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Common Stock
12 Months Ended
Feb. 28, 2015
Equity [Abstract]  
Common Stock
Common Stock
On July 21, 2011, the Company’s Board of Directors authorized a share repurchase program (the “2011 Share Repurchase Program”) to repurchase up to 5,000,000 shares of the Company’s common stock outstanding through December 31, 2014. On January 3, 2013, the Company’s Board of Directors amended the 2011 Share Repurchase Program (the “2013 Amended Program”) and authorized the repurchase of an additional 5,000,000 shares of the Company’s common stock, which authorization shall expire on December 31, 2017.
The Company purchased 2,700,000 shares at an average price of $25.20 per share for an aggregate amount of $68.1 million in fiscal 2015. As of February 28, 2015, there were 1,205,000 shares remaining available to repurchase under the 2013 Amended Program.
On March 26, 2015, the Company’s Board of Directors amended the 2013 Amended Program (the “2015 Amended Program”) and authorized the repurchase of an additional 5,000,000 shares of the Company’s common stock, which authorization shall expire on December 31, 2018. As a result, as of March 26, 2015, there were 6,205,000 shares available for repurchase in the aggregate under the 2013 and 2015 Amended Programs.
As of February 28, 2015, the Company held 13,706,000 shares of its common stock as treasury shares at an average price of $19.84 per share for an aggregate carrying amount of $271.9 million. The Company’s treasury shares may be issued upon the exercise of employee stock options, under the Employee Stock Purchase Plan, in the form of restricted stock, or for other corporate purposes. The number of shares of common stock reserved to be issued upon the exercise of options, restricted stock, or other awards is limited as defined in the 2002 and Amended 2009 Incentive Plans. Further purchases will occur from time to time as market conditions warrant and as the Company deems appropriate when judged against other alternative uses of cash.
On January 15, 2015, the Company increased its quarterly cash dividend to $0.09 per share from $0.08 per share of the Company’s common stock. The Company declared dividends of $15.7 million, $14.2 million, and $12.5 million during fiscal 2015, 2014, and 2013, respectively. As of February 28, 2015 and March 1, 2014, dividends declared but not paid were $4.2 million and $3.9 million, respectively. Further declarations of dividends remain at the discretion of the Company’s Board of Directors.
On July 20, 2012, all of the Company’s shares of Class B common stock were converted on a one-for-one basis into an equal number of shares of Class A common stock in accordance with the terms of the Company’s Restated Articles of Incorporation, and the Company eliminated its dual class stock structure. The Company did not receive any proceeds from the conversion of the Class B shares, and the Company will not receive any proceeds from the sale of any Class A shares issued as a result of the conversion. Per the Company’s Restated Articles of Incorporation, as of the conversion, all Class B shares are no longer authorized.