Ingram Micro 2008 Annual Report Download - page 82

Download and view the complete annual report

Please find page 82 of the 2008 Ingram Micro annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

As of January 3, 2009, the unrecognized stock-based compensation cost related to non-vested restricted stock
and restricted stock units was $13,272. The Company expects this cost to be recognized over a remaining weighted-
average period of approximately 1.5 years.
Employee Benefit Plans
The Company’s U.S.-based employee benefit plans permit eligible employees to make contributions up to
certain limits, which are matched by the Company at stipulated percentages. The Company’s contributions charged
to expense were $4,450 in 2008, $4,099 in 2007 and $3,365 in 2006.
Note 13 — Common Stock
Share Repurchase Program
In November 2007, the Company’s Board of Directors authorized a share repurchase program, through which
the Company may purchase up to $300,000 of its outstanding shares of common stock, over a three-year period.
Under the program, the Company may repurchase shares in the open market and through privately negotiated
transactions. The repurchases will be funded with available borrowing capacity and cash. The timing and amount of
specific repurchase transactions will depend upon market conditions, corporate considerations and applicable legal
and regulatory requirements.
The stock repurchase program activity for the year ended January 3, 2009 is summarized as follows:
Shares
Repurchased
(in 000s)
Weighted
Average
Price Per Share Net Amount
Repurchased
Cumulative balance at December 29, 2007 .......... 1,302 $19.26 $ 25,061
Repurchased shares of common stock .............. 14,006 15.87 222,346
Issued shares of common stock ................... (56) 19.67 (1,093)
Cumulative balance at January 3, 2009 ............. 15,252 16.15 $246,314
Classes of Common Stock
The Company has two classes of Common Stock, consisting of 500,000,000 authorized shares of $0.01 par
value Class A Common Stock and 135,000,000 authorized shares of $0.01 par value Class B Common Stock, and
25,000,000 authorized shares of $0.01 par value Preferred Stock.
72
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)