method.

Vehicle sales, where vehicles are purchased and remarketed on our own behalf, are recognized on the sale date, which is typically the point of high bid acceptance. Upon high bid acceptance, a legal binding contract is formed with the member, and the gross sales price is recorded as revenue.

The Company also provides a number of services to the buyer of the vehicle, charging a separate fee for each service. Each of these services has been assessed to determine whether the requirements have been met to separate them into units of accounting within a multiple-element arrangement. The Company has concluded that the sale and the post-sale services are separate units of accounting. The fees for sale services are recognized upon completion of the sale, and the fees for the post-sale services are recognized upon successful completion of those services using the relative selling price method.

The Company also charges members an annual registration fee for the right to participate in its vehicle sales program, which is recognized ratably over the term of the arrangement, and relist and late-payment fees, which are recognized upon receipt of payment by the member. No provision for returns has been established, as all sales are final with no right of return, although the Company provides for bad debt expense in the case of non-performance by its members or sellers.

In October 2009, the FASB amended the accounting standards for multiple deliverable revenue arrangements to:

(i) provide updated guidance on whether multiple deliverables exist, how the deliverables in an arrangement should be separated, and how the arrangement consideration should be allocated;

(ii) require an entity to allocate consideration in an arrangement using its best estimate of selling prices (BSP) of deliverables if a vendor does not have vendor-specific objective evidence of selling price (VSOE) or third-party evidence of selling price (TPE); and

(iii) eliminate the use of the residual method and require an entity to allocate arrangement consideration using the relative selling price method.

On August 1, 2010, the Company prospectively adopted Accounting Standard Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements (ASU 2009-13). Consequently, the Company recognizes in the period earned certain revenues, primarily towing fees, titling fees and other enhancement service fees, which were previously deferred until the period the car associated with those revenues was sold.

As a result of this adoption, for the three months ended January 31, 2011, the Company recognized approximately $3.6 million in additional service revenue and $3.4 million in additional yard operation expenses. For the six months ended January 31, 2011 the Company recognized approximately $12.7 million in additional service revenue and $12.2 million in additional yard operation expenses associated with that service revenue which would have otherwise been recognized in future periods.

The Company allocates arrangement consideration based on the relative estimated selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Estimated selling prices, when VSOE and TPE are not available, are determined using management's best estimate. The adoption of ASU 2009-13 had no material impact on net income or net income per share. Significant inputs in the Company's estimates of the selling price of separate units of accounting include market and pricing trends, pricing customization and practices, and profit objectives for the services. Prior to the adoption, the Company used the residual method to allocate the arrangement consideration when the fair value of delivered items had not been established and deferred all arrangement consideration when fair value was not available for undelivered items.

NOTE 2 - Cash and Cash Equivalents

Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level III) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures its investments, cash equivalents or marketable securities at fair value. Cash and cash equivalents are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.

As of January 31, 2011, cash and cash equivalents include the following (in thousands):

Cost Unrealized
Gains Unrealized
Losses
Less Than
12 Months Unrealized
Losses
12 Months or
Longer Estimated Fair
Value

Cash $ 66,743 $ — $ — $ — $ 66,743

Money market funds 137,211 — — — 137,211

Total $ 203,954 $ — $ — $ — $ 203,954

The Company invests its excess cash in money market funds. The Company's cash and cash equivalents are placed with high credit quality financial institutions.

NOTE 3 - Vehicle Pooling Costs

The Company defers in vehicle pooling costs certain yard operation expenses associated with vehicles consigned to and received by the Company but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are certain facility costs, labor, transportation, and vehicle processing. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed as vehicles are sold in the subsequent periods on an average cost basis.

NOTE 4 - Net Income Per Share

There were no adjustments to net income in calculating diluted net income per share. The table below reconciles basic weighted shares outstanding to diluted weighted average shares outstanding (in thousands):

Three Months Ended January 31, Six Months Ended January 31,

2011 2010 2011 2010

Basic weighted average shares outstanding 81,240 84,108 82,492 84,077

Effect of dilutive securities - stock options 715 819 688 860

Diluted weighted average shares outstanding 81,955 84,927 83,180 84,937

Excluded from the dilutive earnings per share calculation were 1,575,097 and 5,923,327 stock options for the three months ended January 31, 2011 and January 31, 2010, respectively, and 3,962,032 and 5,799,298 stock options for the six months ended January 31, 2011 and January 31, 2010, respectively, because their effect would have been anti-dilutive.

NOTE 5 - Goodwill and Intangible Assets

The following table sets forth amortizable intangible assets by major asset class as of the dates indicated (in thousands):

January 31, 2011 July 31, 2010

Amortized intangibles:

Covenants not to compete $ 10,697 $ 10,697

Supply contracts 22,728 22,365

Software 657 626

Licenses and databases 1,330 1,317

Accumulated amortization (24,576 ) (21,989 )

Net intangibles $ 10,836 $ 13,016

Aggregate amortization expense on amortizable intangible assets was $1.0 million for the three months ended January 31, 2011 and 2010, and $2.3 million and $2.1 million for the six months ended January 31, 2011 and 2010, respectively.

The change in the carrying amount of goodwill is as follows (in thousands):

Balance as of July 31, 2010 $ 175,870

Goodwill recorded during the period 972

Effect of foreign currency exchange rates 1,040

Balance as of January 31, 2011 $ 177,882

NOTE 6 - Share-based Compensation

The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the award.

The following is a summary of option activity for the Company's stock options for the six months ended January 31, 2011:

Shares Weighted-
average
Exercise Price Weighted-average
Remaining
Contractual Term Aggregate
Intrinsic Value

(in 000s) (in 000s)

Outstanding at July 31, 2010 8,052 $ 29.07

Grants of options 337 $ 33.13

Exercises (224 ) $ 20.36

Forfeitures or expirations (71 ) $ 34.14

Outstanding at January 31, 2011 8,094 $ 29.44 7.21 $ 79,532

Exercisable at January 31, 2011 3,989 $ 27.18 6.13 $ 48,232

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of our common stock for the 7,938,279 options that were in-the-money at January 31, 2011.

As set forth in the table below, the stock-based compensation expense recognized during the three months ended January 31, 2011 was $4.5 million, compared to $4.6 million during the three months ended January 31, 2010 and $9.1 million for the six months ended January 31, 2011 compared to $8.9 million during the six months ended January 31, 2010.

Three Months Ended January 31, Six Months Ended January 31,

2011 2010 2011 2010

General and Administrative $ 4,230 $ 4,323 $ 8,561 $ 8,329

Yard operations 249 275 555 554

$ 4,479 $ 4,598 $ 9,116 $ 8,883

There were no material compensation costs capitalized as part of the cost of an asset as of January 31, 2011 and 2010.

In April 2009, the Compensation Committee of the Company's Board of Directors, following shareholder approval of proposed grants at a special meeting of shareholders, approved the grant to each of Willis J. Johnson, the Company's Chairman (and then Chief Executive Officer), and A. Jayson Adair, the Company's Chief Executive Officer (and then President), of nonqualified stock options to purchase 2,000,000 shares of the Company's common stock at an exercise price of $30.21 per share, which equaled the closing price of the Company's common stock on April 14, 2009, the effective date of grant. Such grants were made in lieu of any cash salary or bonus compensation in excess of $1.00 per year or the grant of any additional equity incentives for a five-year period. Each option will become exercisable over five years, subject to continued service by the executive, with twenty percent (20%) vesting on April 14, 2010, and the balance vesting monthly over the subsequent four years. Each option will become fully vested, assuming continued service, on April 14, 2014, the fifth anniversary of the date of grant. If, prior to a change in control, either executive's employment is terminated without cause, then one hundred percent (100%) of the shares subject to that executive's stock option will immediately vest. If, upon or following a change in control, either the Company or a successor entity terminates the executive's service without cause, or the executive resigns for good reason (as defined in the option agreement), then one hundred percent (100%) of the shares subject to his stock option will immediately vest. The value of each option at the date of grant was $13.04. The total compensation expense to be recognized by the Company over the five year estimated service period is approximately $26.1 million per grant.

NOTE 7 - Common Stock Repurchases

In October 2007, the Company's Board of Directors approved a 20 million share increase in the Company's stock repurchase program, bringing the total then current number of shares authorized for repurchase to 29 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the share repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company repurchased 2,249,826 shares at a weighted average price of $33.65 per share totaling $75.7 million under the repurchase program during the six months ended January 31, 2011. The Company did not repurchase any shares for the six months ended January 31, 2010. The total number of shares repurchased under the program as of January 31, 2011 was approximately 16 million, leaving approximately 13 million available for repurchase by the Company under the repurchase program.

Additionally, on January 14, 2011, the Company completed a tender offer to purchase up to 10,526,315 shares of its common stock at a price of $38.00 per share. In connection with the tender offer, the Company accepted for purchase 12,172,088 shares of its common stock. The shares accepted for purchase are comprised of the 10,526,315 shares the Company offered to purchase and an additional 1,645,773 shares purchased pursuant to the Company's right to purchase additional shares up to 2% of its outstanding shares. The shares purchased as a result of the tender offer are not part of the Company's repurchase program. The earnings per share impact of the repurchased shares on the weighted average of common shares outstanding for the three and six months ended January 31, 2011 is approximately $0.01.

In the first quarter of fiscal year 2010, Mr. Adair, Chief Executive Officer (and then President), exercised stock options through cashless exercises. In the fourth quarter of fiscal year 2010, Mr. Johnson, Chairman of the Board, exercised stock options through a cashless exercise. In the second quarter of fiscal year 2011 certain executive officers exercised stock options through cashless exercises. A portion of the options exercised were net settled in satisfaction of the exercise price and federal and state minimum statutory tax withholding requirements. Approximately $8.2 million was remitted to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements. The exercises are summarized in the following table:

Period Options
Exercised Exercise
Price Shares Net
Settled for
Exercise Shares
Withheld
for Taxes ⁽¹⁾ Net
Shares to
Employee Average Share
Price for
Withholding Tax
Withholding
(in 000's)

FY 2010-Q1 323,631 $ 13.03 114,354 95,746 113,531 $ 36.89 $ 3,532

FY 2010-Q4 350,000 $ 12.91 122,922 105,827 121,251 $ 36.76 $ 3,890

FY 2011-Q2 88,750 $ 16.93 38,025 18,917 31,808 $ 39.51 $ 748

(1)Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program.

NOTE 8 - Segments and Other Geographic Reporting

The Company's North American region and its United Kingdom region are considered two separate operating segments, which have been aggregated into one reportable segment because they share similar economic characteristics.

NOTE 9 - Comprehensive Income

The following table reconciles net income to comprehensive income (in thousands):

Three Months Ended January 31, Six Months Ended January 31,

2011 2010 2011 2010

Net income, as reported $ 37,893 $ 35,733 $ 75,719 $ 71,005

Other comprehensive (loss) gain:

Foreign currency translation adjustments, net of tax effects (1,091 ) (4,397 ) 3,167 (2,857 )

Total other comprehensive income $ 36,802 $ 31,336 $ 78,886 $ 68,148

NOTE 10 - Recent Accounting Pronouncements

As discussed in Note 1, on August 1, 2010 the Company adopted ASU No. 2009-13. ASU 2009-13 addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services separately rather than as a combined unit and modifies the manner in which the transaction consideration is allocated across the separately identified deliverables. The Company prospectively adopted the standard and applied it to its revenue arrangements containing multiple deliverables.

NOTE 11 - Legal Proceedings and Other Matters

The Company is involved in litigation and damage claims arising in the ordinary course of business, such as actions related to injuries, property damage, and handling or disposal of vehicles. This litigation includes the following matters:

On November 20, 2007, Car Auction & Reinsurance Solutions, Inc. (CARS) filed suit against Copart in the Superior Court in the County of New Castle, Delaware. CARS is seeking in excess of $1.0 million in damages, punitive damages, and prejudgment interest related to allegations involving breach of contract and misrepresentation. The Company believes the claim is without merit and is defending the lawsuit vigorously.

The Company provides for costs relating to these matters when a loss is probable and the amount can be reasonably estimated. When a range of outcomes can be identified the Company will recognize an expense in the financials in an amount equal to the lower end of the range. The effect of the outcome of these matters on our future results of operations cannot be predicted because any such effect depends on future results of operations and the amount and timing of the resolution of such matters. The Company believes that any ultimate liability will not have a material effect on our consolidated financial position, results of operations or cash flows. However, the amount of the liabilities associated with these claims, if any, cannot be determined with certainty. The Company maintains insurance which may or may not provide coverage for claims made against us. There is no assurance that the Company will have insurance coverage available when and if needed. Additionally, the insurance that the Company carries requires that the Company pay for costs or claims exposure up to the amount of the insurance deductibles negotiated when insurance is purchased.

During the quarter a state sales tax audit was initiated but has not been completed. During the preliminary phase of the audit the Company was advised that the state will take the position that sales from that state, which are otherwise nontaxable, are subject to the collection and remittance of sales tax solely because they are made to foreign (i.e., non-US) purchasers. The audit is not complete and no assessment has been made by the state. Nevertheless, the Company has received advice from its legal and tax advisers that based on state and federal law, as well as the documentation possessed by the Company, such sales to foreign purchasers should not be subject to sales tax. Accordingly, the Company believes that if a sales tax assessment is issued with respect to such foreign sales the assessment will eventually be removed or reversed in its entirety. While a negative outcome may have a material effect on the period during which it is resolved, the Company has concluded that a negative outcome is not probable. Further, because the state's position has not been finalized or formally conveyed to the Company and because in prior audits the state exempted sales to certain international buyers the Company cannot estimate the measure upon which any possible tax may be assessed and, accordingly, the Company cannot estimate the amount of the possible loss or the range of possible loss.

NOTE 12 - Income Taxes

As of January 31, 2011, the total gross unrecognized tax benefits increased by approximately $1.7 million to $25.1 million, including interest and penalties.

As of January 31, 2011, the gross amounts of the Company's liabilities for unrecognized tax benefits were classified as long term income taxes payable and as long term receivables, respectively, in the accompanying consolidated balance sheet. Over the next twelve months, the Company's existing positions will continue to generate an increase in liabilities for unrecognized tax benefits, as well as a likely decrease in liabilities as a result of the lapse of the applicable statute of limitations and the conclusion of income tax audits. The expected decrease in liabilities relating to unrecognized tax benefits will have a positive effect on the Company's consolidated results of operations and financial position when realized. The Company

recognized interest and penalties related to uncertain tax positions in income tax expense. The amount of interest and penalties for the six months ended January 31, 2011 was approximately $1.1 million.

The Company files income tax returns in the US federal jurisdiction, various states, Canada and the United Kingdom. The Company is currently under audit by the states of New Jersey, Connecticut and Florida for fiscal years 2006, 2007, 2008 and 2009. The Company is no longer subject to US federal and state income tax examination for fiscal years prior to 2007, with the exception of New Jersey. At this time, the Company does not believe that the outcome of any examination will have a material impact on the Company's consolidated results of operations and financial position.

The Company has not provided US federal income and foreign withholding taxes from undistributed earnings of its foreign operations, including Copart Europe, because it plans to permanently reinvest the earnings of its foreign operations as of January 31, 2011. If these earnings were distributed, foreign tax credits may become available under current law to reduce or eliminate the resultant US income tax liability.

NOTE 13 - Credit Facility

On December 14, 2010, the Company entered into an Amended and Restated Credit Facility Agreement (Credit Facility), which supersedes the Company's previously disclosed credit agreement with Bank of America, N.A. (Bank of America). The Credit Facility is an unsecured credit agreement providing for (i) a $100.0 million Revolving Credit Facility, including a $100.0 million alternative currency borrowing sublimit and a $50.0 million letter of credit sublimit (the Revolving Credit) and (ii) a term loan facility of $400.0 million (Term Loan).

On January 14, 2011 the full $400.0 million provided under the Term Loan was borrowed. The Term Loan matures and all outstanding borrowings are due on December 14, 2015, with quarterly payments of $12.5 million in principal plus interest to be made beginning March 31, 2011 through the maturity date. All amounts borrowed under the Term Loan may be prepaid without premium or penalty.

Amounts borrowed under the Credit Facility bear interest, subject to certain restrictions, at a fluctuating rate based on (i) the Eurocurrency Rate, (ii) the Federal Funds Rate or (iii) the Prime Rate as described in the Credit Facility. A default interest rate applies on all obligations during an event of default under the credit facility, at a rate per annum equal to 2.0% above the otherwise applicable interest rate. At the end of the period the interest rate was the Eurocurrency Rate plus 1.50%. The Credit Facility is guaranteed by the Company's material domestic subsidiaries.

Amounts borrowed under the Revolving Credit may be repaid and reborrowed until the maturity date, which is December 14, 2015. The Credit Facility requires the Company to pay a commitment fee on the unused portion of the Revolving Credit. The commitment fee ranges from 0.075% to 0.125% per annum depending on the Company's leverage ratio, as of the end on the previous quarter. The Company had no outstanding borrowings under the Revolving Credit at the end of the period.

The Amended and Restated Credit Agreement contains customary representations and warranties and may place certain business operating restrictions on us relating to, among other things, indebtedness, liens and other encumbrances, investments, mergers and acquisitions, asset sales, dividends and distributions and redemptions of capital stock. In addition, the Amended and Restated Credit Agreement provides for the following financial covenants: 1) earnings before income tax, depreciation and amortization (EBITDA), 2) leverage ratio, 3) interest coverage ratio, and 4) limitations on capital expenditures. The Amended and Restated Credit Agreement contains events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, cross-defaults to certain other indebtedness, bankruptcy and insolvency defaults, material judgments, invalidity of the loan documents and events constituting a change of control. The Company is in compliance with all covenants as of January 31, 2011. Please refer to the commercial commitment table in the Lease, Purchase, and Other Contractual Obligations section for the payment schedule.

NOTE 14 – Restructuring

The Company will be relocating its corporate headquarters to Dallas, TX in 2012. Copart will also create three divisional processing centers located in Fairfield, CA; Grand Prairie, TX and Hartford, CT. Certain functions currently performed at the Fairfield, CA corporate headquarters will transition to these centers over the next two years.

