Juno 2012 Annual Report Download - page 50
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Table of Contents
2001 through December 31, 2010, we had repurchased $150.2 million of our common stock under the Program, leaving $49.8 million of authorization
remaining under the Program. In February 2011, the Board of Directors extended the Program through December 31, 2011 and authorized an increase
in the $49.8 million authorization remaining to $80 million. In December 2011, the Board of Directors extended the Program through December 31,
2012. In January 2013, the Board of Directors approved and ratified the extension of the Program through December 31, 2013. There were no
repurchases under the Program during the year ended December 31, 2012 and, at December 31, 2012, the authorization remaining under the Program
was $80.0 million.
Shares withheld upon the vesting of restricted stock units and restricted stock awards and upon the issuance of stock awards to pay applicable
required employee withholding taxes are considered common stock repurchases, but are not counted as purchases against the Program. Upon vesting of
most restricted stock units or issuance of stock awards, we currently do not collect the applicable required employee withholding taxes from employees.
Instead, we automatically withhold, from the restricted stock units that vest and from the stock awards that are issued, the portion of those shares with a
fair market value equal to the amount of the employee withholding taxes due, which is accounted for as a repurchase of common stock. We then pay the
applicable required employee withholding taxes.
Common stock repurchases during the quarter ended December 31, 2012 were as follows (in thousands, except per share amounts):
48
October 1 –
October
31, 2012 — $ — — $ 80,000
November
1 –
November
30, 2012 71 $ 5.08 — $ 80,000
December
1 –
December
31, 2012 — $ — — $ 80,000