Autodesk 2007 Annual Report Download - page 176

116
AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 9. Stockholders’ Equity (Continued)
Common Stock Repurchase Programs
Autodesk repurchased and retired 4.2 million shares in fiscal 2007 at an average repurchase price of
$36.79 per share, 11.7 million shares in fiscal 2006 at an average repurchase price of $38.10 per share and
25.9 million shares in fiscal 2005 at an average repurchase price of $21.08 per share. The purpose of the
stock repurchase program is to help offset the dilution to net income per share caused by the issuance of
stock under Autodesk’s employee stock plans and to more effectively utilize excess cash generated from
its business. Because the Company was not current with its reporting obligations under the Securities and
Exchange Act of 1934, there were no repurchases of Autodesk common stock during the second half of
fiscal 2007.
Between November 1999 and December 2004, the Board of Directors approved several plans to
repurchase up to a total of 144.0 million shares of Autodesk common stock. Of the total 144.0 million
shares approved for repurchase, 127.7 million shares had been repurchased and retired as of January 31,
2007. Autodesk repurchases its own shares to offset dilution from stock issued by its employee stock plans.
The number of shares acquired and the timing of the purchases are based on several factors, including
general market conditions and the trading price of Autodesk common stock. In fiscal 2007, 2006 and
2005, Autodesk repurchased its common stock through open market purchases.
Dividends
During fiscal 2006 and 2005, Autodesk paid annual cash dividends of $0.06 per share at a rate of
$0.015 each quarter, reducing retained earnings by $3.4 million and $13.5 million, respectively. Autodesk
discontinued the payment of cash dividends after the dividend payable for the fourth quarter of fiscal
2005, which was paid in April 2006.
Note 10. Interest and Other Income, net
Interest and other income, net, consists of the following:
2007 2006 2005
Interest and investment income, net . . . . . . . . . . . . . . . . . . . . $20.7 $ 13.2 $ 7.2
Interest expense ...................................... (2.1) — —
Foreign-based stamp taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (2.8)
Loss from unconsolidated subsidiary . . . . . . . . . . . . . . . . . . . . (4.3) — —
Recovery of acquisition-related escrow . . . . . . . . . . . . . . . . . . 2.2 — —
Gains (losses) on foreign currency transactions . . . . . . . . . . (0.3) (0.7) 0.8
Legal proceeding settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 2.4
Net realized gains on sales of marketable securities . . . . . . — — 0.5
Other income ......................................... 0.6 0.7 3.3
$ 16.8 $ 13.2 $ 11.4