Note 8. Stock Repurchase Program

The Company’s Board of Directors (Board) previously approved a stock repurchase program 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 May 25, 2011. The Company repurchases shares to offset dilution caused by ongoing stock issuances from existing plans for equity compensation awards, 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, 2012, $272.4 million remained available for further repurchases under the program.

On September 30, 2011, the Company entered into an accelerated share repurchase agreement (the “September 2011 ASR”) to repurchase an aggregate of $75.0 million of the Company’s common stock. Pursuant to the September 2011 ASR, the Company made a prepayment of $75.0 million and received an initial share delivery of 1,710,376 shares of the Company’s common stock. The initial share delivery was valued at $41.7 million and was recorded as treasury stock in the consolidated balance sheet as of October 31, 2011. The remaining balance of $33.3 million was recorded as an equity forward contract, which is included in “Capital in excess of par value” in the consolidated balance sheet as of October 31, 2011. The equity forward contract was settled with 1,105,457 shares of the Company’s common stock during the first quarter of fiscal 2012. The average purchase price per share for this September 2011 ASR was $26.64.

On January 6, 2012, the Company entered into another accelerated share repurchase agreement (the “January 2012 ASR”) to repurchase an aggregate of $40.0 million of the Company’s common stock. The January equity forward contract was settled with 1,368,616 shares of the Company’s common stock during the second quarter of fiscal 2012. The average purchase price per share for this January 2012 ASR was $29.23.

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


	Year Ended October 31,
	2012		2011		2010
	(in thousands, except per share price)
Shares repurchased		2,474		15,144		8,236
Average purchase price	$	29.64	$	26.53	$	22.43
Aggregate purchase price(1)	$	73,335	$	401,836	$	184,699
Reissuance of treasury stock		10,065		9,973		9,770

(1)	Fiscal 2011 does not include $33.3 million equity forward contract related to the September 2011 ASR.