Memorex 2014 Annual Report Download - page 86

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81
Other Assets and Liabilities
The carrying value of accounts receivable and accounts payable approximate their fair values due to the short-
term duration of these items. Additionally, our borrowings of $18.9 million of outstanding debt under our credit
facilities at December 31, 2014, as further described in Note 11 - Debt, approximates fair value due to the short
nature of this debt.
Note 13 — Shareholders' Equity
Shareholder Rights Plan
Effective February 11, 2013, our Board of Directors amended the Rights Agreement dated as of June 21, 2006
to change the final expiration date from July 1, 2016 to February 11, 2013, effectively terminating the Rights
Agreement. This amendment had no accounting implications to the Company.
Treasury Stock
On May 2, 2012, our Board of Directors authorized a share repurchase program that allowed for the repurchase
of 5.0 million shares of common stock. Since the inception of this authorization, we have repurchased 2.6 million
shares of common stock for $11.6 million and, as of December 31, 2014, we had authorization to repurchase up to
2.4 million additional shares. The treasury stock held as of December 31, 2014 was acquired at an average price of
$15.31 per share. The following is a summary of treasury share activity:
Treasury
Shares
Balance as of December 31, 2011 4,663,923
Purchases 1,236,161
Exercise of stock options —
Restricted stock grants and other (499,851)
401(k) matching contribution (517,588)
Shares issued for acquisition (3,319,324)
Balance as of December 31, 2012 1,563,321
Purchases 616,581
Exercise of stock options —
Restricted stock grants and other (622,241)
401(k) matching contribution (435,735)
Balance as of December 31, 2013 1,121,926
Purchases 760,268
Exercise of stock options (87,569)
Restricted stock grants and other (739,408)
401(k) matching contribution (427,421)
Balance as of December 31, 2014 627,796