Memorex 2011 Annual Report Download - page 88

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
TDK cannot become the beneficial owner of more than 21 percent of the common stock outstanding at any time during
the TDK Standstill Period other than as a result of a reduction in the number of shares outstanding due to Imation
repurchasing shares of common stock and is limited to 22 percent in this event. TDK shall dispose of a sufficient number of
shares of common stock within 10 days after becoming aware that the percentage has been surpassed such that TDK shall
be the beneficial owner of no more than 21 percent of the common stock then outstanding.
Treasury Stock
Our Board of Directors has authorized the repurchase of a total of 3.0 million shares. Since the inception of this
authorization we have repurchased 1.8 million shares of common stock and as of December 31, 2011 we have remaining
authorization to repurchase up to 1.2 million shares. We repurchased 1.1 million shares for $9.7 million during 2011. We did
not repurchase any shares during 2010 or 2009. The treasury stock held as of December 31, 2011 was acquired at an
average price of $23.97 per share.
Following is a summary of treasury share activity:
Treasury
Shares
Balance as of December 31, 2008 .................................................. 5,227,777
Purchases ................................................................. —
Exercise of stock options ....................................................... —
Restricted stock grants and other ................................................ (264,301)
401(k) matching contribution .................................................... (136,771)
Balance as of December 31, 2009 .................................................. 4,826,705
Purchases ................................................................. —
Exercise of stock options ....................................................... (1,000)
Restricted stock grants and other ................................................ (439,175)
401(k) matching contribution .................................................... (174,245)
Balance as of December 31, 2010 .................................................. 4,212,285
Purchases ................................................................. 1,099,219
Exercise of stock options ....................................................... (45,429)
Restricted stock grants and other ................................................ (365,712)
401(k) matching contribution .................................................... (236,440)
Balance as of December 31, 2011 .................................................. 4,663,923
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss consisted of the following:
December 31,
2011
December 31,
2010
(In millions)
Cumulative currency translation adjustment .............................. $(47.4) $(47.4)
Pension adjustments, net of income tax ................................. (26.8) (14.2)
Cash flow hedging and other, net of income tax ........................... 1.6 0.9
Total accumulated other comprehensive loss .......................... $(72.6) $(60.7)
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