
13.	Equity

Repurchases of L-3 Holdings common stock under the share repurchase programs, approved by the Board of Directors, are made from time to time at management’s discretion in accordance with applicable U.S. federal securities laws in the open market or otherwise. All share repurchases of L-3 Holdings common stock have been recorded as treasury shares. At July 1, 2011, the remaining dollar value under the $1 billion share repurchase program approved by L-3 Holdings’ Board of Directors on July 14, 2010 was $164 million. On April 26, 2011, L-3 Holdings’ Board of Directors approved a new share repurchase program that authorizes L-3 Holdings to repurchase up to an additional $1.5 billion of its outstanding shares of common stock through April 30, 2013. The entire amount authorized under the April 26, 2011 program remains available at July 1, 2011.

From July 2, 2011 through August 3, 2011, L-3 Holdings repurchased 587,992 shares of its common stock at an average price of $83.09 per share for an aggregate amount of $49 million.

On July 12, 2011, L-3 Holdings’ Board of Directors declared a quarterly cash dividend of $0.45 per share, payable on September 15, 2011 to shareholders of record at the close of business on August 17, 2011.