Stockholders' Equity

12 Months Ended

Sep. 30, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

5. Stockholders’ Equity

Repurchase of Common Stock

Shares are repurchased from time to time to support the Company’s stock-based compensation programs and to return capital to stockholders. In November 2007, the Company’s Board of Directors authorized the repurchase of up to $35.0 million of the Company’s outstanding common stock in open-market transactions, private transactions, tender offers or other transactions. In addition, in May 2012, the Board of Directors authorized the repurchase of up to an additional $50.0 million of the Company’s outstanding common stock through open-market purchases, private transactions, block trades, accelerated share repurchase transactions, tender offers, or by any combination of such methods. Under the November 2007 and May 2012 authorizations, the Company had $55.3 million available for repurchases as of June 30, 2012. On August 6, 2012, the Company commenced a “modified Dutch auction” tender offer to purchase up to $55.0 million in value of its common stock at a price not greater than $19.00 and not less than $17.00 per share. The tender offer period expired on September 5, 2012, resulting in the repurchase of $55.0 million in value of common stock, consisting of 2,894,253 shares at a price of $19.00 per share. As of September 30, 2012, pursuant to the November 2007 authorization, the Company had used the entire amount authorized and repurchased a cumulative 1,303,240 shares at an average price of $26.86 per share. Under the May 2012 authorization, the Company has $0.3 million available for future share repurchases as of September 30, 2012. The repurchase authorization does not have a fixed expiration date. The Company accounts for repurchases of common stock using the par value method.

During fiscal 2012, the Company repurchased 2,894,253 shares of common stock for a total of $55.0 million under the November 2007 and May 2012 authorizations. During fiscal 2011, the Company did not repurchase any common stock.