On January 3, 2011, the Company sold its corporate headquarters building in Fairfield, CA for $16.5 million and entered into a two year lease with a six month extension option at the end of the lease term. The sale lease-back transaction was accounted for under ASC 840-40 Sales Lease-back Transactions. The gain of $1.6 million will be recognized over the two year lease term.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q, including the information incorporated by reference herein, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended, (the Exchange Act). All statements other than statements of historical facts are statements that could be deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "intend," "forecast," "anticipate," "believe," "estimate," "predict," "potential," "continue" or the negative of these terms or other comparable terminology. The forward-looking statements contained in this Form 10-Q involve known and unknown risks, uncertainties and situations that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. These forward-looking statements are made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These factors include those listed in Part I, Item 1A.-"Risk Factors" of this Form 10-Q and those discussed elsewhere in this Form 10-Q. We encourage investors to review these factors carefully together with the other matters referred to herein, as well as in the other documents we file with the Securities and Exchange Commission, or SEC. The Company may from time to time make additional written and oral forward-looking statements, including statements contained in the Company's filings with the SEC. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Although we believe that, based on information currently available to the Company and its management, the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements. In addition, historical information should not be considered an indicator of future performance.

Overview

We provide vehicle sellers with a full range of services to process and sell vehicles primarily over the Internet through our Virtual Bidding Second Generation Internet auction-style sales technology, which we refer to as VB². Sellers are primarily insurance companies but also include banks and financial institutions, charities, car dealerships, fleet operators, vehicle rental companies and the general public. We sell principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters; however at certain locations, we sell directly to the general public. The majority of the vehicles sold on behalf of the insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. We offer vehicle sellers a full range of services that expedite each stage of the salvage vehicle sales process and minimize administrative and processing costs. In the United States and Canada, or North America, we sell vehicles primarily as an agent and derive revenue primarily from fees paid by vehicle sellers and vehicle buyers as well as related fees for services such as towing and storage. In the United Kingdom, or UK, a significant portion of our business is conducted on a principal basis, purchasing salvage vehicles outright from insurance companies and reselling the vehicles for our own account.

Our revenues consist of sales transaction fees charged to vehicle sellers and vehicle buyers, transportation revenue, purchased vehicle revenues, and other remarketing services. Revenues from sellers are generally generated either on a fixed fee contract basis where we collect a fixed amount for selling each vehicle regardless of the selling price of the vehicle or, under our Percentage Incentive Program, or PIP program, where our fees are generally based on a predetermined percentage of the vehicle sales price. Under the consignment, or fixed fee program, we generally charge an additional fee for title processing and special preparation. Although sometimes included in the consignment fee, we may also charge additional fees for the cost of transporting the vehicle to our facility, storage of the vehicle, and other incidental costs. Under the consignment programs, only the fees associated with vehicle processing are recorded in revenue, not the actual sales price (gross proceeds). Sales transaction fees also include fees charged to vehicle buyers for purchasing vehicles, storage, loading and annual registration. Transportation revenue includes charges to sellers for towing vehicles under certain contracts and towing charges assessed to buyers for delivering vehicles. Purchased vehicle revenue includes the gross sales price of the vehicle which we have purchased or are otherwise considered to own and is primarily generated in the UK.

Operating costs consist primarily of operating personnel (which includes yard management, clerical and yard employees), rent, contract vehicle towing, insurance, fuel, equipment maintenance and repair, and costs of vehicles we sold under purchase contracts. Costs associated with general and administrative expenses consist primarily of executive management, accounting, data processing, sales personnel, human resources, professional fees, research and development and marketing expenses.

During fiscal 2004 and fiscal 2008, we converted all of our North American and UK sales, respectively, to an Internet-based auction-style model using our VB² Internet sales technology which employs a two-step bidding process. The first step, called the preliminary bid, allows members to submit bids up to one hour before a real time virtual auction begins. The second step allows members to bid against each other, and the high bidder from the preliminary bidding process, in a real-time process over the Internet.

Acquisitions and New Operations

We have established or acquired eleven new facilities since the beginning of fiscal 2009.

As part of our overall expansion strategy of offering integrated services to vehicle sellers, we anticipate acquiring and developing facilities in new regions, as well as the regions currently served by our facilities. We believe that these acquisitions and openings strengthen our coverage as we have 152 facilities located in North America and the United Kingdom and are able to provide national coverage for our sellers.

The following table sets forth facilities that we have acquired or opened from August 1, 2008 through January 31, 2011:

Locations Acquisition or
Greenfield Date Geographic Service Area

Louisville, Kentucky Greenfield September 2008 Northwest Kentucky and Southern Indiana

Richmond, Virginia Greenfield * October 2008 Central Virginia

Montgomery, Alabama Greenfield February 2009 Central Alabama

Locations Acquisition or
Greenfield Date Geographic Service Area

Greer, South Carolina Greenfield February 2009 Northwest South Carolina

Warren, Massachusetts Greenfield June 2009 Central Massachusetts

Bristol, England Acquisition January 2010 United Kingdom

Bedford, England Acquisition January 2010 United Kingdom

Colchester, England Acquisition January 2010 United Kingdom

Gainsborough, England Acquisition ** January 2010 United Kingdom

Luton, England Acquisition January 2010 United Kingdom

Scranton, Pennsylvania Greenfield February 2010 Pennsylvania

Homestead, Florida Greenfield September 2010 Florida

_________________________

* Former Motors Auction Group (MAG) Facility

** Closed in fiscal 2010

The period-to-period comparability of our operating results and financial condition is substantially affected by business acquisitions, new openings, weather and product introductions during such periods. In particular, the Company has certain contracts inherited through its UK acquisitions that require the Company to act as a principle, purchasing vehicles from the insurance companies and reselling them for our own account. It is the Company's intention, where possible, to migrate these contracts to the agency model in future periods. Changes in the amount of revenue derived in a period from principled transactions relative to total revenue will impact revenue growth and margin percentages.

In addition to growth through acquisitions, we seek to increase revenues and profitability by, among other things, (i) acquiring and developing new vehicle storage facilities in key markets, (ii) pursuing national and regional vehicle seller agreements, (iii) expanding our service offerings to sellers and buyers, and (iv) expanding the application of VB² into new markets. In addition, we implement our pricing structure and merchandising procedures and attempt to effect cost efficiencies at each of our acquired facilities by implementing our operational procedures, integrating our management information systems and redeploying personnel, when necessary.

Critical Accounting Policies and Estimates

The preparation of consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to vehicle pooling costs, self-insured reserves, allowance for doubtful accounts, income taxes, revenue recognition, share-based compensation, long-lived asset impairment calculations and contingencies. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Management has discussed the selection of critical accounting policies and estimates with the Audit Committee of the Board of Directors and the Audit Committee has reviewed our disclosure relating to critical accounting policies and estimates in this Quarterly Report on Form 10-Q. The following is a summary of the more significant judgments and estimates included in our critical accounting policies used in the preparation of our consolidated financial statements. Where appropriate, we discuss sensitivity to change based on other outcomes reasonably likely to occur.

Revenue Recognition

We provide a portfolio of services to our sellers and buyers that facilitate the sale and delivery of a vehicle from seller to buyer. These services include the ability to use our Internet sales technology and vehicle delivery, loading, title processing, preparation and storage. We evaluate multiple-element arrangements relative to our member and seller agreements.

The services we provide to the seller of a vehicle involve disposing of a vehicle on the seller's behalf and, under most of our current North American contracts, collecting the proceeds from the member. Upon adoption of the new accounting standard for evaluating multiple-element arrangements, pre-sale services, including towing, title processing, preparation and storage, sale fees and certain other enhancement service fees meet the criteria for separate units of accounting. The revenue associated with each service is recognized upon completion of the respective service, net of applicable rebates or allowances.

For certain sellers who are charged a proportionate fee based on high bid of the vehicle, the revenue associated with the pre-sale services are recognized upon completion of the sale when the total arrangement is fixed and determinable. The selling price of each service is determined based on management's best estimate and allotted based on the relative selling price method.

Vehicle sales, where we purchase and remarket vehicles on our own behalf, are recognized on the sale date, which is typically the point of high bid acceptance. Upon high bid acceptance, a legal binding contract is formed with the member, and we record the gross sales price as revenue.

We also provide a number of services to the buyer of the vehicle, charging a separate fee for each service. Each of these services has been assessed to determine whether we have met the requirements to separate them into units of accounting within a multiple-element arrangement. We have concluded that the sale and the post-sale services are separate units of accounting. The fees for sale services are recognized upon completion of the sale, and the fees for the post-sale services are recognized upon successful completion of those services using the relative selling price method.

We also charge members an annual registration fee for the right to participate in our vehicle sales program, which is recognized ratably over the term of the arrangement, and relist and late-payment fees, which are recognized upon receipt of payment by the member. No provision for returns has been established, as all sales are final with no right of return, although we provide for bad debt expense in the case of non-performance by our members or sellers.

In October 2009, the FASB amended the accounting standards for multiple deliverable revenue arrangements to:

(i) provide updated guidance on whether multiple deliverables exist, how the deliverables in an arrangement should be separated, and how the arrangement consideration should be allocated;

(iii) eliminate the use of the residual method and require an entity to allocate arrangement consideration using the relative selling price method.

On August 1, 2010, we prospectively adopted Accounting Standard Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements (ASU 2009-13). Consequently, we recognize in the period earned certain revenues, primarily towing fees, titling fees and other enhancement service fees, which were previously deferred until the period the car associated with those revenues was sold. As a result of this adoption, for the three months ended January 31, 2011, we recognized approximately $3.6 million in additional service revenue and $3.4 million in additional yard operation expenses. For the six months ended January 31, 2011 we recognized approximately $12.7 million in additional service revenue and $12.2 million in additional yard operation expenses associated with that service revenue which would have otherwise been recognized in future periods.

We allocate arrangement consideration based on the relative estimated selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Estimated selling prices, when VSOE and TPE are not available, are determined using management’s best estimate. The adoption of ASU 2009-13 had no material impact on net income or net income per share. Significant inputs in our estimates of the selling price of separate units of accounting include market and pricing trends, pricing customization and practices, and profit objectives for the services. Prior to the adoption, we used the residual method to allocate the arrangement consideration when the fair value of delivered items had not been established and deferred all arrangement consideration when fair value was not available for undelivered items.

Vehicle Pooling Costs

We defer in vehicle pooling costs certain yard operation expenses associated with vehicles consigned to and received by us, but not sold as of the balance sheet date. We quantify the deferred costs using a calculation that includes the number of vehicles at our facilities at the beginning and end of the period, the number of vehicles sold during the period and an allocation of certain yard operation expenses of the period. The primary expenses allocated and deferred are certain facility costs, labor, transportation, and vehicle processing. If our allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed as vehicles are sold in the subsequent periods on an average cost basis. Given the fixed cost nature of our business there is not a direct correlation in an increase in expenses or units processed on vehicle pooling costs.

We apply the provisions of the guidance for subsequent measurement of inventory to our vehicle pooling costs.

The provision requires that items such as idle facility expense, excessive spoilage, double freight and rehandling costs be recognized as current period charges regardless of whether they meet the criteria of "so abnormal" as provided in the guidance. In addition, the guidance requires that the allocation of fixed production overhead to the costs of conversion be based on the normal capacity of production facilities.

Allowance for Doubtful Accounts

We maintain an allowance for doubtful accounts in order to provide for estimated losses resulting from disputed amounts billed to sellers or members and the inability of our sellers or members to make required payments. If billing disputes exceed expectations and/or if the financial condition of our sellers or members were to deteriorate, additional allowances may be required. The allowance is calculated by taking both seller and buyer accounts receivables written off during the previous 12 month period as a percentage of the total accounts receivable balance, i.e. total write-offs/total accounts receivable (write-off percentage). We note that a one percentage point deviation in the write-off percentage would have resulted in an increase or decrease to the allowance for doubtful accounts balance of less than $0.1 million.

Valuation of Goodwill

We evaluate the impairment of goodwill of our North America and UK operating segments annually (or on an interim basis if certain indicators are present) by comparing the fair value of the operating segment to its carrying value. Future adverse changes in market conditions or poor operating results of the operating segments could result in an inability to recover the carrying value of the investment, thereby requiring impairment charges in the future.

Income Taxes and Deferred Tax Assets

We account for income taxes in accordance with U.S. GAAP. We are subject to income taxes in the US, Canada and UK. In arriving at a provision of income taxes, we first calculate taxes payable in accordance with the prevailing tax laws in the jurisdictions in which we operate; we then analyze the timing differences between the financial reporting and tax basis of our assets and liabilities, such as various accruals, depreciation and amortization. The tax effects of the timing difference are presented as deferred tax assets and liabilities in the consolidated balance sheet. We assess the probability that the deferred tax assets will be realized based on our ability to generate future taxable income. In the event that it is more likely than not the full benefit would not be realized from the deferred tax assets we carry on our consolidated balance sheet, we record a valuation allowance to reduce the carrying value of the deferred tax assets to the amount expected to be realized. As of January 31, 2011, we had approximately $0.8 million of valuation allowance arising from the net operating losses in states where we had discontinued certain operations in prior years and the potential losses if certain capital assets are sold in the UK. To the extent we establish a valuation allowance or change the amount of valuation allowance in a period, we reflect the change with a corresponding increase or decrease in our income tax provision in the consolidated income statement.

Historically, our income taxes have been sufficiently provided to cover our actual income tax liabilities among the jurisdictions in which we operate. Nonetheless, our future effective tax rate could still be adversely affected by several factors, including (i) the geographical allocation of our future earnings, (ii) the change in tax laws or our interpretation of tax laws, (iii) the changes in governing regulations and accounting principles, (iv) the changes in the valuation of our deferred tax assets and liabilities and (v) the outcome of the income tax examinations. As a result, we routinely assess the possibilities of material changes resulting from the aforementioned factors to determine the adequacy of our income tax provision.

Based on our results for the six months ended January 31, 2011, a one percentage point change in our provision for income taxes as a percentage of income before taxes would have resulted in an increase or decrease in the provision of approximately $1.2 million.

We apply a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.

Although we believe we have adequately reserved for our uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. We adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest settlement of any particular position, could require the use of cash.

In addition, we are subject to the continuous examination of our income tax returns by various taxing authorities, including the Internal Revenue Service and US states. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes.

Long-lived Asset Valuation, Including Intangible Assets

We evaluate long-lived assets, including property and equipment and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the use of the asset. If the estimated undiscounted cash flows change in the future, we may be required to reduce the carrying amount of an asset.

Share-based Compensation

We account for our share-based awards to employees and non-employees using the fair value method. Compensation cost related to share-based payment transactions are recognized based on the fair value of the equity or liability instruments issued. Determining the fair value of options using the Black-Scholes model, or other currently accepted option valuation models, requires highly subjective assumptions, including future stock price volatility and expected time until exercise, which greatly affect the calculated fair value on the grant date. If actual results are not consistent with our assumptions and judgments used in estimating the key assumptions, we may be required to record additional compensation or income tax expense, which could have a material impact on our consolidated financial position and results of operations.

Retained Insurance Liabilities

We are partially self-insured for certain losses related to medical, general liability, workers' compensation and auto liability. Our insurance policies are subject to a $250,000 deductible per claim, with the exception of our medical policy which is $150,000 per claim. In addition, each of our policies contains an aggregate stop loss which limits our ultimate exposure. Our liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date. The estimated liability is not discounted and is established based upon analysis of historical data and actuarial estimates. The primary estimates used in the actuarial analysis include total payroll and revenue. Our estimates have not materially fluctuated from actual results. While we believe these estimates are reasonable based on the information currently available, if actual trends, including the severity of claims and medical cost inflation, differ from our estimates, our consolidated financial position, results of operations or cash flows could be impacted. The process of determining our insurance reserves requires estimates with various assumptions, each of which can positively or negatively impact those balances. The total amount reserved for all policies is approximately $5.3 million as of January 31, 2011. If the total number of participants in the medical plan changed by 10% we estimate that our medical expense would change by approximately $1.2 million and our medical accrual would change by approximately $350,000. If our total payroll changed by 10% we estimate that our workers' compensation expense would change by less than $100,000 and our accrual for workers' compensation expenses would change by less than $100,000. A 10% change in revenue would change our insurance premium for the general liability and umbrella policy by less than $25,000.

Segment Reporting

Our North American and UK regions are considered two separate operating segments, which have been aggregated into one reportable segment because they share similar economic characteristics.

Recently Issued Accounting Standards

The information set forth above under Note 10 - Recent Accounting Pronouncements contained in the "Notes to Consolidated Financial Statements" is incorporated herein by reference.

Results of Operations

Three Months Ended January 31, 2011 Compared to Three Months Ended January 31, 2010

Revenues. The following sets forth revenue by class of revenue (in thousands, except percentages):

2011 Percentage of
Revenue 2010 Percentage of
Revenue

Service revenues $ 173,742 84 % $ 149,468 85 %

Vehicle sales 33,638 16 % 27,133 15 %

$ 207,380 100 % $ 176,601 100 %

Service Revenues. Service revenues were approximately $173.7 million during the three months ended January 31, 2011 compared to $149.5 million for the same period last year, an increase of $24.3 million, or 16.2%. Growth in unit volume generated $21.7 million in additional service revenue relative to last year and was driven primarily by growth in the number of units sold on behalf of franchise and independent car dealerships, new and expanded contracts with insurance companies and the migration from the principal model to the agency model in the UK. Revenue per car was relatively flat as the increase in revenue per car resulting from higher scrap metal and used car pricing was offset by growth in volume process from suppliers with below average revenue per car. Over 50% of our service revenue is tied in some manner to the ultimate selling price of the vehicle. We believe the average selling price was impacted by: (i) the year over year increase in commodity pricing as we believe that commodity pricing, particularly the per ton price for crushed car bodies, has an impact on the ultimate selling price of vehicles sold for scrap and vehicles sold for dismantling; (ii) the general increase in used car pricing, which we believe has an impact on the average selling price of vehicles which are repaired and retailed or purchased by the end user and (iii) in the UK, the continuing beneficial impact of VB² which we introduced to the UK in 2008 and which expands our buyer base by opening vehicle sales to buyers worldwide. We cannot determine the impact of the movement of these influences, we cannot determine which vehicles are sold to the end user or for scrap, dismantling, retailing or export nor can we predict their future movement. Accordingly, we cannot quantify the specific impact that commodity pricing, used car pricing, and the introduction of VB² had on the selling price of vehicles and ultimately on service revenue. The average USD to GBP exchange rate was 1.58 dollars to the pound and 1.63 dollars to the pound for the three months ended January 31, 2011 and 2010, respectively, and led to a reduction in service revenue of $0.6 million.

