Share Repurchase Program

9 Months Ended

May 31, 2016

Share Repurchase Program [Abstract]

Share Repurchase Program

3.Share Repurchase Program

In August 2015, the Company’s Board of Directors extended the Company’s share repurchase program, authorizing the Company to purchase up to $145 million of its outstanding shares of common stock to be repurchased through August 31, 2016.  The Board of Directors further extended the share repurchase program effective May 2016, authorizing the purchase of up to an additional $155 million of our outstanding shares of common stock through August 31, 2017.  Share repurchases may be made from time to time in the open market or otherwise, including through an accelerated share repurchase program, under terms of a Rule 10b5-1 plan, in privately negotiated transactions or in round lot or block transactions.  The share repurchase program may be extended, modified, suspended or discontinued at any time.

During the first nine months of fiscal year 2016, approximately 3.9 million shares were repurchased for a total cost of $110.8 million, resulting in an average price per share of $28.56. 

The total remaining amount authorized under the share repurchase program as of May 31, 2016 was $170.4 million.