Shareholders' Equity

3 Months Ended

Nov. 30, 2011

Notes to Condensed Consolidated Financial Statements [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following tables detail changes in shareholders’ equity during the three months ended November 30, 2011 and 2010:

	Common Stock
	Class A		Class B		Additional Paid-in Capital			Treasury Stock Class A					Accumulated Other Comprehensive Loss			Total Apollo Shareholders’ Equity
	Stated Value		Stated Value								Retained Earnings								Non-controlling Interests			Total Equity
($ in thousands)								Cost
Balance as of August 31, 2011	$	103	$	1	$	68,724		$	(3,125,175	)	$	4,320,472	$	(23,761	)	$	1,240,364		$	3,625		$	1,243,989
Treasury stock purchases	—		—		—			(80,682		)	—		—			(80,682		)	—			(80,682		)
Treasury stock issued under stock purchase plans	—		—		(441		)	1,787			—		—			1,346			—			1,346
Treasury stock issued under stock incentive plans	—		—		(8,435		)	9,664			—		—			1,229			—			1,229
Tax effect for stock incentive plans	—		—		(1,384		)	—			—		—			(1,384		)	—			(1,384		)
Share-based compensation	—		—		20,892			—			—		—			20,892			—			20,892
Currency translation adjustment, net of tax	—		—		—			—			—		(7,363		)	(7,363		)	(994		)	(8,357		)
Net income (loss)	—		—		—			—			149,314		—			149,314			(2,030		)	147,284
Balance as of November 30, 2011	$	103	$	1	$	79,356		$	(3,194,406	)	$	4,469,786	$	(31,124	)	$	1,323,716		$	601		$	1,324,317
	Common Stock
	Class A		Class B		Additional Paid-in Capital			Treasury Stock Class A					Accumulated Other Comprehensive Loss			Total Apollo Shareholders’ Equity
	Stated Value		Stated Value								Retained Earnings								Non-controlling Interests			Total Equity
($ in thousands)								Cost
Balance as of August 31, 2010	$	103	$	1	$	46,865		$	(2,407,788	)	$	3,748,045	$	(31,176	)	$	1,356,050		$	32,690		$	1,388,740
Treasury stock purchases	—		—		—			(176,931		)	—		—			(176,931		)	—			(176,931		)
Treasury stock issued under stock purchase plans	—		—		(406		)	2,037			—		—			1,631			—			1,631
Treasury stock issued under stock incentive plans	—		—		(2,335		)	2,551			—		—			216			—			216
Tax effect for stock incentive plans	—		—		(1,052		)	—			—		—			(1,052		)	—			(1,052		)
Share-based compensation	—		—		15,032			—			—		—			15,032			—			15,032
Currency translation adjustment, net of tax	—		—		—			—			—		2,479			2,479			411			2,890
Net income	—		—		—			—			235,413		—			235,413			255			235,668
Balance as of November 30, 2010	$	103	$	1	$	58,104		$	(2,580,131	)	$	3,983,458	$	(28,697	)	$	1,432,838		$	33,356		$	1,466,194

Share Reissuances

During the three months ended November 30, 2011 and 2010, we issued approximately 0.2 million and 0.1 million shares, respectively, of our Apollo Group Class A common stock from our treasury stock as a result of stock option exercises, release of shares covered by vested restricted stock units, and purchases under our employee stock purchase plan.

Share Repurchases

Our Board of Directors has authorized us to repurchase outstanding shares of Apollo Group Class A common stock, from time to time, depending on market conditions and other considerations. During the first quarter of fiscal year 2012, our Board of Directors authorized an increase in the amount available under our share repurchase program up to an aggregate amount of $500 million. There is no expiration date on the repurchase authorizations and repurchases occur at our discretion.

We repurchased approximately 1.7 million and 4.7 million shares of our Apollo Group Class A common stock at a total cost of $78.2 million and $176.5 million during the three months ended November 30, 2011 and 2010, respectively. This represented weighted average purchase prices of $45.84 and $37.58 per share during the respective periods.

As of November 30, 2011, approximately $421.8 million remained available under our share repurchase authorization. The amount and timing of future share repurchase authorizations and repurchases, if any, will be made as market and business conditions warrant. Repurchases may be made on the open market through various methods including but not limited to accelerated share repurchase programs, or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules, and may include repurchases pursuant to Securities and Exchange Commission Rule 10b5-1 nondiscretionary trading programs.

In connection with the release of vested shares of restricted stock, we repurchased approximately 52,000 and 13,000 shares of Class A common stock for $2.4 million and $0.4 million during the three months ended November 30, 2011 and 2010, respectively. These repurchases relate to tax withholding requirements on the restricted stock units and do not fall under the repurchase program described above.