In addition, on August 1, 2010, we adopted ASU 2009-13. Consequently, we recognized in the quarter certain revenues, primarily towing, title processing, preparation and storage, sale fees and certain other enhancement service fees, which were previously deferred until the period the car associated with those revenues was sold. As a result of this change, we recognized an increase of approximately $3.6 million in revenue during the three months ended January 31, 2011 which would have otherwise been recognized in future periods.

Vehicle Sales. We have certain contracts in the UK that require us to act as a principal, purchasing vehicles from the insurance companies and reselling them for our own account. Vehicle sales revenues were $33.6 million during the three months ended January 31, 2011 compared to $27.1 million for the same period last year, an increase of $6.5 million, or 24.0%. The increase in vehicle sales revenue was primarily due to the rise in the average selling price of vehicles which resulted in increased revenue of $4.4 million. The rise in the average selling price per unit was primarily due to: (i) the increase in commodity pricing, particularly the per ton price for crushed car bodies, which has an impact on the ultimate selling price of vehicles sold for scrap and vehicles sold for dismantling and (ii) in the UK, the continuing beneficial impact of VB² which we introduced to the UK in 2008 and which expands our buyer base by opening vehicle sales to buyers worldwide. We cannot determine the impact of the movement of these influences, we cannot determine which vehicles are sold directly to the end user or for scrap, dismantling, retailing, or export nor can we predict their future movement. Accordingly, we cannot quantify the specific impact of commodity pricing, we cannot predict the future movement in commodity pricing nor can we isolate the impact that VB² had on the ultimate selling price of vehicles sold in the UK. The change in volume resulted in an increase in vehicle sales revenue of $1.2 million. Also, during the quarter we had a beneficial settlement of a dispute with Her Majesty’s Revenue and Customs (HMRC) respecting the proper apportionment of gross proceeds between revenue and VAT. This settlement, which affects historical transactions, resulted in the recognition of approximately $1.8 million in vehicle sales revenue. The negative impact on recorded vehicle sales revenue due to the change in the GBP to USD exchange rate was $0.9 million.

Yard Operation Expenses. Yard operation expenses, excluding depreciation and amortization, were $85.1 million during the three months ended January 31, 2011 compared to $67.3 million for the same period last year, an increase of approximately $17.8 million, or 26.5%.

The increase was driven primarily by i) the growth in volume of units processed of approximately 15%; and ii) the adoption of ASU 2009-13 of approximately $3.4 million, iii) the impairment of the carrying value of certain real property of approximately $1.3 million and iv) the general growth in program costs associated with new business segments. As a result of the adoption of ASU 2009-13 on August 1, 2010, we recognized in the quarter certain revenues and expenses associated primarily with towing, title processing, preparation and storage, sale fees and certain other enhancement service fees, which were previously deferred until the period the car associated with those revenues and expenses was sold. There was a beneficial impact on yard operating expenses due to the change in the GBP to USD exchange rate of $0.4 million.

Operation depreciation and amortization expenses were $9.4 million and $8.5 million for the three months ended January 31, 2011 and 2010, respectively, due primarily to the addition or completion of leasehold improvements, buildings, yard and computer equipment.

Cost of Vehicle Sales. The cost of vehicle sales were $27.0 million during the three months ended January 31, 2011 compared to $22.2 million for the same period last year, an increase of approximately $4.8 million, or 21.7%. The increase in the cost per unit sold represented a $3.9 million increase relative to last year. Unit volume increase led to an increase of $1.6 million. The beneficial impact on the cost of sales due to the change in the GBP to USD exchange rate was $0.7 million.

General and Administrative Expenses. General and administrative expenses, excluding depreciation and amortization, were $23.7 million for the three months ended January 31, 2011 compared to $23.4 million for the same period last year, an increase of $0.3 million. The beneficial impact on general and administrative expenses due to the change in the GBP to USD exchange rate was approximately $0.1 million.

General and administrative depreciation and amortization expenses were $2.0 million and $2.1 million for the three months ended January 31, 2011 and 2010, respectively.

Other Income (Expense). Interest expense grew by $0.3 million reflecting the impact of the new $400.0 million term loan funded January 14, 2011. Other income primarily includes the income from the rent of certain real property, foreign exchange rate gains and losses and gains and losses from the disposal of assets and will fluctuate based on the nature of those activities during the period. Total other income was $0.5 million and expense of approximately $0.1 million during the three months ended January 31, 2011 and 2010, respectively.

Income Taxes. Our effective income tax rates for the three months ended January 31, 2011 and 2010 were approximately 37.6% and 32.8%, respectively. The lower tax rate during the second quarter of 2010 was primarily driven by the UK income tax benefit we had received relating to interest expense for fiscal year 2008 to 2010.

Net Income. Due to the foregoing factors, we realized net income of approximately $37.9 million for the three months ended January 31, 2011, compared to net income of approximately $35.7 million for the same period last year.

Six Months Ended January 31, 2011 Compared to Six Months Ended January 31, 2010

Revenues. The following sets forth revenue by class of revenue (in thousands, except percentages):

2011 Percentage of
Revenue 2010 Percentage of
Revenue

Service revenues $ 353.322 84 % $ 303,233 84 %

Vehicle sales 66.725 16 % 58,830 16 %

$ 420,047 100 % $ 362,063 100 %

Service Revenues. Service revenues were approximately $353.3 million during the six months ended January 31, 2011 compared to $303.2 million for the same period last year, an increase of $50.1 million, or 16.5%. Growth in unit volume generated $35.0 million in additional service revenue relative to last year and was driven primarily by growth in the number of units sold on behalf of franchise and independent car dealerships, new and expanded contracts with insurance companies and the migration from the principal model to the agency model in the UK. Increased revenue per car, which was driven primarily by growth in the average selling price of vehicles relative to the comparable period last year, resulted in a $3.6 million increase in service fee revenue. Over 50% of our service revenue is tied in some manner to the ultimate selling price of the vehicle. We believe the increase in the average selling price was primarily due to: (i) the year over year increase in commodity pricing as we believe that commodity pricing, particularly the per ton price for crushed car bodies, has an impact on the ultimate selling price of vehicles sold for scrap and vehicles sold for dismantling; (ii) the general increase in used car pricing, which we believe has an impact on the average selling price of vehicles which are repaired and retailed or purchased by the end user and (iii) in the UK, the continuing beneficial impact of VB² which we introduced to the UK in 2008 and which expands our buyer base by opening vehicle sales to buyers worldwide. We cannot determine the impact of the movement of these influences, we cannot determine which vehicles are sold to the end user or for scrap, dismantling, retailing or export nor can we predict their future movement. Accordingly, we cannot quantify the specific impact that commodity pricing, used car pricing, and the introduction of VB² had on the selling price of vehicles and ultimately on service revenue. The average USD to GBP exchange rate was 1.57 dollars to the pound and 1.63 dollars to the pound for the six months ended January 31, 2011 and 2010, respectively, and led to a reduction in service revenue of $1.2 million.

In addition, on August 1, 2010, we adopted ASU 2009-13. Consequently, for the six months ended January 31, 2011, the Company recognized certain revenues, primarily towing, title processing, preparation and storage, sale fees and certain other enhancement service fees, which were previously deferred until the period the car associated with those revenues was sold. As a result of this change, we recognized an increase of approximately $12.7 million in revenue during the six months ended January 31, 2011 which would have otherwise been recognized in future periods.

Vehicle Sales. We have certain contracts in the UK that require us to act as a principal, purchasing vehicles from the insurance companies and reselling them for our own account. Vehicle sales revenues were $66.7 million during the six months ended January 31, 2011 compared to $58.8 million for the same period last year, an increase of $7.9 million, or 13.4%. The increase in vehicle sales revenue was primarily due to the rise in the average selling price of vehicles which resulted in increased revenue of $8.8 million. The rise in the average selling price per unit was primarily due to: (i) the increase in commodity pricing, particularly the per ton price for crushed car bodies, which has an impact on the ultimate selling price of vehicles sold for scrap and vehicles sold for dismantling and (ii) in the UK, the continuing beneficial impact of VB² which we introduced to the UK in 2008 and which expands our buyer base by opening vehicle sales to buyers worldwide. We cannot determine which vehicles are sold directly to the end user or for scrap, dismantling, retailing, or export nor can we predict their future movement. Accordingly, we cannot quantify the specific impact of commodity pricing, we cannot predict the future movement in commodity pricing nor can we isolate the impact that VB² had on the ultimate selling price of vehicles sold in the UK. The change in volume reflects the migration of certain contracts in the UK from the principal model to the agency model and resulted in a reduction in vehicle sales revenue of $0.6 million. Also during the quarter we had a beneficial settlement of a dispute with HMRC respecting the proper apportionment of gross proceeds between revenue and VAT. This settlement, which affected historical transactions, resulted in the recognition of approximately $1.8 million in vehicle sales revenue. The negative impact on recorded vehicle sales revenue due to the change in the GBP to USD exchange rate was $2.1 million.

Yard Operation Expenses. Yard operation expenses, excluding depreciation and amortization, were $171.6 million during the six months ended January 31, 2011 compared to $137.2 million for the same period last year, an increase of approximately $34.4 million, or 25.1%. The increase was driven primarily by i) the growth in volume of units processed; ii) the adoption of ASU 2009-13; and iii) the general growth in program costs associated with new business segments. As a result of the adoption of ASU 2009-13 on August 1, 2010, we recognized certain revenues and expenses associated primarily with towing fees, titling fee and seller storage fees, which were previously deferred until the period the car associated with those revenues and expenses was sold. The expenses recognized for the six months ended January 31, 2011, which would have otherwise been recognized in future periods, was approximately $12.2 million. There was a beneficial impact on yard operating expenses due to the change in the GBP to USD exchange rate of $0.8 million.

Operation depreciation and amortization expenses were $18.8 million and $17.0 million for the six months ended January 31, 2011 and 2010, respectively, due primarily to the addition or completion of leasehold improvements, buildings, yard and computer equipment.

Cost of Vehicle Sales. The cost of vehicle sales were $55.2 million during the six months ended January 31, 2011 compared to $46.6 million for the same period last year, an increase of approximately $8.6 million, or 18.4%. Cost per unit sold increased and represented a $9.8 million increase relative to last year. Unit volume growth led to an increase of $0.5 million. The beneficial impact on the cost of sales due to the change in the GBP to USD exchange rate was $1.7 million.

General and Administrative Expenses. General and administrative expenses, excluding depreciation and amortization, were $50.3 million for the six months ended January 31, 2011 compared to $47.3 million for the same period last year, an increase of approximately $3.0 million, or 6.4%. The growth in general and administrative costs was due primarily to increased advertising costs as we invested in events and media promotions to generate new member activity and technology costs as we continue to develop our IT systems and our seller interfaces. The beneficial impact on general and administrative expenses due to the change in the GBP to USD exchange rate was approximately $0.1 million.

General and administrative depreciation and amortization expenses were $4.3 million for the six months ended January 31, 2011 and 2010.

Other Income (Expense). Interest expense grew by approximately $0.3 million reflecting the impact of the new $400.0 million term loan funded January 14, 2011. Other income primarily includes the income from the rent of certain real property, foreign exchange rate gains and losses and gains and losses from the disposal of assets and will fluctuate based on the nature of those activities during the period. Total other income was approximately $1.1 million and $0.5 million during the six months ended January 31, 2011 and 2010, respectively.

Income Taxes. Our effective income tax rates for the six months ended January 31, 2011 and 2010 were approximately 37.4% and 35.6%, respectively. The lower tax rate for the first six months in 2010 was primarily driven by the UK tax benefit we had received relating to interest expense for fiscal year 2008 to 2010.

Net Income. Due to the foregoing factors, we realized net income of $75.7 million for the six months ended January 31, 2011, compared to net income of $71.0 million for the same period last year.

Liquidity and Capital Resources

Our primary source of working capital is cash generated though operations. Potential internal sources of additional working capital are the sale of assets or the issuance of equity through option exercises and shares issued under our 1994 Employee Stock Purchase Plan. A potential external source of additional working capital is the issuance of debt and equity. However, with respect to the issuance of equity or debt, we cannot predict if these sources will be available in the future and if available, if they can be issued under terms commercially acceptable to us.

Historically, we have financed our growth through cash generated from operations, public offerings of common stock, the equity issued in conjunction with certain acquisitions and debt financing. Our primary source of cash generated by operations is from the collection of sellers' fees, buyers' fees and reimbursable advances from the proceeds of vehicle sales. Our business is seasonal as inclement weather during the winter months increases the frequency of accidents and, consequently, the number of cars deemed as totaled by the insurance companies. During the winter months, most of our facilities process 10% to 30% more vehicles than at other times of the year. This increased volume requires the increased use of our cash to pay out advances and handling costs of the additional business.

Because our primary source of working capital is net income, factors affecting net income are the principal factors affecting the generation of working capital. Those primary factors: (i) seasonality, (ii) market wins and losses, (iii) supplier mix, (iv) accident frequency, (v) salvage frequency, (vi) change in market share of our existing suppliers, (vii) commodity pricing, (viii) used car pricing, (ix) foreign currency exchanges rates, (x) product mix, and (xi) contract mix to the extent appropriate, are discussed in the Results of Operations and Risk Factors sections of this Quarterly Report on Form 10-Q.

As of January 31, 2011, we had working capital of approximately $231.5 million, including cash and cash equivalents of approximately $204.0 million. Cash equivalents consisted primarily of funds invested in money market accounts, which bear interest at a variable rate. Cash and cash equivalents decreased by $64.2 million from July 31, 2010 to January 31, 2011.

We believe that our currently available cash and cash equivalents and cash generated from operations will be sufficient to satisfy our operating and working capital requirements for at least the next 12 months. However, if we experience significant growth in the future, we may be required to raise additional cash through the issuance of new debt or additional equity.

Operating Activities

Net cash provided by operating activities increased by approximately $10.5 million to $93.3 million during the six months ended January 31, 2011 when compared to the six months ended January 31, 2010, due to the timing of routine changes in working capital items.

Investing Activities

Capital expenditures (excluding those associated with fixed assets attributable to acquisitions) were $42.3 million and $39.8 million for the six months ended January 31, 2011 and 2010, respectively. Our capital expenditures are related primarily to opening and improving facilities, lease buyouts, acquiring yard and computer equipment and the development of software. Capital expenditures were offset by $20.2 million in proceeds from the sale of property and equipment, of which $16.2 million, net of $0.3 million of transaction costs was related to the sale of the corporate building. We have no material commitments for future capital expenditures as of January 31, 2011.

Included in capital expenditures for the quarter are capitalized software development costs for new software for internal use and major software enhancements to existing software. These capitalized costs were approximately $5.3 million during the quarter and totaled approximately $22.3 million at the end of the quarter. If, at any time, it is determined that capitalized software costs will not be recoverable an impairment charge for the unamortized portion of the capitalized development costs will be recorded.

Financing Activities

For the six months ended January 31, 2011 and 2010, we generated approximately $5.0 million and $6.0 million, respectively, through the exercise of stock options, including the related excess tax benefit from share-based payment arrangements and shares issued under our 1994 Employee Stock Purchase Plan.

In October 2007, our Board of Directors approved a 20 million share increase in our stock repurchase program, bringing the total then current authorization to 29 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the share repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as we deem appropriate and may be discontinued at any time. We repurchased 2,249,826 shares at a weighted average price of $33.65 per share totaling $75.7 million during the six months ended January 31, 2011. We did not repurchase any shares under the share repurchase program for the six months ending January 31, 2010. The total number of shares repurchased under the program as of January 31, 2011 was approximately 16 million, leaving approximately 13 million available for repurchase by us under the repurchase program.

On January 14, 2011, we completed a tender offer to purchase 12,172,088 shares of our common stock at a price of $38.00 per share totaling $462.5 million. The shares purchased as a result of the tender offer are not part of our repurchase program. The purchase of the shares was funded by the proceeds relating to the issuance of $400.0 million of debt.

Credit Facility

On December 14, 2010, we entered into an Amended and Restated Credit Facility Agreement (Credit Facility), which supersedes our previously disclosed credit agreement with Bank of America, N.A. (Bank of America). The Credit Facility is an unsecured credit agreement providing for (i) a $100.0 million Revolving Credit Facility, including a $100.0 million alternative currency borrowing sublimit and a $50.0 million letter of credit sublimit (the Revolving Credit) and (ii) a term loan facility of $400.0 million (Term Loan).

On January 14, 2011 we borrowed the full $400.0 million provided under the Term Loan. The Term Loan matures and all outstanding borrowings are due on December 14, 2015, with quarterly payments of $12.5 million in principal plus interest to be made beginning March 31, 2011 through the maturity date. All amounts borrowed under the Term Loan may be prepaid without premium or penalty. The Credit Facility is guaranteed by our material domestic subsidiaries.

Amounts borrowed under the Revolving Credit may be repaid and reborrowed until the maturity date, which is December 14, 2015. The Credit Facility requires us to pay a commitment fee on the unused portion of the Revolving Credit. The commitment fee ranges from 0.075% to 0.125% per annum depending on our leverage ratio, as of the end on the previous quarter. We had no outstanding borrowings under the Revolving Credit at the end of the period.

