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71
The following table presents a summary of our authorized stock repurchase balance:
Dollars in thousands Board Authorization
Authorized repurchase - as of January 1, 2013 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 133,640
Additional board authorization (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Proceeds from the exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,655
Repurchase of common stock from open market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (95,004)
Repurchase from Discounted Share Buyback Agreement ("DSB Agreement"). . . . . . . . . . . . . . . . . (100,000)
Authorized repurchase - as of December 31, 2013 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 201,291
(1) In addition to these amounts, the repurchase program approved by our Board of Directors allows for the use of cash
proceeds received from the exercise of stock options by our officers, directors, and employees.
The following repurchases were made during the past three years, shares and dollars in thousands except per share price:
Year Ended December 31,
Number of Shares
Repurchased
Average Price
per Share Total Purchase Price
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,374,036 $ 46.10 $ 63,349
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,799,115 49.92 139,724
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,306,433 58.98 195,004
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,479,584 $ 398,077
Repurchased shares become a part of treasury stock. The shares tendered for tax withholding on vesting of restricted stock
awards are excluded from the repurchase program approved by our Board.
Credit Facility Requirements
Under our Credit Facility, we are permitted to repurchase shares of our common stock without limitation, provided that we are
in compliance with certain covenants required under the terms of the Credit Facility. See Note 8: Debt and Other Long-Term
Liabilities for additional information about the terms of the Credit Facility.
DSB Agreement
On October 29, 2013 we entered into a DSB Agreement with Wells Fargo Securities at a notional amount of $100.0 million.
The DSB Agreement was concluded on December 24, 2013. The total number of shares received under the DSB Agreement
was determined based on the arithmetic mean of the daily volume weighted average price of our common stock minus discount
over the term of the DSB Agreement.
Share repurchase and amounts in thousands Shares Delivered
Total shares delivered from DSB Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,514
Average price per share less discount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 66.06
Total repurchase amount from DSB Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000
Shares received from the DSB Agreement were recorded as treasury shares, resulting in a reduction of shares for our earnings
per share calculations.
NOTE 10: SHARE-BASED PAYMENTS
We currently grant share-based awards to our employees, non-employee directors and consultants under our 2011 Incentive
Plan (the “Plan”). The Plan permits the granting of stock options, restricted stock, restricted stock units, and performance-based
restricted stock.
The following is the summary of grant information:
Shares in thousands December 31, 2013
Unissued common stock reserved for issuance under all plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532
Shares available for future grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,284