Express Scripts 2011 Annual Report Download - page 39

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Express Scripts 2011 Annual Report 37
Issuer Purchases of Equity Securities
The following is a summary of our stock repurchasing activity during the three months ended December 31, 2011
(share data in millions):
Period
Total
number of
shares
purchased
Average
price paid
per share
Total number of
shares purchased
as part of a
publicly
announced
program
Maximum number
of shares
that may yet be
purchased under
the program
(1)
10/1/2011 – 10/31/2011
-
$ -
-
20.8
11/1/2011 – 11/30/2011
-
-
-
20.8
12/1/2011 – 12/31/2011
2.1
50.69
2.1
18.7
Fourth quarter 2011 total
2.1
$ 50.69
2.1
(1) During the second quarter of 2011, our Board of Directors approved an increase to our stock repurchase program in the amount of 50 million shares.
We have a stock repurchase program, originally announced on October 25, 1996. Treasury shares are carried at
first in, first out cost. There is no limit on the duration of the program. During the year ended December 31, 2011, we
repurchased 13.0 million treasury shares for $765.7 million. An additional 33.4 million shares were acquired under an
Accelerated Share Repurchase (―ASR‖) agreement during the year ended December 31, 2011. Current year repurchases
were funded through the issuance of an aggregate principal amount of $1.5 billion 2016 Senior Notes and through
internally generated cash. As of December 31, 2011, there are 18.7 million shares remaining under our stock repurchase
program. Additional share repurchases, if any, will be made in such amounts and at such times as we deem appropriate
based upon prevailing market and business conditions and other factors.