The Amended and Restated Credit Agreement contains customary representations and warranties and may place certain business operating restrictions on us relating to, among other things, indebtedness, liens and other encumbrances, investments, mergers and acquisitions, asset sales, dividends and distributions and redemptions of capital stock. In addition, the Amended and Restated Credit Agreement provides for the following financial covenants: 1) earnings before income tax, depreciation and amortization (EBITDA), 2) leverage ratio, 3) interest coverage ratio, and 4) limitations on capital expenditures. The Amended and Restated Credit Agreement contains events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, cross-defaults to certain other indebtedness, bankruptcy and insolvency defaults, material judgments, invalidity of the loan documents and events constituting a change of control. We are in compliance with all covenants as of January 31, 2011. Please refer to the commercial commitments table in the Lease, Purchase, and Other Contractual Obligations for the payment schedule.

Lease, Purchase and Other Contractual Obligations

During the six months ended January 31, 2011, we entered into a three year contract with King Entertainment, Inc., dba Kenny Bernstein Racing to sponsor Brandon Bernstein's participation in NHRA (National Hot Rod Association) events. The total commitment is approximately $13.8 million and will be recognized ratably as each event occurs.

We lease certain domestic and foreign facilities, and certain equipment under non-cancelable operating leases. In addition to the minimum future lease commitments presented, the leases generally require the company to pay property taxes, insurance, maintenance and repair costs which are not included in the table because we have determined these items are not material. The following table summarizes our significant contractual obligations and commercial commitments as of January 31, 2011 (in thousands):

Payments Due By Period

Contractual Obligations Total Less than
1 Year 1-3 Years 3-5 Years More than
5 Years Other

Operating leases (1) $ 91,579 $ 20,223 $ 29,108 $ 14,241 $ 28,007 $ -

Capital leases (1) 763 340 391 32 - -

Tax liabilities (2) 25,098 - - - - 25,098

Total contractual obligations $ 117,440 $ 20,563 $ 29,499 $ 14,273 $ 28,007 $ 25,098

Amount of Commitment Expiration Per Period

Commercial Commitments (3) Total Less than
1 Year 1-3 Years 3-5 Years More than
5 Years Other

Term Loan $ 400,000 $ 50,000 $ 100,000 $ 250,000 $ - $ -

Letter of credit 6,675 6,675 - - - -

Total commercial commitments $ 406,675 $ 56,675 $ 100,000 $ 250,000 $ - $ -

(1) Contractual obligations consist of future non-cancelable minimum lease payments under capital and operating leases, used in the normal course of business, including the leaseback of the corporate office.

(2) Tax liabilities include the long-term liabilities in the consolidated balance sheet for unrecognized tax positions. At this time we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond 12 months due to uncertainties in the timing of tax audit outcomes.

(3) Commercial commitments consist primarily of letters of credit provided for insurance programs and certain business transactions and a term loan used for financing.

During the quarter a state sales tax audit was initiated but has not been completed. During the preliminary phase of the audit we were advised that the state will take the position that sales from that state, which are otherwise nontaxable, are subject to the collection and remittance of sales tax solely because they are made to foreign (i.e., non-US) purchasers. The audit is not complete and no assessment has been made by the state. Nevertheless, we have received advice from our legal and tax advisors that based on state and federal law, as well as the documentation possessed by us, such sales to foreign purchasers should not be subject to sales tax. Accordingly, we believe that if a sales tax assessment is issued with respect to such foreign sales the assessment will eventually be removed or reversed in its entirety. While a negative outcome may have a material effect on the period during which it is resolved, we have concluded that a negative outcome is not probable. Further, because the state’s position has not been finalized or formally conveyed to us and because in prior audits the state exempted sales to certain international buyers we cannot estimate the measure upon which any possible tax may be assessed and, accordingly, we cannot estimate the amount of the possible loss or the range of possible loss.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our principal exposures to financial market risk are interest rate, foreign currency risk and translation risk.

Interest Rate Risk

We are exposed to interest rate volatility with regard to existing and anticipated future issuances of debt. Primary exposures include movements in the London Interbank Offered Rates (LIBOR). Assuming average variable rate debt levels during the fiscal year, a 100 basis point increase or decrease in interest rates would increase or decrease interest expense by approximately $0.3 million, in fiscal year 2011. As of January 31, 2011, we have not entered into any interest rate swaps or forward interest rate contracts to mitigate the risk.

Foreign Currency and Translation Exposure

Fluctuations in the foreign currencies create volatility in our reported results of operations because we are required to consolidate the results of operations of our foreign currency denominated subsidiaries. International net revenues result from transactions by our Canadian and UK operations and are typically denominated in the local currency of each country. These operations also incur a majority of their expenses in the local currency, the Canadian dollar and the British pound. Our international operations are subject to risks associated with foreign exchange rate volatility. Accordingly, our future results could be materially adversely impacted by changes in these or other factors. A hypothetical uniform 10% strengthening or weakening in the value of the US dollar relative to the Canadian dollar and British pound in which our revenues and profits are denominated would result in a decrease/increase to revenue of approximately $4.6 million for the three months ended January 31, 2011. There are inherent limitations in the sensitivity analysis presented, due primarily to the assumption that foreign exchange rate movements are linear and instantaneous. As a result, the analysis is unable to reflect the potential effects of more complex market changes that could arise, which may positively or negatively affect income.

Fluctuations in the foreign currencies create volatility in our reported consolidated financial position because we are required to remeasure substantially all assets and liabilities held by our foreign subsidiaries at the current exchange rate at the close of the accounting period. At January 31, 2011, the cumulative effect of foreign exchange rate fluctuations on our consolidated financial position was a net translation loss of approximately $29.6 million. This loss is recognized as an adjustment to stockholders' equity through accumulated other comprehensive income. A 10% strengthening or weakening in the value of the US dollar relative to the Canadian dollar or the British pound will not have a material effect on our consolidated financial position.

We do not hedge our exposure to translation risks arising from fluctuations in foreign currency exchange rates.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, or "Disclosure Controls," as of the end of the period covered by this Quarterly Report on Form 10-Q. This evaluation, or "Controls Evaluation," was performed under the supervision and with the participation of management, including our Chief Executive Officer (our CEO) and our Senior Vice President and Chief Financial Officer (our CFO). Disclosure Controls are controls and procedures designed to provide reasonable assurance that information required to be disclosed in our reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the US Securities and Exchange Commission's rules and forms. Disclosure Controls include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Our Disclosure Controls include some, but not all, components of our internal control over financial reporting.

Based upon the Controls Evaluation, our CEO and CFO have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our Disclosure Controls were effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is accumulated and communicated to management, including the CEO and CFO, to allow timely decisions regarding required disclosure, and that such information is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission.

(b) Changes in Internal Controls

There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information set forth above under Note 11 - Legal Proceedings contained in the "Notes to Consolidated Financial Statements" is incorporated herein by reference.

ITEM 1A. RISK FACTORS

Set forth below and elsewhere in this Quarterly Report on Form 10-Q and in other documents we file with the SEC are descriptions of the risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this report. The descriptions below include any material changes to and supersede the description of the risk factors affecting our business previously disclosed in "Part I, Item 1A, Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended July 31, 2010.

We depend on a limited number of major vehicle sellers for a substantial portion of our revenues. The loss of one or more of these major sellers could adversely affect our results of operations and financial condition, and an inability to increase our sources of vehicle supply could adversely affect our growth rates.

Although no single customer accounted for more than 10% of our revenue during the three months ended January 31, 2011, historically, a limited number of vehicle sellers have collectively accounted for a substantial portion of our revenues. Seller arrangements are either written or oral agreements typically subject to cancellation by either party upon 30 to 90 days notice. Vehicle sellers have terminated agreements with us in the past in particular markets, which has affected the pricing for sales services in those markets. There can be no assurance that our existing agreements will not be cancelled. Furthermore, there can be no assurance that we will be able to enter into future agreements with vehicle sellers or that we will be able to retain our existing supply of salvage vehicles. A reduction in vehicles from a significant vehicle seller or any material changes in the terms of an arrangement with a significant vehicle seller could have a material adverse effect on our results of operations and financial condition. In addition, a failure to increase our sources of vehicle supply could adversely affect our earnings and revenue growth rates.

Our acquisitions in the UK expose us to risks arising from the acquisitions and risks associated with operating in markets outside North America. We may acquire additional companies in the UK or other countries or seek to establish new yards or facilities to complement the acquired companies' operations. Any failure to successfully integrate businesses acquired outside of North America into our operations could have an adverse effect on our financial position, results of operations or cash flows.

During fiscal 2007, we completed the acquisition of Universal Salvage plc, or Universal, our first acquisition in the UK. In fiscal 2008, we completed the acquisitions of Century Salvage Sales Limited, (Century), Simpson Bros. (York) Holdings, Limited and AG Watson Auto Salvage & Motor Spares (Scotland) Limited (AG Watson), all located within the UK. In fiscal 2010, we completed the acquisition of D Hales Limited (D Hales) which is also located in the UK. We may continue to acquire additional companies or operations in the UK or other countries in Europe or may seek to establish new yards or operations in the UK or Europe now that we have established a presence in these markets.

Our acquisitions in the UK and continued expansion of our operations outside North America pose substantial risks and uncertainties that could have an adverse effect on our future operating results. In particular, we may not be successful in realizing anticipated synergies from these acquisitions, or we may experience unanticipated costs or expenses integrating the acquired operations into our existing business. For example, in the second quarter of fiscal 2008, we experienced losses associated with credit card fraud in the UK. In addition, our operating expenses were adversely affected in the second quarter of fiscal 2008 by incremental integration expenses. We have and may continue to incur substantial expenses establishing new yards or operations in the UK or Europe. Among other things, we have deployed VB² technologies at all of our operations in the UK and we cannot predict whether this deployment will be successful or will result in increases in the revenues or operating efficiencies of any acquired companies relative to their historic operating performance. Integration of our respective operations, including information technology integration and integration of financial and administrative functions, may not proceed as we currently anticipate and could result in presently unanticipated costs or expenses (including unanticipated capital expenditures) that could have an adverse effect on our future operating results. We cannot provide any assurances that we will achieve our business and financial objectives in connection with these acquisitions or our strategic decision to expand our operations internationally.

As we continue to expand our business internationally, we will need to develop policies and procedures to manage our business on a global scale. Operationally, the businesses of Universal, Century, AG Watson and D Hales have depended on key seller relationships, and our failure to maintain those relationships would have an adverse effect on our operating objectives for the UK and could have an adverse effect on our future operating results.

In addition, we anticipate our international operations will subject us to a variety of risks associated with operating on an international basis, including:

•the difficulty of managing and staffing foreign offices and the increased travel, infrastructure and legal compliance costs associated with multiple international locations;

•the need to localize our product offerings, particularly with respect to VB²;

•tariffs and trade barriers and other regulatory or contractual limitations on our ability to operate in certain foreign markets; and

•exposure to foreign currency exchange rate risk, which may have an adverse impact on our revenues and revenue growth rates.

As we continue to expand our business globally, our success will depend, in large part, on our ability to anticipate and effectively manage these and other risks associated with our international operations. Our failure to manage any of these risks successfully could harm our international operations and have an adverse effect on our operating results.

Certain acquisitions in the United Kingdom may be reviewed by the Office of Fair Trade (OFT) and/or Competition Commission (UK Regulators). If an inquiry is made by the UK Regulators, we may be required to demonstrate our acquisitions will not result, or be expected to result, in a substantial lessening of competition in a UK market. Although we believe that there will not be a substantial lessening of competition in a UK market, based on our analysis of the relevant UK markets, there can be no assurance that the UK Regulators will agree with us if they decide to make an inquiry. If the UK Regulators determine that by our acquisitions of certain assets, there is or likely will be a substantial lessening of competition in a UK market, we could be required to divest some portion of our UK assets. In the event of a divestiture order by the UK Regulators, the assets disposed may be sold for substantially less than their carrying value. Accordingly, any divestiture could have a material adverse effect on our operating results in the period of the divestiture.

In the UK, a significant portion of our business is conducted on a principal basis, purchasing the salvage vehicle outright from the insurance companies and reselling the vehicle to buyers. Continued operations on a principal basis will have a negative impact on our future consolidated gross margin percentages and exposes us to additional inventory risks.

The period-to-period comparability of our operating results and financial condition is substantially affected by business acquisitions during such periods. In particular, the UK acquisitions, because of their size and, because the UK operates primarily on the principal model versus the agency model employed in North America, will have a significant impact on the comparability of revenues, margins and margin percentages in future periods. Continued operations on a principal basis will have a negative impact on our future consolidated gross margin percentages, and exposes us to inventory risks including losses from theft, damage, and obsolescence.

Our strategic shift from live sales to an entirely Internet-based sales model presents risks, including substantial technology risks.

During 2004 in North America and during 2008 in the UK we converted all of our sales from a live auction process to an entirely Internet-based auction-style model based on technology developed internally by us. The conversion represented a significant change in the way we conduct business and presents numerous risks, including our increased reliance on the availability and reliability of our network systems. In particular, we believe the conversion presents the following risks, among others:

•Our operating results in a particular period could be adversely affected in the event our networks are not operable for an extended period of time for any reason, as a result of Internet viruses, or as a result of any other technological circumstance that makes us unable to conduct our virtual sales.

•Our business is increasingly reliant on internally developed technology, and we have limited historic experience developing technologies or systems for large-scale implementation and use.

•Our general and administrative expenses have tended to increase as a percentage of revenue as our information technology payroll has increased.

•The change in our business model may make it more difficult for management, investment analysts, and investors to model or predict our future operating results until sufficient historic data is available to evaluate the effect of the VB² implementation over a longer period of time and in different economic environments.

•Our increasing reliance on proprietary technology subjects us to intellectual property risks, including the risk of third party infringement claims or the risk that we cannot establish or protect intellectual property rights in our technologies. We have filed patent applications for VB² in the Netherlands, Canada, Australia, China, the European Union, Mexico and Japan, but we cannot provide any assurances that the patents will actually be issued, or if issued that the patents would not later be found to be unenforceable or invalid.

Our results of operations may not continue to benefit from the implementation of VB² to the extent we have experienced in recent periods.

We believe that the implementation of our proprietary VB² sales technologies across our operations has had a favorable impact on our results of operations by increasing the size and geographic scope of our buyer base and increasing the average selling price for vehicles sold through our sales. VB² was implemented across all of our North American and UK salvage yards beginning in fiscal 2004 and fiscal 2008, respectively. We do not believe, however, that we will continue to experience improvements in our results of operations at the same relative rates we have experienced in the last few years. In addition, we cannot predict whether we will experience the same initial benefits from the implementation of VB² in the UK market, or in future markets we may enter, that we experienced in North America.

Failure to have sufficient capacity to accept additional cars at one or more of our storage facilities could adversely affect our relationships with insurance companies or other sellers of vehicles.

Capacity at our storage facilities varies from period to period and from region to region. For example, following adverse weather conditions in a particular area, our yards in that area may fill and limit our ability to accept additional salvage vehicles while we process existing inventories. As discussed below, Hurricanes Katrina and Rita had, in certain quarters, an adverse effect on our operating results, in part because of yard capacity constraints in the Gulf Coast area. We regularly evaluate our capacity in all our markets and, where appropriate, seek to increase capacity through the acquisition of additional land and yards. We may not be able to reach agreements to purchase independent storage facilities in markets where we have limited excess capacity, and zoning restrictions or difficulties obtaining use permits may limit our ability to expand our capacity through acquisitions of new land. Failure to have sufficient capacity at one or more of our yards could adversely affect our relationships with insurance companies or other sellers of vehicles, which could have an adverse effect on our operating results.

Because the growth of our business has been due in large part to acquisitions and development of new facilities, the rate of growth of our business and revenues may decline if we are not able to successfully complete acquisitions and develop new facilities.

We seek to increase our sales and profitability through the acquisition of additional facilities and the development of new facilities. There can be no assurance that we will be able to:

•continue to acquire additional facilities on favorable terms;

•expand existing facilities in no-growth regulatory environments;

•increase revenues and profitability at acquired and new facilities;

•maintain the historical revenue and earnings growth rates we have been able to obtain through facility openings and strategic acquisitions; or

•create new vehicle storage facilities that meet our current revenue and profitability requirements.

As we continue to expand our operations, our failure to manage growth could harm our business and adversely affect our results of operations and financial condition.

Our ability to manage growth depends not only on our ability to successfully integrate new facilities, but also on our ability to:

•hire, train and manage additional qualified personnel;

•establish new relationships or expand existing relationships with vehicle sellers;

•identify and acquire or lease suitable premises on competitive terms;

•secure adequate capital; and

•maintain the supply of vehicles from vehicle sellers.

Our inability to control or manage these growth factors effectively could have a material adverse effect on our financial position, results of operations, or cash flows.

Our annual and quarterly performance may fluctuate, causing the price of our stock to decline.

Our revenues and operating results have fluctuated in the past and can be expected to continue to fluctuate in the future on a quarterly and annual basis as a result of a number of factors, many of which are beyond our control. Factors that may affect our operating results include, but are not limited to, the following:

•fluctuations in the market value of salvage and used vehicles;

•the impact of foreign exchange gain and loss as a result of our recently acquired companies in the UK;

•our ability to successfully integrate our newly acquired operations in the UK and any additional international markets we may enter;

•the availability of salvage vehicles;

•variations in vehicle accident rates;

•member participation in the Internet bidding process;

•delays or changes in state title processing;

•changes in international, state or federal laws or regulations affecting salvage vehicles;

•changes in local laws affecting who may purchase salvage vehicles;

•our ability to integrate and manage our acquisitions successfully;

•the timing and size of our new facility openings;

•the announcement of new vehicle supply agreements by us or our competitors;

•the severity of weather and seasonality of weather patterns;

•the amount and timing of operating costs and capital expenditures relating to the maintenance and expansion of our business, operations and infrastructure;

•the availability and cost of general business insurance;

•labor costs and collective bargaining;

•acceptance of buyers and sellers of our Internet-based model deploying VB², a proprietary Internet auction-style sales technology;

•changes in the current levels of out of state and foreign demand for salvage vehicles;

•the introduction of a similar Internet product by a competitor; and

•the ability to obtain necessary permits to operate.

