Electronic Arts 2016 Annual Report Download - page 108

The following table summarizes the number of shares repurchased in the fourth quarter of the fiscal year ended
March 31, 2016:
Fiscal Month
Total Number
of Shares
Purchased
Average Price
Paid per Share
Total Number of
Shares Purchased as
part of Publicly
Announced Programs
Maximum Dollar
Value that May
Still Be Purchased
Under the Programs
(in millions)
January 3 — January 30, 2016 ......... 577,061 $66.52 577,061 $ 634
January 31 — February 27, 2016 ....... 1,989,912 $60.36 1,989,912 $1,013
February 28 — April 2, 2016 .......... 7,374,038 $64.38 7,374,038 $ 539
9,941,011 $63.70 9,941,011
Transactions Related to our Convertible Notes and Convertible Note Hedge
During the quarter ended March 31, 2016, we issued, in the aggregate, 2,752,672 shares of our common stock to
holders of our 0.75% Convertible Senior Notes due 2016 (the “Convertible Notes”) that converted such
Convertible Notes prior to the quarter ended March 31, 2016 pursuant to their terms. These shares of common
stock were issued on multiple dates in January, February and March 2016 in reliance on Section 3(a)(9) of The
Securities Act of 1933, as amended.
During the quarter ending June 30, 2016, we expect to settle $27 million in cash and a number of shares of our
common stock equal in value to the excess conversion value. For example, based on the closing stock price of
our common stock of $65.92 at the end of the quarter ended March 31, 2016, approximately 0.4 million shares of
our common stock would be issuable to converting holders. The actual amount of shares issuable upon
conversion will be determined based upon the market price of our common stock during an observation period
following any conversion. For more information regarding the Convertible Notes and the conversion terms
thereof, please see “Note 12 — Financing Arrangement” to the Consolidated Financial Statements in this
Form 10-K.
In connection with the conversions of the Convertible Notes that were settled during the quarter ended
December 31, 2015, we exercised our option under privately negotiated convertible note hedge transactions (the
“Convertible Note Hedge”) to acquire 2,752,679 shares of our common stock. The counterparties to the
Convertible Note Hedge may be deemed “affiliated purchasers” and may have purchased the shares of our
common stock deliverable to us upon exercise of our option during the quarter ended March 31, 2016.
Subsequent to March 31, 2016, we expect to receive a number of shares of our common stock under the
Convertible Note Hedge substantially equal to the number of shares of our common stock to be issued in
connection with any conversions of the Convertible Notes. For more information regarding the Convertible Note
Hedge, please see “Note 12 — Financing Arrangement” to the Consolidated Financial Statements in this
Form 10-K.
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