Tech Data 2013 Annual Report Download - page 77

Table of Contents
on the purchase date and employees are limited to a maximum purchase of $25,000 in fair market value each calendar year. From the inception of
the ESPP through January 31, 2013, the Company has issued 482,776 shares of common stock to the ESPP. All shares purchased under the ESPP
must be held by the employees for a period of one year. Stock-based compensation expense related to the ESPP was insignificant during fiscal
2013, 2012 and 2011.
Retirement Savings Plan
The Company sponsors the Tech Data Corporation 401(k) Savings Plan (the “401(k) Savings Plan”) for its U.S. employees. At the Company’s
discretion, participant deferrals are matched in cash, in an amount equal to 50% of the first 6% of participant deferrals and participants are fully
vested following four years of qualified service. Aggregate contributions made by the Company to the 401(k) Savings Plan were $2.5 million for
both fiscal 2013 and 2012 and $2.3 million for fiscal 2011. In December 2012, the Company amended the 401(k) Savings Plan to eliminate the
option for the 401(k) Savings Plan to invest in the Company's common stock and as of January 31, 2013, there were no shares of the Company's
common stock held by the 401(k) Savings Plan. There were 157,722 shares held of Tech Data common stock held by the Company’s 401(k)
Savings Plan at January 31, 2012.
NOTE 11 — SHAREHOLDERS’ EQUITY
During fiscal 2013, the Company completed both of the $100.0 million share repurchase programs approved by the Company’s Board of Directors
in May 2012 and November 2011. In conjunction with the Company's share repurchase programs, 10b5-1 plans were executed that instruct the
brokers selected by the Company to repurchase shares on behalf of the Company. The amount of common stock repurchased in accordance with the
10b5-1 plans on any given trading day is determined by a formula in the plan, which is based on the market price of the Company's common stock
and average daily volumes. Shares repurchased by the Company are held in treasury for general corporate purposes, including issuances under
equity incentive and benefit plans. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares.
The Company’s common share repurchase and issuance activity for fiscal 2013 and 2012 is summarized as follows:
NOTE 12 — FAIR VALUE MEASUREMENTS
The Company’s assets and liabilities carried or disclosed at fair value are classified in one of the following three categories: Level 1 – quoted
market prices in active markets for identical assets and liabilities; Level 2 –
inputs other than quoted market prices included in level 1 above that are
observable for the asset or liability, either directly or indirectly; and, Level 3 – unobservable inputs for the asset or liability. The classification of an
asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
71
Shares
Weighted-
average
price per
share
Treasury stock balance at January 31, 2011
12,517,538
$
37.28
Shares of common stock repurchased under share repurchase programs
6,736,436
46.74
Shares of treasury stock reissued
(1,087,213
)
Treasury stock balance at January 31, 2012
18,166,761
40.71
Shares of common stock repurchased under share repurchase programs and other shares acquired
3,878,548
49.33
Shares of treasury stock reissued
(608,743
)
Treasury stock balance at January 31, 2013
21,436,566
42.26