Due to the foregoing factors, our operating results in one or more future periods can be expected to fluctuate. As a result, we believe that period-to-period comparisons of our results of operations are not necessarily meaningful and should not be relied upon as any indication of future performance. In the event such fluctuations result in our financial performance being below the expectations of public market analysts and investors, the price of our common stock could decline substantially.

Our strategic shift to an Internet-based sales model has increased the relative importance of intellectual property assets to our business, and any inability to protect those rights could have a material adverse effect on our business, financial condition, or results of operations.

Implementation of VB² in our operations has increased the relative importance of intellectual property rights to our business. Our intellectual property rights include a patent for VB² as well as trademarks, trade secrets, copyrights and other intellectual property rights. In addition, we may enter into agreements with third parties regarding the license or other use of our intellectual property in foreign jurisdictions. Effective intellectual property protection may not be available in every country in which our products and services are distributed, deployed, or made available. We seek to maintain certain intellectual property rights as trade secrets. The secrecy could be compromised by third parties, or intentionally or accidentally by our employees, which would cause us to lose the competitive advantage resulting from those trade secrets. Any significant impairment of our intellectual property rights, or any inability to protect our intellectual property rights, could have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

We have in the past been and may in the future be subject to intellectual property rights claims, which are costly to defend, could require us to pay damages, and could limit our ability to use certain technologies in the future.

Litigation based on allegations of infringement or other violations of intellectual property rights are common among companies who rely heavily on intellectual property rights. Our reliance on intellectual property rights has increased significantly in recent years as we have implemented our VB² auction-style sales technologies across our business and ceased conducting

live auctions. As we face increasing competition, the possibility of intellectual property rights claims against us grows. Litigation and any other intellectual property claims, whether with or without merit, can be time-consuming, expensive to litigate and settle, and can divert management resources and attention from our core business. An adverse determination in current or future litigation could prevent us from offering our products and services in the manner currently conducted. We may also have to pay damages or seek a license for the technology, which may not be available on reasonable terms and which may significantly increase our operating expenses, if it is available for us to license at all. We could also be required to develop alternative non-infringing technology, which could require significant effort and expense.

If we experience problems with our trucking fleet operations, our business could be harmed.

We rely solely upon independent subhaulers to pick up and deliver vehicles to and from our North American storage facilities. We also utilize, to a lesser extent, independent subhaulers in the UK. Our failure to pick up and deliver vehicles in a timely and accurate manner could harm our reputation and brand, which could have a material adverse effect on our business. Further, an increase in fuel cost may lead to increased prices charged by our independent subhaulers, which may significantly increase our cost. We may not be able to pass these costs on to our sellers or buyers.

In addition to using independent subhaulers, in the UK, we utilize a fleet of company trucks to pick up and deliver vehicles from our UK storage facilities. In connection therewith, we are subject to the risks associated with providing trucking services, including inclement weather, disruptions in transportation infrastructure, availability and price of fuel, any of which could result in an increase in our operating expenses and reduction in our net income.

We are partially self-insured for certain losses and if our estimates of the cost of future claims differ from actual trends, our results of our operations could be harmed.

We are partially self-insured for certain losses related to medical insurance, general liability, workers' compensation and auto liability. Our liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date. The estimated liability is not discounted and is established based upon analysis of historical data and actuarial estimates. While we believe these estimates are reasonable based on the information currently available, if actual trends, including the severity of claims and medical cost inflation, differ from our estimates, our results of operations could be impacted. Further, we rely on independent actuaries to assist us in establishing the proper amount of reserves for anticipated payouts associated with these self-insured exposures.

Our executive officers, directors and their affiliates hold a large percentage of our stock and their interests may differ from other shareholders.

Our executive officers, directors and their affiliates beneficially own, in the aggregate, approximately 19% of our common stock as of January 31, 2011. If they were to act together, these shareholders would have significant influence over most matters requiring approval by shareholders, including the election of directors, any amendments to our articles of incorporation and certain significant corporate transactions, including potential merger or acquisition transactions. In addition, without the consent of these shareholders, we could be delayed or prevented from entering into transactions that could be beneficial to us or our other investors. These shareholders may take these actions even if they are opposed by our other investors.

We have a shareholder rights plan, or poison pill, which could affect the price of our common stock and make it more difficult for a potential acquirer to purchase a large portion of our securities, to initiate a tender offer or a proxy contest, or to acquire us.

In March 2003, our board of directors adopted a shareholder rights plan, commonly known as a poison pill. The poison pill may discourage, delay, or prevent a third party from acquiring a large portion of our securities, initiating a tender offer or proxy contest, or acquiring us through an acquisition, merger, or similar transaction. Such an acquirer could be prevented from consummating one of these transactions even if our shareholders might receive a premium for their shares over then-current market prices.

If we lose key management or are unable to attract and retain the talent required for our business, we may not be able to successfully manage our business or achieve our objectives.

Our future success depends in large part upon the leadership and performance of our executive management team, all of whom are employed on an at-will basis and none of whom are subject to any agreements not to compete. If we lose the service of one or more of our executive officers or key employees, in particular Willis J. Johnson, our Chairman; A. Jayson Adair, our Chief Executive Officer; and Vincent W. Mitz, our President, or if one or more of them decides to join a competitor or otherwise compete directly or indirectly with us, we may not be able to successfully manage our business or achieve our business objectives.

Our cash investments are subject to numerous risks.

We may invest our excess cash in securities or money market funds backed by securities, which may include US treasuries, other federal, state and municipal debt, bonds, preferred stock, commercial paper, insurance contracts and other securities both privately and publicly traded. All securities are subject to risk, including fluctuations in interest rates, credit risk, market risk and systemic economic risk. Changes or movements in any of these risk factors may result in a loss or an impairment to our invested cash and may have a material effect on our consolidated financial statements.

The impairment of capitalized development costs could adversely affect our consolidated results of operations and financial condition.

We capitalize certain costs associated with the development of new software products, new software for internal use and major software enhancements to existing software. These costs are amortized over the estimated useful life of the software beginning with its introduction or roll out. If, at any time, it is determined that capitalized software provides a reduced economic benefit, the unamortized portion of the capitalized development costs will be expensed, in part or in full, as an impairment, which may have a material impact on our consolidated results of operations and financial condition.

Increased investment in advertising and marketing could adversely impact our operating results.

In fiscal year 2010, we increased and in fiscal year 2011, we may increase our spending on advertising and marketing relative to 2009. These amounts may be material to our overall general and administrative expenses and we cannot predict what future benefit, if any, will be derived.

New member programs could impact our operating results.

We have or will initiate programs to open our auctions to the general public. These programs include the Registered Broker program through which the public can purchase vehicles through a registered member and the Market Maker program through which registered members can open Copart storefronts with Internet kiosks enabling the general public to search our inventory and purchase vehicles. Initiating programs that allow access to our online auctions to the general public may involve material expenditures and we cannot predict what future benefit, if any, will be derived.

Taxation risks could subject us to liability for past sales.

We typically do not collect sales taxes with respect to the sale of salvage vehicles. Generally, our sales are made to buyers who are not subject to sales tax, and as part of our buyer qualification process, we require the buyer to provide appropriate exemption forms based upon our interpretation of the various state and federal laws. If a state or other taxable jurisdiction determines the documentation possessed by us is insufficient to exempt certain sales from tax, we may be required to pay tax, interest, and penalties. In addition, sales to the general public typically require us to collect sales tax from the buyer and remit it to the appropriate state agency. Our failure to collect tax from the buyer and remit to the appropriate state agency may subject us to taxes, interest and penalties. Currently, we are subject to a state sales tax audit where the state contends that sales from that state, which are otherwise non-taxable, are subject to the collection and remittance of sales tax solely because they are made to non-U.S. buyers. Any liability for sales taxes in connection with this audit or other audits that may arise in the future could have a material adverse effect on our results of operations and financial condition, and we may be unable to collect the applicable tax from the buyers.

Factors such as mild weather conditions can have an adverse effect on our revenues and operating results as well as our revenue and earnings growth rates by reducing the available supply of salvage vehicles. Conversely, extreme weather conditions can result in an oversupply of salvage vehicles that requires us to incur abnormal expenses to respond to market demands.

Mild weather conditions tend to result in a decrease in the available supply of salvage vehicles because traffic accidents decrease and fewer automobiles are damaged. Accordingly, mild weather can have an adverse effect on our salvage vehicle inventories, which would be expected to have an adverse effect on our revenue and operating results and related growth rates. Conversely, our inventories will tend to increase in poor weather such as a harsh winter or as a result of adverse weather-related conditions such as flooding. During periods of mild weather conditions, our ability to increase our revenues and improve our operating results and related growth will be increasingly dependent on our ability to obtain additional vehicle sellers and to compete more effectively in the market, each of which is subject to the other risks and uncertainties described in these sections. In addition, extreme weather conditions, although they increase the available supply of salvage cars, can have an adverse effect on our operating results. For example, during the year ended July 31, 2006, we recognized substantial additional costs associated with the impact of Hurricanes Katrina and Rita in Gulf Coast states. These additional costs, characterized as "abnormal" under FASB ASC 330, Inventory, were recognized during the year ended July 31, 2006, and included the additional subhauling, payroll, equipment and facilities expenses directly related to the operating conditions created by the hurricanes. In the event that we were to again experience extremely adverse weather or other anomalous conditions that result in an abnormally high number of salvage vehicles in one or more of our markets, those conditions could have an adverse effect on our future operating results.

Macroeconomic factors such as high fuel prices, declines in commodity prices, and declines in used car prices may have an adverse effect on our revenues and operating results as well as our earnings growth rates.

Macroeconomic factors that affect oil prices and the automobile and commodity markets can have adverse effects on our revenues, revenue growth rates (if any), and operating results. Significant increases in the cost of fuel could lead to a reduction in miles driven per car and a reduction in accident rates. A material reduction in accident rates could have a material impact on revenue growth. In addition, under our percentage incentive program contracts, or PIP, the cost of towing the vehicle to one of our facilities is included in the PIP fee. We may incur increased fees, which we may not be able to pass on to our vehicle sellers. A material increase in tow rates could have a material impact on our operating results. Volatility in fuel, commodity, and used car prices could have a material adverse effect on our revenues and revenue growth rates in future periods.

The salvage vehicle sales industry is highly competitive and we may not be able to compete successfully.

We face significant competition for the supply of salvage vehicles and for the buyers of those vehicles. We believe our principal competitors include other auction and vehicle remarketing service companies with whom we compete directly in obtaining vehicles from insurance companies and other sellers, and large vehicle dismantlers, who may buy salvage vehicles directly from insurance companies, bypassing the salvage sales process. Many of the insurance companies have established relationships with competitive remarketing companies and large dismantlers. Certain of our competitors may have greater financial resources than us. Due to the limited number of vehicle sellers, particularly in the UK, the absence of long-term contractual commitments between us and our sellers and the increasingly competitive market environment, there can be no assurance that our competitors will not gain market share at our expense.

We may also encounter significant competition for local, regional and national supply agreements with vehicle sellers. There can be no assurance that the existence of other local, regional or national contracts entered into by our competitors will not have a material adverse effect on our business or our expansion plans. Furthermore, we are likely to face competition from major competitors in the acquisition of vehicle storage facilities, which could significantly increase the cost of such acquisitions and thereby materially impede our expansion objectives or have a material adverse effect on our results of operations. These potential new competitors may include consolidators of automobile dismantling businesses, organized salvage vehicle buying groups, automobile manufacturers, automobile auctioneers and software companies. While most vehicle sellers have abandoned or reduced efforts to sell salvage vehicles directly without the use of service providers such as us, there can be no assurance that this trend will continue, which could adversely affect our market share, results of operations and financial condition. Additionally, existing or new competitors may be significantly larger and have greater financial and marketing resources than us; therefore, there can be no assurance that we will be able to compete successfully in the future.

Government regulation of the salvage vehicle sales industry may impair our operations, increase our costs of doing business and create potential liability.

Participants in the salvage vehicle sales industry are subject to, and may be required to expend funds to ensure compliance with a variety of governmental, regulatory and administrative rules, regulations, land use ordinances, licensure requirements and procedures, including those governing vehicle sales and registration, the environment, zoning and land use. Failure to comply with present or future regulations or changes in interpretations of existing regulations may result in impairment of our operations and the imposition of penalties and other liabilities. At various times, we may be involved in disputes with local governmental officials regarding the development and/or operation of our business facilities. We believe that we are in compliance in all material respects with applicable regulatory requirements. We may be subject to similar types of regulations by federal, national, international, provincial, state, and local governmental agencies in new markets. In addition, new regulatory requirements or changes in existing requirements may delay or increase the cost of opening new facilities, may limit our base of salvage vehicle buyers and may decrease demand for our vehicles.

Changes in laws affecting the importation of salvage vehicles may have an adverse effect on our business and financial condition.

Our Internet-based auction-style model has allowed us to offer our products and services to international markets and has increased our international buyer base. As a result, foreign importers of salvage vehicles now represent a significant part of our total buyer base. Changes in laws and regulations that restrict the importation of salvage vehicles into foreign countries may reduce the demand for salvage vehicles and impact our ability to maintain or increase our international buyer base. For example, in March 2008, a decree issued by the president of Mexico became effective that placed restrictions on the types of vehicles that can be imported into Mexico from the United States. The adoption of similar laws or regulations in other jurisdictions that have the effect of reducing or curtailing our activities abroad could have a material adverse effect on our results of operations and financial condition by reducing the demand for our products and services.

The operation of our storage facilities poses certain environmental risks, which could adversely affect our financial position, results of operations or cash flows.

Our operations are subject to federal, state, national, provincial and local laws and regulations regarding the protection of the environment in the countries which we have storage facilities. In the salvage vehicle remarketing industry, large numbers of wrecked vehicles are stored at storage facilities and, during that time, spills of fuel, motor oil and other fluids may occur, resulting in soil, surface water or groundwater contamination. In addition, certain of our facilities generate and/or store petroleum products and other hazardous materials, including waste solvents and used oil. In the UK, we provide vehicle de-pollution and crushing services for End-of-Life program vehicles. We could incur substantial expenditures for preventative, investigative or remedial action and could be exposed to liability arising from our operations, contamination by previous users of certain of our acquired facilities, or the disposal of our waste at off-site locations. Environmental laws and regulations could become more stringent over time and there can be no assurance that we or our operations will not be subject to significant costs in the future. Although we have obtained indemnification for pre-existing environmental liabilities from many of the persons and entities from whom we have acquired facilities, there can be no assurance that such indemnifications will be adequate. Any such expenditures or liabilities could have a material adverse effect on our results of operations and financial condition.

Volatility in the capital and credit markets may negatively affect our business, operating results, or financial condition.

The capital and credit markets have experienced extreme volatility and disruption, which has led to an economic downturn in the US and abroad. As a result of the economic downturn, the number of miles driven may decrease, which may lead to fewer accident claims, a reduction of vehicle repairs, and fewer salvage vehicles. Adverse credit conditions may also affect the ability of members to secure financing to purchase salvaged vehicles which may adversely affect demand. In addition if the banking system or the financial markets deteriorate or remain volatile our credit facility may be affected.

If we determine that our goodwill has become impaired, we could incur significant charges that would have a material adverse effect on our consolidated results of operations.

Goodwill represents the excess of cost over the fair market value of assets acquired in business combinations. In recent periods, the amount of goodwill on our balance sheet has increased substantially, principally as a result of a series of acquisitions we have made in the UK since 2007. As of January 31, 2011, the amount of goodwill on our balance sheet subject to future impairment testing was approximately $177.9 million.

Pursuant to FASB ASC 350, Intangibles-Goodwill and Other, we are required to annually test goodwill and intangible assets with indefinite lives to determine if impairment has occurred. Additionally, interim reviews must be performed whenever events or changes in circumstances indicate that impairment may have occurred. If the testing performed indicates that impairment has occurred, we are required to record a non-cash impairment charge for the difference between the carrying value of the goodwill or other intangible assets and the implied fair value of the goodwill or other intangible assets in the period the determination is made. The testing of goodwill and other intangible assets for impairment requires us to make significant estimates about our future performance and cash flows, as well as other assumptions. These estimates can be affected by numerous factors, including changes in the definition of a business segment in which we operate, changes in economic, industry or market conditions, changes in business operations, changes in competition or potential changes in the share price of our common stock and market capitalization. Changes in these factors, or changes in actual performance compared with estimates of our future performance, could affect the fair value of goodwill or other intangible assets, which may result in an impairment charge. For example, continued deterioration in worldwide economic conditions could affect these assumptions and lead us to determine that a goodwill impairment is required with respect to our acquisitions in the UK. We cannot accurately predict the amount or timing of any impairment of assets. Should the value of our goodwill or other intangible assets become impaired, it could have a material adverse effect on our operating results and could result in our incurring net losses in future periods.

New accounting pronouncements or new interpretations of existing standards could require us to make adjustments to accounting policies that could adversely affect the consolidated financial statements.

The Financial Accounting Standards Board, or the FASB, the Public Company Accounting Oversight Board, and the SEC, from time to time issue new pronouncements or new interpretations of existing accounting standards that require changes to our accounting policies and procedures. To date, we do not believe any new pronouncements or interpretations have had a material adverse effect on our financial condition or results of operations, but future pronouncements or interpretations could require a change or changes in our policies or procedures.

Fluctuations in foreign currency exchange rates could result in declines in our reported revenues and earnings.

Our reported revenues and earnings are subject to fluctuations in currency exchange rates. We do not engage in foreign currency hedging arrangements and, consequently, foreign currency fluctuations may adversely affect our revenues and

earnings. Should we choose to engage in hedging activities in the future we cannot be assured our hedges will be effective or that the costs of the hedges will exceed their benefits. Fluctuations in the rate of exchange between the US dollar and foreign currencies, primarily the British pound and Canadian dollar, could adversely affect our financial results.

