Classmates.com 2009 Annual Report Download - page 41
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Table of Contents
2009. From time to time, the Board of Directors has increased the amount authorized for repurchase under this program and has extended the
program. In April 2004, the Board of Directors authorized us to purchase up to an additional $100 million of our common stock under the
program, bringing the total amount authorized under the program to $200 million. In December 2009, the Board of Directors again further
extended the program through December 31, 2010. From August 2001 through December 31, 2009, we had repurchased $139.2 million of our
common stock under the program, leaving $60.8 million of authorization remaining under the program. We have not repurchased any shares of
our common stock under the program since February 2005.
Shares withheld upon the vesting of restricted stock units and restricted stock awards and upon the issuance of stock awards to pay
applicable employee withholding taxes are considered common stock repurchases, but are not counted as purchases against the program. Upon
vesting of restricted stock units or issuance of stock awards, we currently do not collect the applicable employee withholding taxes from
employees. Instead, we automatically withhold, from the restricted stock units that vest and from the stock awards that are issued, the portion of
those shares with a fair market value equal to the amount of the employee withholding taxes due, which is accounted for as a repurchase of
common stock. We then pay the applicable withholding taxes in cash.
Common stock repurchases during the quarter ended December 31, 2009 were as follows (in thousands, except per share amounts):
40
Period
Total Number of
Shares Purchased
Average Price
Paid per Share
Total Number of
Shares Purchased as
Part of a Publicly
Announced Program
Maximum Approximate
Dollar Value that
May Yet be Purchased
Under the Program
November 2009
199
$
8.15
—
$
60,782