Common Stock Repurchases

3 Months Ended

Oct. 31, 2011

Equity [Abstract]

Common Stock Repurchases

NOTE 7 - Common Stock Repurchases

On September 22, 2011, the Company’s board of directors approved a 20 million share increase in the Company’s stock repurchase program, bringing the total current authorization to 49 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 stock 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 1,069,898 shares of its common stock during the three months ended October 31, 2011, at a weighted average price of $40.73 per share totaling $43.6 million. The Company repurchased 2,249,826 shares of its common stock during the three months ended October 31, 2010 at a weighted average price of $33.65 per share totaling $75.7 million. The total number of shares repurchased under the program as of October 31, 2011 was 21,522,935 and 27,477,065 shares were available for repurchase under the 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 purchase of the shares of common stock was funded by the proceeds relating to the issuance of long term debt. The dilutive earnings per share impact of all repurchased shares on the weighted average number of common shares outstanding for the three months ended October 31, 2011 is less than $0.01.

In the second, third and fourth quarters of fiscal 2011, and the first quarter of fiscal 2012, 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 $4.2 million in fiscal year 2011 and $0.2 million in fiscal year 2012 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	Share Price for Withholding	Tax Withholding (in 000’s)
FY 2011-Q2	88,750	$16.93	38,025	18,917	31,808	$39.51	$748
FY 2011-Q3	274,167	$22.03	147,748	59,016	67,403	$40.80	$2,408
FY 2011-Q4	90,000	$18.95	38,198	24,183	27,619	$44.65	$1,080
FY 2012-Q1	20,000	$18.00	8,041	4,487	7,472	$44.77	$201

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