Fluctuations in the US unemployment rates could result in declines in revenue from processing insurance cars.

Increases in unemployment may lead to an increase in the number of uninsured motorists. Uninsured motorists are responsible for disposition of their vehicle if involved in an accident. Disposition generally is either the repair or disposal of the vehicle. In the situation where the owner of the wrecked vehicle, and not an insurance company, is responsible for its disposition, we believe it is more likely that vehicle will be repaired or, if disposed, disposed through channels other than us.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth information concerning the number of shares of its common stock purchased by the Company during the six months ended January 31, 2011.

Period Total
Number
of Shares
Purchased Average
Price Paid
Per Share Total Number of
Shares Purchased
as Part of Publicly
Announced Program Maximum Number
of Shares That May
Yet Be Purchased
Under the Program

Balance at July 31, 2010 -- -- -- 15,229,280

August 1, 2010 through August 31, 2010 -- -- -- 15,229,280

September 1 2010 through September 30, 2010 574,500 $ 33.30 574,500 14,654,780

October 1, 2010 through October 31, 2010 1,675,326 $ 33.77 1,675,326 12,979,454

November 1, 2010 through November 30, 2010 -- -- -- 12,979,454

December 1, 2010 through December 31, 2010 -- -- -- 12,979,454

January 1, 2011 through January 31, 2011 12,172,088 $ 38.00 -- 12,979,454

Total 14,421,914 $ 37.32 2,249,826 12,979,454

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. REMOVED AND RESERVED

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

(a) Exhibits

31.1 Certification of A. Jayson Adair, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 Certification of William E. Franklin, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1 Certification of A. Jayson Adair, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2 Certification of William E. Franklin, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

COPART, INC.

/s/ William E. Franklin

William E. Franklin, Senior Vice President and Chief
Financial Officer (duly authorized officer and principal
financial and accounting officer)

Date: March 4, 2011

EX-31.1 2 d27785_ex31-1.htm EX-31.1 HTML

EXHIBIT 31.1


CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, A. Jayson Adair, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Copart, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

			Date: March 4, 2011

			/s/ A. Jayson Adair
			A. Jayson Adair
			Chief Executive Officer

EX-31.2 3 d27785_ex31-2.htm EX-31.2 HTML

EXHIBIT 31.2


CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William E. Franklin, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Copart, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

			Date: March 4, 2011

			/s/ William E. Franklin
			William E. Franklin
			Senior Vice President and Chief Financial Officer

EX-32.1 4 d27785_ex32-1.htm EX-32.1 HTML

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, A. Jayson Adair, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Copart, Inc. on Form 10-Q for the quarter ended January 31, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that, the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and result of operations of Copart, Inc.

/s/ A. Jayson Adair

A. Jayson Adair

Chief Executive Officer

Date: March 4, 2011

A signed original of this written statement required by Section 906 has been provided to Copart, Inc. and will be retained by Copart, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 5 d27785_ex32-2.htm EX-32.2 HTML

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, William E. Franklin, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Copart, Inc. on Form 10-Q for the quarter ended January 31, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that, the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and result of operations of Copart, Inc.

/s/ William E. Franklin

William E. Franklin

Senior Vice President and Chief Financial Officer

Date: March 4, 2011

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<div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 6 - Share-based Compensation The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the award. The following is a summary of option activity for the Company's stock options for the six months ended January 31, 2011: <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 528.0pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 176.8pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.55pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 13.75pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.55pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 13.75pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.55pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 13.75pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.3pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Shares </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Weighted- average Exercise Price </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Weighted-average Remaining Contractual Term </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Aggregate Intrinsic Value </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> (in 000s) </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> (in 000s) </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Outstanding at July 31, 2010</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">8,052 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">29.07 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Grants of options</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">337 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">33.13 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Exercises</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">(224 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">20.36 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Forfeitures or expirations</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">(71 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">34.14 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Outstanding at January 31, 2011</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">8,094 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">29.44 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">7.21 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">79,532 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Exercisable at January 31, 2011</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">3,989 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">27.18 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">6.13 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">48,232 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> </table> The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of our common stock for the 7,938,279 options that were in-the-money at January 31, 2011. As set forth in the table below, the stock-based compensation expense recognized during the three months ended January 31, 2011 was $4.5 million, compared to $4.6 million during the three months ended January 31, 2010 and $9.1 million for the six months ended January 31, 2011 compared to $8.9 million during the six months ended January 31, 2010. <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 480.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 139.35pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 1.05pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 59.4pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 58.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 1.85pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 11.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 0.95pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 60.45pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 60.45pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 0.7pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 4.65pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Three Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="13" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Six Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; ">General and Administrative</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">4,230 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">4,323 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">8,561 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">8,329 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; background-color: white; color: black; text-indent: -6pt; padding-left: 12pt; ">Yard operations</td> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; padding-left: 12pt; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td colspan="4" style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">249 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td colspan="4" style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">275 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td colspan="4" style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">555 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">554 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">4,479 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">4,598 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">9,116 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">8,883 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; "> </td> </tr> </table> There were no material compensation costs capitalized as part of the cost of an asset as of January 31, 2011 and 2010. In April 2009, the Compensation Committee of the Company's Board of Directors, following shareholder approval of proposed grants at a special meeting of shareholders, approved the grant to each of Willis J. Johnson, the Company's Chairman (and then Chief Executive Officer), and A. Jayson Adair, the Company's Chief Executive Officer (and then President), of nonqualified stock options to purchase 2,000,000 shares of the Company's common stock at an exercise price of $30.21 per share, which equaled the closing price of the Company's common stock on April 14, 2009, the effective date of grant. Such grants were made in lieu of any cash salary or bonus compensation in excess of $1.00 per year or the grant of any additional equity incentives for a five-year period. Each option will become exercisable over five years, subject to continued service by the executive, with twenty percent (20%) vesting on April 14, 2010, and the balance vesting monthly over the subsequent four years.  Each option will become fully vested, assuming continued service, on April 14, 2014, the fifth anniversary of the date of grant. If, prior to a change in control, either executive's employment is terminated without cause, then one hundred percent (100%) of the shares subject to that executive's stock option will immediately vest.  If, upon or following a change in control, either the Company or a successor entity terminates the executive's service without cause, or the executive resigns for good reason (as defined in the option agreement), then one hundred percent (100%) of the shares subject to his stock option will immediately vest. The value of each option at the date of grant was $13.04. The total compensation expense to be recognized by the Company over the five year estimated service period is approximately $26.1 million per grant. </div>

