NOTE 11 — SHAREHOLDERS’ EQUITY
During fiscal 2013, the Company completed both of the $100.0 million share repurchase programs approved by the Company’s Board of Directors in May 2012 and November 2011. In conjunction with the Company's share repurchase programs, 10b5-1 plans were executed that instruct the brokers selected by the Company to repurchase shares on behalf of the Company. The amount of common stock repurchased in accordance with the 10b5-1 plans on any given trading day is determined by a formula in the plan, which is based on the market price of the Company's common stock and average daily volumes. Shares repurchased by the Company are held in treasury for general corporate purposes, including issuances under equity incentive and benefit plans. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares.
The Company’s common share repurchase and issuance activity for fiscal 2013 and 2012 is summarized as follows:
|
| | | | | | |
| Shares | | Weighted-
average
price per
share |
Treasury stock balance at January 31, 2011 | 12,517,538 |
| | $ | 37.28 |
|
Shares of common stock repurchased under share repurchase programs | 6,736,436 |
| | 46.74 |
|
Shares of treasury stock reissued | (1,087,213 | ) | | |
Treasury stock balance at January 31, 2012 | 18,166,761 |
| | 40.71 |
|
Shares of common stock repurchased under share repurchase programs and other shares acquired | 3,878,548 |
| | 49.33 |
|
Shares of treasury stock reissued | (608,743 | ) | | |
Treasury stock balance at January 31, 2013 | 21,436,566 |
| | 42.26 |
|
