Stock Repurchase Program

The Company’s Board of Directors (Board) approved a stock repurchase program in 2002 pursuant to which the Company was authorized to purchase up to $500.0 million of its common stock, and has periodically replenished the stock repurchase program to such amount. The Board replenished the stock repurchase program up to $500.0 million on December 3, 2013, as announced on December 4, 2013. The program does not obligate Synopsys to acquire any particular amount of common stock, and the program may be suspended or terminated at any time by Synopsys’ Chief Financial Officer or the Board. The Company repurchases shares to offset dilution caused by ongoing stock issuances from existing equity plans for equity compensation awards and issuances related to acquisitions, and when management believes it is a good use of cash. Repurchases are transacted in accordance with Rule 10b-18 of the Securities Exchange Act of 1934 (Exchange Act) and may be made through any means including, but not limited to, open market purchases, plans executed under Rule 10b5-1(c) of the Exchange Act and structured transactions. As of October 31, 2014, $380.3 million remained available for further repurchases under the program, also refer to Note 15. Subsequent Events.

The following table summarizes stock repurchase activities as well as the reissuance of treasury stock for employee stock compensation purposes:



	Year Ended October 31,
	2014		2013		2012
	(in thousands, except per share price)
Shares repurchased	3,092		3,996		2,474
Average purchase price	$	38.72	$	36.29	$	29.64
Aggregate purchase price(1)	$	119,747	$	145,016	$	73,335
Reissuance of treasury stock	4,888		7,266		10,065


(1)	During the first quarter of fiscal 2012, a $33.3 million equity forward contract related to an accelerated share repurchase agreement entered into by the Company in September 2011 was settled with 1,105,457 shares of the Company’s common stock.