Shareholders' Equity

9 Months Ended

Mar. 28, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

6. SHAREHOLDERS' EQUITY

Our Board of Directors has authorized a total of $2,885.0 million of share repurchases. We repurchased approximately 8.4 million shares of our common stock for $208.3 million during the first three quarters of fiscal 2012. As of March 28, 2012, approximately $239 million was available under our share repurchase authorizations. Our stock repurchase plan has been and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. In the future, we may consider additional share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures and planned investment and financing needs. During the first three quarters of fiscal 2012, approximately 1.3 million stock options were exercised resulting in cash proceeds of $27.9 million. Repurchased common stock is reflected as a reduction of shareholders' equity.

During the first three quarters of fiscal 2012, we paid dividends of $37.9 million to common stock shareholders, compared to $41.0 million in the prior year. Our Board of Directors approved a 14 percent increase in the quarterly dividend from $0.14 to $0.16 per share effective with the September 2011 dividend which was declared in August 2011. Additionally, we declared a quarterly dividend of $12.2 million in February 2012 to be paid on March 29, 2012.