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This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 falsefalseRestructuring12RestructuringUnKnownUnKnownUnKnownUnKnownfalsetrue XML 13 R11.xml IDEA: Share-Based Compensation 2.2.0.25falsefalse11 - Disclosure - Share-Based Compensationtruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ShareBasedCompensationAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseShare-based Compensation [Abstract]3false0us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 6 - Share-based Compensation The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the award. The following is a summary of option activity for the Company's stock options for the six months ended January 31, 2011: <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 528.0pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 176.8pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.55pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 13.75pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.55pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 13.75pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.55pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 13.75pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.3pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Shares </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Weighted- average Exercise Price </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Weighted-average Remaining Contractual Term </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Aggregate Intrinsic Value </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> (in 000s) </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> (in 000s) </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Outstanding at July 31, 2010</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">8,052 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">29.07 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Grants of options</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">337 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">33.13 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Exercises</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">(224 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">20.36 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Forfeitures or expirations</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">(71 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">34.14 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; " width="0"> </td> <td style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: right; vertical-align: bottom; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Outstanding at January 31, 2011</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">8,094 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">29.44 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">7.21 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">79,532 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Exercisable at January 31, 2011</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">3,989 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">27.18 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">6.13 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">48,232 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> </table> The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of our common stock for the 7,938,279 options that were in-the-money at January 31, 2011. As set forth in the table below, the stock-based compensation expense recognized during the three months ended January 31, 2011 was $4.5 million, compared to $4.6 million during the three months ended January 31, 2010 and $9.1 million for the six months ended January 31, 2011 compared to $8.9 million during the six months ended January 31, 2010. <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 480.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 139.35pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 1.05pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 59.4pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 58.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 1.85pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 11.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 0.95pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 60.45pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 60.45pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 0.7pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 4.65pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Three Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="13" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Six Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; ">General and Administrative</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">4,230 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">4,323 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">8,561 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">8,329 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; background-color: white; color: black; text-indent: -6pt; padding-left: 12pt; ">Yard operations</td> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; padding-left: 12pt; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td colspan="4" style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">249 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td colspan="4" style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">275 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td colspan="4" style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">555 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">554 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">4,479 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">4,598 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" colspan="4" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">9,116 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">8,883 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="4" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; "> </td> </tr> </table> There were no material compensation costs capitalized as part of the cost of an asset as of January 31, 2011 and 2010. In April 2009, the Compensation Committee of the Company's Board of Directors, following shareholder approval of proposed grants at a special meeting of shareholders, approved the grant to each of Willis J. Johnson, the Company's Chairman (and then Chief Executive Officer), and A. Jayson Adair, the Company's Chief Executive Officer (and then President), of nonqualified stock options to purchase 2,000,000 shares of the Company's common stock at an exercise price of $30.21 per share, which equaled the closing price of the Company's common stock on April 14, 2009, the effective date of grant. Such grants were made in lieu of any cash salary or bonus compensation in excess of $1.00 per year or the grant of any additional equity incentives for a five-year period. Each option will become exercisable over five years, subject to continued service by the executive, with twenty percent (20%) vesting on April 14, 2010, and the balance vesting monthly over the subsequent four years.  Each option will become fully vested, assuming continued service, on April 14, 2014, the fifth anniversary of the date of grant. If, prior to a change in control, either executive's employment is terminated without cause, then one hundred percent (100%) of the shares subject to that executive's stock option will immediately vest.  If, upon or following a change in control, either the Company or a successor entity terminates the executive's service without cause, or the executive resigns for good reason (as defined in the option agreement), then one hundred percent (100%) of the shares subject to his stock option will immediately vest. The value of each option at the date of grant was $13.04. The total compensation expense to be recognized by the Company over the five year estimated service period is approximately $26.1 million per grant. </div> NOTE 6 - Share-based Compensation The Company recognizes compensation expense for stock option awards on afalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 falsefalseShare-Based Compensation12Share-Based CompensationUnKnownUnKnownUnKnownUnKnownfalsetrue XML 14 R10.xml IDEA: Goodwill and Intangible Assets 2.2.0.25falsefalse10 - Disclosure - Goodwill and Intangible Assetstruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cprt_GoodwillAndIntangibleAssetsAbstractcprtfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseGoodwill And Intangible Assets [Abstract]3false0us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 5 - Goodwill and Intangible Assets The following table sets forth amortizable intangible assets by major asset class as of the dates indicated (in thousands): <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 397.0pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 223.35pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 62.3pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 13pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 62.3pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> January 31, 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> July 31, 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Amortized intangibles:</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; text-indent: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; background-color: white; color: black; text-indent: -6pt; padding-left: 12pt; ">Covenants not to compete</td> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; padding-left: 12pt; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">10,697 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">10,697 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; ">Supply contracts</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">22,728 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">22,365 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; background-color: white; color: black; text-indent: -6pt; padding-left: 12pt; ">Software</td> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; padding-left: 12pt; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">657 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">626 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; ">Licenses and databases</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">1,330 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">1,317 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; background-color: white; color: black; text-indent: -6pt; padding-left: 12pt; ">Accumulated amortization</td> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; padding-left: 12pt; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">(24,576 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">(21,989 </td> <td style=" color: black; line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Net intangibles</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">10,836 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">13,016 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> </table> Aggregate amortization expense on amortizable intangible assets was $1.0 million for the three months ended January 31, 2011 and 2010, and $2.3 million and $2.1 million for the six months ended January 31, 2011 and 2010, respectively. The change in the carrying amount of goodwill is as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 402.2pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 320.2pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 45.4pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Balance as of July 31, 2010</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">175,870 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Goodwill recorded during the period</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">972 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Effect of foreign currency exchange rates</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; border-bottom: 1pt black solid; text-align: right; ">1,040 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Balance as of January 31, 2011</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; border-bottom: 2pt black double; text-align: right; ">177,882 </td> <td style=" color: black; line-height: 1.3; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> </table> </div> NOTE 5 - Goodwill and Intangible Assets The following table sets forth amortizable intangible assets by major falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDiscloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 falsefalseGoodwill and Intangible Assets12Goodwill and Intangible AssetsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 15 R8.xml IDEA: Vehicle Pooling Costs 2.2.0.25falsefalse08 - Disclosure - Vehicle Pooling Coststruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cprt_DisclosureVehiclePoolingCostAbstractcprtfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseDisclosure Vehicle Pooling Cost [Abstract]3false0cprt_DisclosureVehiclePoolingCostTextBlockcprtfalsenadurationDescription containing vehicle pooling costs of the reporting entity.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 3 - Vehicle Pooling Costs The Company defers in vehicle pooling costs certain yard operation expenses associated with vehicles consigned to and received by the Company but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are certain facility costs, labor, transportation, and vehicle processing. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed as vehicles are sold in the subsequent periods on an average cost basis. </div> NOTE 3 - Vehicle Pooling Costs The Company defers in vehicle pooling costs certain yard operation expensesfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing vehicle pooling costs of the reporting entity.No authoritative reference available.falsefalseVehicle Pooling Costs12Vehicle Pooling CostsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 16 R18.xml IDEA: Credit Facility 2.2.0.25falsefalse18 - Disclosure - Credit Facilitytruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_LineOfCreditFacilityAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseLine of Credit Facility [Abstract]3false0us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 13 - Credit Facility On December 14, 2010, the Company entered into an Amended and Restated Credit Facility Agreement (Credit Facility), which supersedes the Company's previously disclosed credit agreement with Bank of America, N.A. (Bank of America). The Credit Facility is an unsecured credit agreement providing for (i) a $100.0 million Revolving Credit Facility, including a $100.0 million alternative currency borrowing sublimit and a $50.0 million letter of credit sublimit (the Revolving Credit) and (ii) a term loan facility of $400.0 million (Term Loan). On January 14, 2011 the full $400.0 million provided under the Term Loan was borrowed. The Term Loan matures and all outstanding borrowings are due on December 14, 2015, with quarterly payments of $12.5 million in principal plus interest to be made beginning March 31, 2011 through the maturity date. All amounts borrowed under the Term Loan may be prepaid without premium or penalty. Amounts borrowed under the Credit Facility bear interest, subject to certain restrictions, at a fluctuating rate based on (i) the Eurocurrency Rate, (ii) the Federal Funds Rate or (iii) the Prime Rate as described in the Credit Facility. A default interest rate applies on all obligations during an event of default under the credit facility, at a rate per annum equal to 2.0% above the otherwise applicable interest rate. At the end of the period the interest rate was the Eurocurrency Rate plus 1.50%. The Credit Facility is guaranteed by the Company's material domestic subsidiaries. Amounts borrowed under the Revolving Credit may be repaid and reborrowed until the maturity date, which is December 14, 2015. The Credit Facility requires the Company to pay a commitment fee on the unused portion of the Revolving Credit. The commitment fee ranges from 0.075% to 0.125% per annum depending on the Company's leverage ratio, as of the end on the previous quarter. The Company had no outstanding borrowings under the Revolving Credit at the end of the period. The Credit Facility also includes certain restrictive covenants. The Company is in compliance with all restrictive covenants and limitations as of January 31, 2011. Please refer to the commercial commitment table in the Lease, Purchase, and Other Contractual Obligations section for the payment schedule. </div> NOTE 13 - Credit Facility On December 14, 2010, the Company entered into an Amended and Restated Credit Facility AgreementfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure pertaining to short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 falsefalseCredit Facility12Credit FacilityUnKnownUnKnownUnKnownUnKnownfalsetrue XML 17 R12.xml IDEA: Common Stock Repurchases 2.2.0.25falsefalse12 - Disclosure - Common Stock Repurchasestruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cprt_CommonStockRepurchasesAbstractcprtfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCommon Stock Repurchases [Abstract]3false0cprt_DisclosureOfCommonStockRepurchasesTextBlockcprtfalsenadurationDiscloses the description and schedule of stock repurchase program.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 7 - Common Stock Repurchases In October 2007, the Company's Board of Directors approved a 20 million share increase in the Company's stock repurchase program, bringing the total then number of shares authorized for repurchase to 29 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the share repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company repurchased 2,249,826 shares at a weighted average price of $33.65 per share totaling $75.7 million under the repurchase program during the six months ended January 31, 2011. The Company did not repurchase any shares for the six months ended January 31, 2010. The total number of shares repurchased under the program as of January 31, 2011 was approximately 16 million, leaving approximately 13 million available for repurchase by the Company under the repurchase program. Additionally, on January 14, 2011, the Company completed a tender offer to purchase up to 10,526,315 shares of its common stock at a price of $38.00 per share. In connection with the tender offer, the Company accepted for purchase 12,172,088 shares of its common stock. The shares accepted for purchase are comprised of the 10,526,315 shares the Company offered to purchase and an additional 1,645,773 shares purchased pursuant to the Company's right to purchase additional shares up to 2% of its outstanding shares. The shares purchased as a result of the tender offer are not part of the Company's repurchase program. The earnings per share impact of the repurchased shares on the weighted average of common shares outstanding for the three and six months ended January 31, 2011 is approximately $0.01. In the first quarter of fiscal year 2010, Mr. Adair, Chief Executive Officer (and then President), exercised stock options through cashless exercises. In the fourth quarter of fiscal year 2010, Mr. Johnson, Chairman of the Board, exercised stock options through a cashless exercise. In the second quarter of fiscal year 2011 certain executive officers exercised stock options through cashless exercises. A portion of the options exercised were net settled in satisfaction of the exercise price and federal and state minimum statutory tax withholding requirements. Approximately $8.2 million was remitted to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements. The exercises are summarized in the following table: <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 554.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 31.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 110.9pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 47.4pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 42.95pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 57.85pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 58.35pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 42.95pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 56.05pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 56.05pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> Period </td> <td style="text-align: left; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Options Exercised </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Exercise Price </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Shares Net Settled for Exercise </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; border-bottom: 1pt black solid; "> Shares Withheld for Taxes (1) </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Net Shares to Employee </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Average Share Price for Withholding </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Tax Withholding (in 000's) </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="4" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">FY 2010-Q1</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">323,631 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">13.03 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">114,354 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">95,746 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">113,531 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">36.89 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">3,532 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: top; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="4" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">FY 2010-Q4</td> <td style="text-align: left; vertical-align: top; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">350,000 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">12.91 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">122,922 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">105,827 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">121,251 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">36.76 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: right; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; text-align: right; ">3,890 </td> <td style=" color: black; line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="4" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">FY 2011-Q2</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">88,750 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">16.93 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">38,025 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">18,917 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">31,808 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">39.51 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: right; vertical-align: bottom; line-height: 1.3; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; text-align: right; ">748 </td> <td bgcolor="#cceeff" style=" line-height: 1.3; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> </table> (1)Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program. </div> NOTE 7 - Common Stock Repurchases In October 2007, the Company's Board of Directors approved a 20 millionfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDiscloses the description and schedule of stock repurchase program.No authoritative reference available.falsefalseCommon Stock Repurchases12Common Stock RepurchasesUnKnownUnKnownUnKnownUnKnownfalsetrue XML 18 R3.xml IDEA: Consolidated Balance Sheets (Parenthetical) 2.2.0.25falsefalse03 - Statement - Consolidated Balance Sheets (Parenthetical)truefalseIn Thousandsfalse1falsefalseUSDfalsefalse1/31/2011 USD ($) USD ($) / shares $Context_As_Of_31-Jan-2011http://www.sec.gov/CIK0000900075instant2011-01-31T00:00:000001-01-01T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse7/31/2010 USD ($) USD ($) / shares $Context_As_Of_31-Jul-2010http://www.sec.gov/CIK0000900075instant2010-07-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_StatementOfFinancialPositionAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseStatement of Financial Position [Abstract]3false0us-gaap_CommonStockNoParValueus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  falsefalsefalsefalsefalse2falsefalsefalse00  falsefalsefalsefalsefalseEPSus-types:perShareItemTypedecimalIssuance value per share of no-par value common stock; generally not indicative of the fair market value per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsetrueCommon stock, no par value (in dollars per share)4false0us-gaap_CommonStockSharesAuthorizedus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse180000000180000falsefalsefalsefalsefalse2truefalsefalse180000000180000falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsefalseCommon stock, shares authorized5false0us-gaap_CommonStockSharesIssuedus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse7019900070199falsefalsefalsefalsefalse2truefalsefalse8436300084363falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsefalseCommon stock, shares issued6false0us-gaap_CommonStockSharesOutstandingus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse7019900070199falsefalsefalsefalsefalse2truefalsefalse8436300084363falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesTotal number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. 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Does not include common shares that have been repurchased.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsefalseCommon stock, shares outstanding25Consolidated Balance Sheets (Parenthetical) (USD $)UnKnownThousandsUnKnownUnKnownfalsetrue XML 19 R14.xml IDEA: Comprehensive Income 2.2.0.25falsefalse14 - Disclosure - Comprehensive Incometruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ComprehensiveIncomeNoteAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseComprehensive Income Note [Abstract]3false0us-gaap_ComprehensiveIncomeNoteTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 9 - Comprehensive Income The following table reconciles net income to comprehensive income (in thousands): <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 554.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 206.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 60.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 60.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 60.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 12.6pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 65.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Three Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Six Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Net income, as reported</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">37,893 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">35,733 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">75,719 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">71,005 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Other comprehensive (loss) gain:</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Foreign currency translation adjustments, net of tax effects</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">(1,091 </td> <td bgcolor="#cceeff" style=" border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">(4,397 </td> <td bgcolor="#cceeff" style=" border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">3,167 </td> <td bgcolor="#cceeff" style=" border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">(2,857 </td> <td bgcolor="#cceeff" style=" border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; ">) </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Total other comprehensive income</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">36,802 </td> <td style=" color: black; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">31,336 </td> <td style=" color: black; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">78,886 </td> <td style=" color: black; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">68,148 </td> <td style=" color: black; border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> </table> </div> NOTE 9 - Comprehensive Income The following table reconciles net income to comprehensive income (in falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14-26 falsefalseComprehensive Income12Comprehensive IncomeUnKnownUnKnownUnKnownUnKnownfalsetrue XML 20 R15.xml IDEA: Recent Accounting Pronouncements 2.2.0.25falsefalse15 - Disclosure - Recent Accounting Pronouncementstruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseNew Accounting Pronouncements and Changes in Accounting Principles [Abstract]3false0us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 10 - Recent Accounting Pronouncements As discussed in Note 1, on August 1, 2010 the Company adopted ASU No. 2009-13. ASU 2009-13 addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services separately rather than as a combined unit and modifies the manner in which the transaction consideration is allocated across the separately identified deliverables. The Company prospectively adopted the standard and applied it to its revenue arrangements containing multiple deliverables. </div> NOTE 10 - Recent Accounting Pronouncements As discussed in Note 1, on August 1, 2010 the Company adopted ASU falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringRepresents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 2, 17, 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 01 -Paragraph b -Subparagraph 6 -Article 10 falsefalseRecent Accounting Pronouncements12Recent Accounting PronouncementsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 21 R4.xml IDEA: Consolidated Statements of Income 2.2.0.25falsefalse04 - Statement - Consolidated Statements of IncometruefalseIn Thousands, except Per Share datafalse1falsefalseUSDfalsefalse11/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_3ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-11-01T00:00:002011-01-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse11/1/2009 - 1/31/2010 USD ($) USD ($) / shares $Context_3ME_31-Jan-2010http://www.sec.gov/CIK0000900075duration2009-11-01T00:00:002010-01-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$3falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares 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(FAS) -Number 128 -Paragraph 8 falsefalseWeighted average common shares and dilutive potential common shares outstanding (in shares)424Consolidated Statements of Income (USD $)ThousandsThousandsNoRoundingUnKnownfalsetrue XML 22 R16.xml IDEA: Legal Proceedings and Other Matters 2.2.0.25falsefalse16 - Disclosure - Legal Proceedings and Other Matterstruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cprt_LegalMattersAndContingenciesAbstractcprtfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseLegal Matters And Contingencies [Abstract]3false0us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 11 - Legal Proceedings and Other Matters The Company is involved in litigation and damage claims arising in the ordinary course of business, such as actions related to injuries, property damage, and handling or disposal of vehicles. This litigation includes the following matters: On November 20, 2007, Car Auction & Reinsurance Solutions, Inc. (CARS) filed suit against Copart in the Superior Court in the County of New Castle, Delaware. CARS is seeking in excess of $1.0 million in damages, punitive damages, and prejudgment interest related to allegations involving breach of contract and misrepresentation. The Company believes the claim is without merit and is defending the lawsuit vigorously. The Company provides for costs relating to these matters when a loss is probable and the amount can be reasonably estimated. When a range of outcomes can be identified the Company will recognize an expense in the financials in an amount equal to the lower end of the range. The effect of the outcome of these matters on our future results of operations cannot be predicted because any such effect depends on future results of operations and the amount and timing of the resolution of such matters. The Company believes that any ultimate liability will not have a material effect on our consolidated financial position, results of operations or cash flows. However, the amount of the liabilities associated with these claims, if any, cannot be determined with certainty. The Company maintains insurance which may or may not provide coverage for claims made against us. There is no assurance that the Company will have insurance coverage available when and if needed. Additionally, the insurance that the Company carries requires that the Company pay for costs or claims exposure up to the amount of the insurance deductibles negotiated when insurance is purchased. During the quarter a state sales tax audit was initiated but has not been completed. During the preliminary phase of the audit the Company was advised that the state will take the position that sales from that state, which are otherwise nontaxable, are subject to the collection and remittance of sales tax solely because they are made to foreign (i.e., non-US) purchasers. The audit is not complete and no assessment has been made by the state. Nevertheless, the Company has received a legal opinion that based on state and federal law, as well as the documentation possessed by the Company, such sales to foreign purchasers should not be subject to sales tax. Accordingly, the Company believes that if a sales tax assessment is issued with respect to such foreign sales the assessment will eventually be removed or reversed in its entirety. While a negative outcome may have a material effect on the period during which it is resolved, the Company has concluded that a negative outcome is not probable and that an estimate of the amount of the possible loss or the range of possible loss cannot be made. </div> NOTE 11 - Legal Proceedings and Other Matters The Company is involved in litigation and damage claims arising in falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. 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font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 62.1pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 1.05pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 58.5pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 8.8pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Three Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Six Months Ended January 31, </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2011 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> 2010 </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; ">Basic weighted average shares outstanding</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">81,240 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">84,108 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">82,492 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">84,077 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; background-color: white; color: black; text-indent: -6pt; padding-left: 12pt; ">Effect of dilutive securities - stock options</td> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; padding-left: 12pt; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">715 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">819 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">688 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">860 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; text-indent: -6pt; padding-left: 12pt; ">Diluted weighted average shares outstanding</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 12pt; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">81,955 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">84,927 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">83,180 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; "> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">84,937 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; "> </td> </tr> </table> Excluded from the dilutive earnings per share calculation were 1,575,097 and 5,923,327 stock options for the three months ended January 31, 2011 and January 31, 2010, respectively, and 3,962,032 and 5,799,298 stock options for the six months ended January 31, 2011 and January 31, 2010, respectively, because their effect would have been anti-dilutive. </div> NOTE 4 - Net Income Per Share There were no adjustments to net income in calculating diluted net incomefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure pertaining to an entity's earnings per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 falsefalseNet Income Per Share12Net Income Per ShareUnKnownUnKnownUnKnownUnKnownfalsetrue XML 24 R6.xml IDEA: Description of Business and Summary of Significant Accounting Policies 2.2.0.25falsefalse06 - Disclosure - Description of Business and Summary of Significant Accounting Policiestruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cprt_DescriptionOfBusinessAndAccountingPoliciesAbstractcprtfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseDescription Of Business And Accounting Policies [Abstract]3false0cprt_OrganizationConsoliationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlockcprtfalsenadurationDescription containing the entire organization, consolidation and basis of presentation of financial statements disclosure,...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 1 - Description of Business and Summary of Significant Accounting Policies Description of Business The Company provides vehicle sellers with a full range of services to process and sell vehicles over the Internet through the Company's Virtual Bidding Second Generation (VB2) Internet auction-style sales technology. Sellers are primarily insurance companies but also include banks and financial institutions, charities, car dealerships, fleet operators, vehicle rental companies and the general public. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters; however at certain locations, the Company sells directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price. In the United States and Canada, or North America, the Company sells vehicles primarily as an agent and derives revenue primarily from fees paid by vehicle sellers and vehicle buyers as well as related fees for services such as towing and storage. In the United Kingdom, or UK, the Company operates both on a principal basis, purchasing the salvage vehicle outright from the insurance company and reselling the vehicle for its own account, and as an agent. Principles of Consolidation The consolidated financial statements of the Company include the accounts of the parent company and its wholly-owned subsidiaries, including its foreign wholly-owned subsidiaries, Copart Canada, Inc. (Copart Canada) and Copart Europe Limited (Copart Europe) which currently operates solely in the UK. Significant intercompany transactions and balances have been eliminated in consolidation. Copart Canada was incorporated in January 2003 and Copart Europe was incorporated in June 2007. In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (which are normal recurring accruals) necessary to present fairly its financial position as of January 31, 2011 and July 31, 2010, and its consolidated statements of income and cash flows for the three and six months ended January 31, 2011 and January 31, 2010. Interim results for the six months ended January 31, 2011 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2011. These consolidated financial statements have been prepared in accordance with the rules and regulations of the US Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2010. Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, vehicle pooling costs, self-insured reserves, allowance for doubtful accounts, income taxes, revenue recognition, share-based compensation, long-lived asset and goodwill impairment calculations and contingencies. Actual results could differ from those estimates. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies the provisions of the accounting standard for uncertain tax positions to its income taxes. For benefits to be realized, a tax position must be more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. Foreign Currency Translation The functional currency of the Company is the US dollar. The Canadian dollar and the British pound are the functional currencies of the Company's foreign subsidiaries, Copart Canada and Copart Europe, respectively, as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary's operations are translated into US dollars at period-end exchange rates, and revenues and expenses are translated into US dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary's financial statements are reported in other comprehensive income. Revenue Recognition The Company provides a portfolio of services to its sellers and buyers that facilitate the sale and delivery of a vehicle from seller to buyer. These services include the ability to use the Company's Internet sales technology and vehicle delivery, loading, title processing, preparation and storage. The Company evaluates multiple-element arrangements relative to its member and seller agreements. The services provided to the seller of a vehicle involve disposing of a vehicle on the seller's behalf and, under most of the Company's current North American contracts, collecting the proceeds from the member. Upon adoption of the new accounting standard for evaluating multiple-element arrangements as discussed below, pre-sale services, including towing, title processing, preparation and storage, sale fees and certain other enhancement service fees meet the criteria for separate units of accounting. The revenue associated with each service is recognized upon completion of the respective service, net of applicable rebates or allowances. For certain sellers who are charged a proportionate fee based on high bid of the vehicle, the revenue associated with the pre-sale services is recognized upon completion of the sale when the total arrangement is fixed and determinable. The selling price of each service is determined based on management's best estimate and allotted based on the relative selling price method. Vehicle sales, where vehicles are purchased and remarketed on our own behalf, are recognized on the sale date, which is typically the point of high bid acceptance. Upon high bid acceptance, a legal binding contract is formed with the member, and the gross sales price is recorded as revenue. The Company also provides a number of services to the buyer of the vehicle, charging a separate fee for each service. Each of these services has been assessed to determine whether the requirements have been met to separate them into units of accounting within a multiple-element arrangement. The Company has concluded that the sale and the post-sale services are separate units of accounting. The fees for sale services are recognized upon completion of the sale, and the fees for the post-sale services are recognized upon successful completion of those services using the relative selling price method. The Company also charges members an annual registration fee for the right to participate in its vehicle sales program, which is recognized ratably over the term of the arrangement, and relist and late-payment fees, which are recognized upon receipt of payment by the member. No provision for returns has been established, as all sales are final with no right of return, although the Company provides for bad debt expense in the case of non-performance by its members or sellers. In October 2009, the FASB amended the accounting standards for multiple deliverable revenue arrangements to:   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 554.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 20.15pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 20.15pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 463.7pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: middle; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: middle; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: middle; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">(i)</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">provide updated guidance on whether multiple deliverables exist, how the deliverables in an arrangement should be separated, and how the arrangement consideration should be allocated; </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; "> </td> </tr> </table>   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 554.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 20.15pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 20.15pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 463.7pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: middle; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: middle; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: middle; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">(ii)</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">require an entity to allocate consideration in an arrangement using its best estimate of selling prices (BSP) of deliverables if a vendor does not have vendor-specific objective evidence of selling price (VSOE) or third-party evidence of selling price (TPE); and </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; "> </td> </tr> </table>   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 554.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 20.15pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 20.15pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 463.7pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: middle; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: middle; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: middle; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">(iii)</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">eliminate the use of the residual method and require an entity to allocate arrangement consideration using the relative selling price method. </td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: top; padding-left: 0pt; line-height: 1.3; "> </td> </tr> </table> On August 1, 2010, the Company prospectively adopted Accounting Standard Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements (ASU 2009-13). Consequently, the Company recognizes in the period earned certain revenues, primarily towing fees, titling fees and other enhancement service fees, which were previously deferred until the period the car associated with those revenues was sold. As a result of this adoption, for the three months ended Janaury 31, 2011, the Company recognized approximately $3.6 million in additional service revenue and $3.4 million in additional yard operation expenses. For the six months ended January 31, 2011 the Company recognized approximately $12.7 million in service revenue and $12.2 million in yard operation expenses associated with that service revenue which would have otherwise been recognized in future periods. The Company allocates arrangement consideration based on the relative estimated selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Estimated selling prices, when VSOE and TPE are not available, are determined using management's best estimate. The adoption of ASU 2009-13 had no material impact on net income or net income per share. Significant inputs in the Company's estimates of the selling price of separate units of accounting include market and pricing trends, pricing customization and practices, and profit objectives for the services. Prior to the adoption, the Company used the residual method to allocate the arrangement consideration when the fair value of delivered items had not been established and deferred all arrangement consideration when fair value was not available for undelivered items. </div> NOTE 1 - Description of Business and Summary of Significant Accounting Policies Description of Business The Company providesfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. 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available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-42335000-42335falsefalsefalsefalsefalse2truefalsefalse-39847000-39847falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c falsefalsePurchases of property and equipment28false0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipmentus-gaaptruedebitdurationNo definition 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available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-16000-16falsefalsefalsefalsefalse2truefalsefalse-21367000-21367falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15, 17 falsefalsePurchases of assets and liabilities in connection with acquisition, net of cash acquired30false0us-gaap_NetCashProvidedByUsedInInvestingActivitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-22135000-22135falsefalsefalsefalsefalse2truefalsefalse-59503000-59503falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) from investing activity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet cash used in investing activities31true0us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCash flows from financing activities:32false0us-gaap_ProceedsFromStockOptionsExercisedus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse28610002861falsefalsefalsefalsefalse2truefalsefalse24790002479falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow associated with the amount received from holders exercising their stock options.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a falsefalseProceeds from the exercise of stock options33false0us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse10770001077falsefalsefalsefalsefalse2truefalsefalse10870001087falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards other than stock option exercises.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i falsefalseProceeds from the issuance of Employee Stock Purchase Plan shares34false0us-gaap_PaymentsForRepurchaseOfCommonStockus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-538997000-538997falsefalsefalsefalsefalse2truefalsefalse-3544000-3544falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow to reacquire common stock during the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a falsefalseRepurchase of common stock35false0us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse10430001043falsefalsefalsefalsefalse2truefalsefalse24490002449falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryReductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 00-15 -Paragraph 3 falsefalseExcess tax benefit from share-based payment arrangements36false0us-gaap_ProceedsFromIssuanceOfLongTermDebtus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse400000000400000falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph b falsefalseProceeds from issuance of debt37false0us-gaap_PaymentsOfDebtIssuanceCostsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-2023000-2023falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 95-13 falsefalseDebt issuance costs38false0us-gaap_NetCashProvidedByUsedInFinancingActivitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-136039000-136039falsefalsefalsefalsefalse2truefalsefalse24710002471falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) from financing activity for the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet cash (used in) provided by financing activities39false0us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse617000617falsefalsefalsefalsefalse2truefalsefalse827000827falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe effect of exchange rate changes on cash balances held in foreign currencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 25 falsefalseEffect of exchange rate changes on cash40false0us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-64234000-64234falsefalsefalsefalsefalse2truefalsefalse2659900026599falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change between the beginning and ending balance of cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet (decrease) increase in cash and cash equivalents41false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsetruefalsefalseperiodstartlabel1truefalsefalse268188000268188falsefalsefalsefalsefalse2truefalsefalse162691000162691falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents at beginning of period42false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsetruefalseperiodendlabel1truefalsefalse203954000203954falsefalsefalsefalsefalse2truefalsefalse189290000189290falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents at end of period43true0us-gaap_SupplementalCashFlowInformationAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseSupplemental disclosure of cash flow information:44false0us-gaap_InterestPaidus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse8000080falsefalsefalsefalsefalse2truefalsefalse163000163falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalizedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 falsefalseInterest paid45false0us-gaap_IncomeTaxesPaidus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse3881700038817falsetruefalsefalsefalse2truefalsefalse4574800045748falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 27 -Subparagraph f falsefalseIncome taxes paid241Consolidated Statements of Cash Flows (USD $)ThousandsUnKnownUnKnownUnKnownfalsetrue XML 26 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Deferred rent refers to the rent that has not yet been recognized. Generally, an entity records deferred rent when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The net change during the reporting period in the vehicle pooling costs due within one year (or one business cycle). No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Description containing vehicle pooling costs of the reporting entity. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Discloses the description and schedule of stock repurchase program. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Sum of the carrying amounts as of the balance sheet date of vehicle pooling costs, it comprises of certain yard operation expenses associated with vehicles consigned to and received by the reporting entity, but not sold. No authoritative reference available. No authoritative reference available. No authoritative reference available. The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold, retired and impaired during the reporting period. This element refers to the gain (loss). No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. XML 27 R13.xml IDEA: Segments and Other Geographic Reporting 2.2.0.25falsefalse13 - Disclosure - Segments and Other Geographic Reportingtruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 1/31/2011 USD ($) USD ($) / shares $Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cprt_SegmentReportingDisclosureAbstractcprtfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseSegment Reporting Disclosure [Abstract]3false0us-gaap_SegmentReportingDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 8 - Segments and Other Geographic Reporting The Company's North American region and its United Kingdom region are considered two separate operating segments, which have been aggregated into one reportable segment because they share similar economic characteristics. </div> NOTE 8 - Segments and Other Geographic Reporting The Company's North American region and its United Kingdom region are falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure of reporting segments including data and tables. 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Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.No authoritative reference available.truefalseTotal liabilities34false0us-gaap_CommitmentsAndContingencies2009us-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  falsefalsefalsefalsefalse2falsefalsefalse00  falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. 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$Context_6ME_31-Jan-2011http://www.sec.gov/CIK0000900075duration2010-08-01T00:00:002011-01-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_CashAndCashEquivalentsAtCarryingValueAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCash and Cash Equivalents, at Carrying Value [Abstract]3false0us-gaap_CashAndCashEquivalentsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00 <div style="font-weight: normal; font-size: 10pt; padding-left: 0pt; text-align: justify; text-decoration: none; padding-top: 2px; line-height: 1.3; "> NOTE 2 - Cash and Cash Equivalents Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level III) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures its investments, cash equivalents or marketable securities at fair value. Cash and cash equivalents are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. As of January 31, 2011, cash and cash equivalents include the following (in thousands): <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; text-align: center; width: 554.4pt; "> <tr> <td style="font-size: 1pt;"> </td> <td style="width: 148.35pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 59.3pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 14.85pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 59.3pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 14.85pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 59.25pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 14.8pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 59.25pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 14.8pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> <td style="width: 59.25pt; font-size: 1pt;"> </td> <td style="font-size: 1pt;"> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; background-color: white; color: black; line-height: 1.2; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Cost </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Unrealized Gains </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Unrealized Losses Less Than 12 Months </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Unrealized Losses 12 Months or Longer </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; width: 15px; "> </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; width: 15px; "> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> Estimated Fair Value </td> <td style="text-align: center; vertical-align: bottom; font-size: 8pt; padding-left: 0pt; background-color: white; color: black; line-height: 1.2; border-bottom: 1pt black solid; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Cash</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">66,743 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">- </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">- </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">- </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; text-align: right; ">66,743 </td> <td bgcolor="#cceeff" style=" vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td style="text-align: left; vertical-align: bottom; background-color: white; color: black; line-height: 1.3; "> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; line-height: 1.3; ">Money market funds</td> <td style="text-align: left; vertical-align: bottom; padding-left: 0pt; background-color: white; color: black; line-height: 1.3; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">137,211 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">- </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">- </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">- </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; "> </td> <td style="text-indent: 0pt; background-color: white; color: black; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td style=" color: black; text-align: right; vertical-align: bottom; border-bottom: 1pt black solid; text-indent: 0px; width: 15px; "> </td> <td style="padding-left: 0pt; text-indent: 0pt; background-color: white; color: black; vertical-align: bottom; border-bottom: 1pt black solid; text-align: right; ">137,211 </td> <td style=" color: black; border-bottom: 1pt black solid; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> <tr style="text-align: left; padding-left: 0pt; text-indent: 0pt; "> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; line-height: 1.3; "> </td> <td bgcolor="#cceeff" colspan="1" style="text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt; line-height: 1.3; ">Total</td> <td bgcolor="#cceeff" style="text-align: left; vertical-align: bottom; padding-left: 0pt; line-height: 1.3; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">203,954 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">- </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">- </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">- </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; width: 15px; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; " width="0"> </td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; text-align: right; vertical-align: bottom; "> </td> <td bgcolor="#cceeff" style="text-indent: 0pt; text-align: right; vertical-align: bottom; width: 15px; "> </td> <td bgcolor="#cceeff" style=" text-align: right; vertical-align: bottom; border-bottom: 2pt black double; text-indent: 0px; width: 15px; ">$</td> <td bgcolor="#cceeff" style="padding-left: 0pt; text-indent: 0pt; vertical-align: bottom; border-bottom: 2pt black double; text-align: right; ">203,954 </td> <td bgcolor="#cceeff" style=" border-bottom: 2pt black double; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; "> </td> </tr> </table> The Company invests its excess cash in money market funds. The Company's cash and cash equivalents are placed with high credit quality financial institutions. </div> NOTE 2 - Cash and Cash Equivalents Fair value is a market based measurement that should be determined based onfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThe entire cash and cash equivalents footnote disclosure, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. 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For benefits to be realized, a tax position must be more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. As of January 31, 2011, the total gross unrecognized tax benefits increased by approximately $1.7 million to $25.1 million, including interest and penalty. As of January 31, 2011, the gross amounts of the Company's liabilities for unrecognized tax benefits were classified as long term income taxes payable and as long term receivables, respectively, in the accompanying consolidated balance sheet. Over the next twelve months, the Company's existing positions will continue to generate an increase in liabilities for unrecognized tax benefits, as well as a likely decrease in liabilities as a result of the lapse of the applicable statute of limitations and the conclusion of income tax audits. The expected decrease in liabilities relating to unrecognized tax benefits will have a positive effect on the Company's consolidated results of operations and financial position when realized. The Company recognized interest and penalties related to uncertain tax positions in income tax expense. The amount of interest and penalties for the six months ended January 31, 2011 was approximately $1.1 million. The Company files income tax returns in the US federal jurisdiction, various states, Canada and the United Kingdom. The Company is currently under audit by the states of New Jersey, Connecticut and Florida for fiscal years 2006, 2007, 2008 and 2009. The Company is no longer subject to US federal and state income tax examination for fiscal years prior to 2007, with the exception of New Jersey. At this time, the Company does not believe that the outcome of any examination will have a material impact on the Company's consolidated results of operations and financial position. The Company has not provided US federal income and foreign withholding taxes from undistributed earnings of its foreign operations, including Copart Europe, because it plans to permanently reinvest the earnings of its foreign operations as of January 31, 2011. If these earnings were distributed, foreign tax credits may become available under current law to reduce or eliminate the resultant US income tax liability. </div> NOTE 12 - Income Taxes The Company applies the provisions of the accounting standard for uncertain taxfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 falsefalseIncome Taxes12Income TaxesUnKnownUnKnownUnKnownUnKnownfalsetrue


