Shareholders' Equity

12 Months Ended

Aug. 31, 2011

Notes to Consolidated Financial Statements [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share Reissuances

During fiscal years 2011, 2010 and 2009, we issued approximately 1.2 million, 1.1 million and 3.1 million shares, respectively, of our Apollo Group Class A common stock from our treasury stock as a result of stock option exercises, release of shares covered by vested restricted stock units, and purchases under our employee stock purchase plan.

Share Repurchases

Our Board of Directors has authorized us to repurchase outstanding shares of Apollo Group Class A common stock, from time to time, depending on market conditions and other considerations. During the second quarter of fiscal year 2011, our Board of Directors authorized an increase in the amount available under our share repurchase program up to an aggregate amount of $600 million of Apollo Group Class A common stock. There is no expiration date on the repurchase authorizations and repurchases occur at our discretion.

We repurchased approximately 18.3 million, 7.9 million and 7.2 million shares of our Apollo Group Class A common stock during fiscal years 2011, 2010 and 2009, respectively, at a total cost of $775.8 million, $439.3 million and $444.4 million during the respective fiscal years. This represented weighted average purchase prices of $42.30, $55.78 and $61.62 per share during the respective fiscal years.

As of August 31, 2011, approximately $0.7 million remained available under our share repurchase authorization. Subsequent to August 31, 2011, our Board of Directors authorized an increase in the amount available under our share repurchase program up to an aggregate amount of $500 million. 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 approximately 163,000, 149,000 and 119,000 shares of Class A common stock for $7.4 million, $7.1 million and $8.1 million during fiscal years 2011, 2010 and 2009, respectively. These repurchases relate to tax withholding requirements on the restricted stock units and are not part of the repurchase program described above.

Accumulated Other Comprehensive Loss

The following table summarizes the components of accumulated other comprehensive loss at August 31:

($ in thousands)	2011			2010
Foreign currency translation losses	$	(23,230	)	$	(30,182	)
Unrealized loss on marketable securities	(531		)	(994		)
Accumulated other comprehensive loss(1)	$	(23,761	)	$	(31,176	)

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⁽¹⁾  Accumulated other comprehensive loss is net of $0.4 million and $1.2 million of taxes as of August 31, 2011 and 2010, respectively. The tax effect on each component of other comprehensive income during fiscal years 2011, 2010 and 2009 is not significant.

The decrease in foreign currency translation losses is primarily the result of a general weakening of the U.S. dollar relative to foreign currencies during fiscal year 2011.