Shareholders' Equity

3 Months Ended

Nov. 30, 2013

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following details changes in shareholders’ equity during the respective periods:

	Common Stock				Additional Paid-in Capital									Accumulated Other Comprehensive Loss			Total Apollo Shareholders’ Equity			Non-Controlling Interests
	Class A		Class B					Treasury Stock Class A			Retained Earnings											Total Equity
	Stated Value		Stated Value
($ in thousands)								Cost
Balance as of August 31, 2013	$	103	$	1	$	—		$	(3,824,758	)	$	4,978,815		$	(36,563	)	$	1,117,598		$	411	$	1,118,009
Treasury stock purchases	—		—		—			(16,871		)	—			—			(16,871		)	—		(16,871		)
Treasury stock issued under stock purchase plans	—		—		(1,286		)	2,082			—			—			796			—		796
Treasury stock issued under stock incentive plans	—		—		(5,849		)	9,587			(3,738		)	—			—			—		—
Net tax effect for stock incentive plans	—		—		(4,838		)	—			—			—			(4,838		)	—		(4,838		)
Share-based compensation	—		—		11,973			—			—			—			11,973			—		11,973
Currency translation adjustment, net of tax	—		—		—			—			—			2,736			2,736			99		2,835
Net income	—		—		—			—			98,891			—			98,891			150		99,041
Balance as of November 30, 2013	$	103	$	1	$	—		$	(3,829,960	)	$	5,073,968		$	(33,827	)	$	1,210,285		$	660	$	1,210,945

	Common Stock				Additional Paid-in Capital			Treasury Stock Class A					Accumulated Other Comprehensive Loss			Total Apollo Shareholders’ Equity			Non-Controlling Interests (Deficit)
	Class A		Class B								Retained Earnings											Total Equity
	Stated Value		Stated Value
($ in thousands)								Cost
Balance as of August 31, 2012	$	103	$	1	$	93,770		$	(3,878,612	)	$	4,743,150	$	(30,034	)	$	928,378		$	(4,055	)	$	924,323
Treasury stock purchases	—		—		—			(3,472		)	—		—			(3,472		)	—			(3,472		)
Treasury stock issued under stock purchase plans	—		—		(936		)	2,049			—		—			1,113			—			1,113
Treasury stock issued under stock incentive plans	—		—		(15,046		)	15,046			—		—			—			—			—
Net tax effect for stock incentive plans	—		—		(4,823		)	—			—		—			(4,823		)	—			(4,823		)
Share-based compensation	—		—		16,889			—			—		—			16,889			—			16,889
Currency translation adjustment, net of tax	—		—		—			—			—		732			732			27			759
Purchase of noncontrolling interest	—		—		(48,543		)	—			—		(4,886		)	(53,429		)	4,929			(48,500		)
Net income	—		—		—			—			133,495		—			133,495			245			133,740
Balance as of November 30, 2012	$	103	$	1	$	41,311		$	(3,864,989	)	$	4,876,645	$	(34,188	)	$	1,018,883		$	1,146		$	1,020,029

The following details net income attributable to Apollo and transfers to noncontrolling interest during the respective periods:

	Three Months Ended November 30,
($ in thousands)	2013		2012
Net income attributable to Apollo	$	98,891	$	133,495
Transfer to noncontrolling interest:
Decrease in equity for purchase of The Carlyle Group interest in Apollo Global(1)	—		(48,543		)
Change from net income attributable to Apollo and transfer to noncontrolling interest	$	98,891	$	84,952

⁽¹⁾ Represents the difference between the fair value of the consideration paid to purchase the noncontrolling ownership interest in Apollo Global and the carrying amount of the noncontrolling interest acquired, and an adjustment to accumulated other comprehensive loss to reflect the change in Apollo’s proportionate interest.

Share Reissuances

During the three months ended November 30, 2013 and 2012, we issued 0.3 million and 0.4 million shares, respectively, of our Apollo Education Group Class A common stock from our treasury stock. These reissuances are a result of the release of shares covered by vested restricted stock units, stock option exercises and purchases under our employee stock purchase plan.

Share Repurchases

Our Board of Directors has authorized us to repurchase outstanding shares of Apollo Education Group Class A common stock from time to time depending on market conditions and other considerations. During fiscal year 2013, our Board of Directors authorized an increase in the amount available under our share repurchase program up to an aggregate amount of $250 million. There is no expiration date on the repurchase authorizations and repurchases occur at our discretion.

During the three months ended November 30, 2013, we repurchased 0.6 million shares of our Apollo Education Group Class A common stock at a total cost of $15.0 million, representing a weighted average purchase price of $26.02 per share. We did not repurchase shares of our Apollo Education Group Class A common stock during the three months ended November 30, 2012.

As of November 30, 2013, $235 million remained available under our share repurchase authorization. The amount and timing of future share repurchase authorizations and repurchases, if any, will be made as market and business conditions warrant. Repurchases may be made on the open market through various methods including but not limited to accelerated share repurchase programs, or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules, and may include repurchases pursuant to Securities and Exchange Commission Rule 10b5-1 nondiscretionary trading programs.

In connection with the release of vested shares of restricted stock, we repurchased 0.1 million shares of Class A common stock for $1.9 million and $3.5 million during the three months ended November 30, 2013 and 2012, respectively. These repurchases relate to tax withholding requirements on the restricted stock units and do not fall under the repurchase program described above.