	California						94-2867490
	(State or other jurisdiction						(I.R.S. Employer
	of incorporation or organization)						Identification Number)


	Large accelerated filer x						Accelerated filer o

	Non-accelerated filer o						Smaller reporting company o
	(Do not check if a smaller reporting company)


	Description

	PART I - Financial Information						3

	Item 1 - Financial Statements						3
	Consolidated Balance Sheets						3
	Consolidated Statements of Income						4
	Consolidated Statements of Cash Flows						5
	Notes to Consolidated Financial Statements						6

	Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations						12
	Overview						13
	Acquisitions and New Operations						13
	Critical Accounting Policies and Estimates						14
	Results of Operations						18
	Liquidity and Capital Resources						21

	Item 3 - Quantitative and Qualitative Disclosures About Market Risk						23

	Item 4 - Controls and Procedures						24
	Evaluation of Disclosure Controls and Procedures						24
	Changes in Internal Controls						24

	PART II - Other Information						24

	Item 1 - Legal Proceedings						24
	Item 1A - Risk Factors						25
	Item 1B - Unresolved Staff Comments						33
	Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds						33
	Item 3 - Defaults Upon Senior Securities						33
	Item 4 - Removed and Reserved						33
	Item 5 - Other Information						33
	Item 6 - Exhibits						34
	Signatures						34


		January 31, 2011			July 31, 2010
ASSETS

Current assets:
Cash and cash equivalents	$	203,954		$	268,188
Accounts receivable, net		136,972			109,061
Vehicle pooling costs		20,148			29,890
Inventories		5,890			4,976
Income taxes receivable		4,585			10,958
Deferred income taxes		1,073			—
Prepaid expenses and other assets		19,731			14,342
Total current assets		392,353			437,415
Property and equipment, net		575,686			573,514
Intangibles, net		10,836			13,016
Goodwill		177,882			175,870
Deferred income taxes		10,904			10,213
Other assets		20,750			18,784
Total assets	$	1,188,411		$	1,228,812

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	101,428		$	93,740
Deferred revenue		6,963			10,642
Income taxes payable		1,846			1,314
Deferred income taxes		—			1,154
Short-term debt		50,656			374
Total current liabilities		160,893			107,224
Deferred income taxes		9,390			9,748
Income taxes payable		25,098			23,369
Long-term debt		350,474			601
Other liabilities		1,222			636
Total liabilities		547,077			141,578
Commitments and contingencies
Shareholders' equity:
Common stock, no par value - 180,000 shares authorized; 70,199 and 84,363 shares issued and outstanding at January 31, 2011 and July 31, 2010, respectively		316,482			365,507
Accumulated other comprehensive loss		(29,574	)		(32,741	)
Retained earnings		354,426			754,468
Total shareholders' equity		641,334			1,087,234
Total liabilities and shareholders' equity	$	1,188,411		$	1,228,812


		Three months ended January 31,						Six months ended January 31,
		2011			2010			2011			2010
Net sales and revenue:
Service revenues	$	173,742		$	149,468		$	353,322		$	303,233
Vehicle sales		33,638			27,133			66,725			58,830
Total service revenues and vehicle sales		207,380			176,601			420,047			362,063

Operating costs and expenses:
Yard operations		94,473			75,733			190,438			154,180
Cost of vehicle sales		27,002			22,181			55,208			46,610
General and administrative		25,710			25,455			54,611			51,547
Total operating costs and expenses		147,185			123,369			300,257			252,337
Operating income		60,195			53,232			119,790			109,726
Other income (expense):
Interest expense		(417	)		(21	)		(432	)		(164	)
Interest income		133			63			214			135
Other income (expense), net		806			(102	)		1,311			529
Total other income (expense)		522			(60	)		1,093			500
Income before income taxes		60,717			53,172			120,883			110,226
Income taxes		22,824			17,439			45,164			39,221
Net Income	$	37,893		$	35,733		$	75,719		$	71,005

Earnings per share-basic
Basic net income per share	$	0.47		$	0.42		$	0.92		$	0.84
Weighted average common shares outstanding		81,240			84,108			82,492			84,077

Earnings per share-diluted
Diluted net income per share	$	0.46		$	0.42		$	0.91		$	0.84
Weighted average common shares and dilutive potential common shares outstanding		81,955			84,927			83,180			84,937


				(i)			provide updated guidance on whether multiple deliverables exist, how the deliverables in an arrangement should be separated, and how the arrangement consideration should be allocated;


				(ii)			require an entity to allocate consideration in an arrangement using its best estimate of selling prices (BSP) of deliverables if a vendor does not have vendor-specific objective evidence of selling price (VSOE) or third-party evidence of selling price (TPE); and


				(iii)			eliminate the use of the residual method and require an entity to allocate arrangement consideration using the relative selling price method.


		Cost		Unrealized Gains		Unrealized Losses Less Than 12 Months		Unrealized Losses 12 Months or Longer		Estimated Fair Value
Cash	$	66,743	$	—	$	—	$	—	$	66,743
Money market funds		137,211		—		—		—		137,211
Total	$	203,954	$	—	$	—	$	—	$	203,954


	Three Months Ended January 31,		Six Months Ended January 31,
	2011	2010	2011	2010
Basic weighted average shares outstanding	81,240	84,108	82,492	84,077
Effect of dilutive securities - stock options	715	819	688	860
Diluted weighted average shares outstanding	81,955	84,927	83,180	84,937


		January 31, 2011			July 31, 2010
Amortized intangibles:
Covenants not to compete	$	10,697		$	10,697
Supply contracts		22,728			22,365
Software		657			626
Licenses and databases		1,330			1,317
Accumulated amortization		(24,576	)		(21,989	)
Net intangibles	$	10,836		$	13,016


Balance as of July 31, 2010	$	175,870
Goodwill recorded during the period		972
Effect of foreign currency exchange rates		1,040
Balance as of January 31, 2011	$	177,882


	Shares			Weighted- average Exercise Price	Weighted-average Remaining Contractual Term		Aggregate Intrinsic Value
	(in 000s)						(in 000s)
Outstanding at July 31, 2010	8,052		$	29.07
Grants of options	337		$	33.13
Exercises	(224	)	$	20.36
Forfeitures or expirations	(71	)	$	34.14

Outstanding at January 31, 2011	8,094		$	29.44	7.21	$	79,532

Exercisable at January 31, 2011	3,989		$	27.18	6.13	$	48,232


Period	Options Exercised		Exercise Price	Shares Net Settled for Exercise	Shares Withheld for Taxes ⁽¹⁾	Net Shares to Employee		Average Share Price for Withholding		Tax Withholding (in 000's)
FY 2010-Q1	323,631	$	13.03	114,354	95,746	113,531	$	36.89	$	3,532
FY 2010-Q4	350,000	$	12.91	122,922	105,827	121,251	$	36.76	$	3,890
FY 2011-Q2	88,750	$	16.93	38,025	18,917	31,808	$	39.51	$	748


		2011	Percentage of Revenue			2010	Percentage of Revenue
Service revenues	$	173,742	84	%	$	149,468	85	%
Vehicle sales		33,638	16	%		27,133	15	%
	$	207,380	100	%	$	176,601	100	%


		Payments Due By Period
Contractual Obligations		Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years		Other
Operating leases (1)	$	91,579	$	20,223	$	29,108	$	14,241	$	28,007	$	-
Capital leases (1)		763		340		391		32		-		-
Tax liabilities (2)		25,098		-		-		-		-		25,098
Total contractual obligations	$	117,440	$	20,563	$	29,499	$	14,273	$	28,007	$	25,098


		Amount of Commitment Expiration Per Period
Commercial Commitments (3)		Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years		Other
Term Loan	$	400,000	$	50,000	$	100,000	$	250,000	$	-	$	-
Letter of credit		6,675		6,675		-		-		-		-
Total commercial commitments	$	406,675	$	56,675	$	100,000	$	250,000	$	-	$	-


Period	Total Number of Shares Purchased		Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Program	Maximum Number of Shares That May Yet Be Purchased Under the Program
Balance at July 31, 2010	--		--	--	15,229,280
August 1, 2010 through August 31, 2010	--		--	--	15,229,280
September 1 2010 through September 30, 2010	574,500	$	33.30	574,500	14,654,780
October 1, 2010 through October 31, 2010	1,675,326	$	33.77	1,675,326	12,979,454
November 1, 2010 through November 30, 2010	--		--	--	12,979,454
December 1, 2010 through December 31, 2010	--		--	--	12,979,454
January 1, 2011 through January 31, 2011	12,172,088	$	38.00	--	12,979,454
Total	14,421,914	$	37.32	2,249,826	12,979,454



(a)	Exhibits

	31.1	Certification of A. Jayson Adair, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.2	Certification of William E. Franklin, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32.1	Certification of A. Jayson Adair, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	32.2	Certification of William E. Franklin, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


				COPART, INC.


				/s/ William E. Franklin
				William E. Franklin, Senior Vice President and Chief Financial Officer (duly authorized officer and principal financial and accounting officer)

	Date: March 4, 2011