| MICROS Systems, Inc. |
FINANCIAL SUMMARY |
| 04.26.2012 |
($000 except share amounts) |
|
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| Income Statement Data |
FY2012-Q3 |
FY2012-Q2 |
FY2012-Q1 |
|
FY2011-Q4 |
FY2011-Q3 |
FY2011-Q2 |
FY2011-Q1 |
|
FY2010-Q4 |
FY2010-Q3 |
FY2010-Q2 |
FY2010-Q1 |
| Hardware Revenue |
$ 63,045 |
$ 57,427 |
$ 48,409 |
|
$ 56,995 |
$ 49,901 |
$ 47,841 |
$ 44,266 |
|
$ 52,027 |
$ 47,207 |
$ 45,793 |
$ 43,307 |
| Software Revenue |
$ 37,577 |
$ 34,552 |
$ 33,272 |
|
$ 35,080 |
$ 31,075 |
$ 33,079 |
$ 27,889 |
|
$ 34,072 |
$ 29,525 |
$ 30,499 |
$ 24,692 |
| Service Revenue |
$ 177,422 |
$ 178,424 |
$ 174,876 |
|
$ 182,060 |
$ 172,217 |
$ 166,197 |
$ 161,259 |
|
$ 162,118 |
$ 152,322 |
$ 149,355 |
$ 143,402 |
| Total Revenue |
$278,044 |
$270,403 |
$256,557 |
|
$274,135 |
$253,193 |
$247,117 |
$233,414 |
|
$248,217 |
$229,054 |
$225,647 |
$211,401 |
|
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|
|
| Memo Item: Recurring Revenue (In Service) |
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|
|
|
| Hosting Revenue |
$ 19,511 |
$ 18,096 |
$ 17,252 |
|
$ 16,121 |
$ 13,365 |
$ 13,300 |
$ 12,624 |
|
$ 11,981 |
$ 11,355 |
$ 11,297 |
$ 10,738 |
| Maint. Revenue |
$ 89,689 |
$ 89,109 |
$ 87,275 |
|
$ 87,382 |
$ 84,926 |
$ 84,343 |
$ 80,012 |
|
$ 77,906 |
$ 78,312 |
$ 77,800 |
$ 75,290 |
| Total Recurring Revenue |
$ 109,200 |
$ 107,205 |
$ 104,527 |
|
$ 103,503 |
$ 98,291 |
$ 97,643 |
$ 92,636 |
|
$ 89,887 |
$ 89,667 |
$ 89,097 |
$ 86,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hardware Gross Profit |
$ 22,858 |
$ 20,790 |
$ 18,246 |
|
$ 23,463 |
$ 18,074 |
$ 16,488 |
$ 14,311 |
|
$ 20,953 |
$ 17,208 |
$ 15,429 |
$ 15,255 |
| Hardware Gross Profit % |
36.3% |
36.2% |
37.7% |
|
41.2% |
36.2% |
34.5% |
32.3% |
|
40.3% |
36.5% |
33.7% |
35.2% |
| Software Gross Profit |
$ 31,739 |
$ 30,258 |
$ 28,414 |
|
$ 29,914 |
$ 25,788 |
$ 28,158 |
$ 22,063 |
|
$ 26,907 |
$ 23,423 |
$ 23,454 |
$ 19,305 |
| Software Gross Profit % |
84.5% |
87.6% |
85.4% |
|
85.3% |
83.0% |
85.1% |
79.1% |
|
79.0% |
79.3% |
76.9% |
78.2% |
| Service Gross Profit |
$ 97,938 |
$ 101,273 |
$ 97,756 |
|
$ 101,523 |
$ 97,517 |
$ 92,724 |
$ 90,046 |
|
$ 88,506 |
$ 83,679 |
$ 86,096 |
$ 81,266 |
| Service Gross Profit % |
55.2% |
56.8% |
55.9% |
|
55.8% |
56.6% |
55.8% |
55.8% |
|
54.6% |
54.9% |
57.6% |
56.7% |
| Total Gross Profit |
$152,535 |
$152,321 |
$144,416 |
|
$154,900 |
$141,379 |
$137,370 |
$126,420 |
|
$136,366 |
$124,310 |
$124,979 |
$115,826 |
| Gross Profit % |
54.9% |
56.3% |
56.3% |
|
56.5% |
55.8% |
55.6% |
54.2% |
|
54.9% |
54.3% |
55.4% |
54.8% |
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| Operating Expenses |
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|
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| Selling, General and Administrative |
$ 75,938 |
$ 76,549 |
$ 72,751 |
|
$ 69,948 |
$ 71,739 |
$ 68,351 |
$ 62,191 |
|
$ 66,755 |
$ 66,050 |
$ 67,124 |
$ 62,217 |
| Research and Development |
$ 13,417 |
$ 12,174 |
$ 11,026 |
|
$ 12,131 |
$ 11,649 |
$ 10,806 |
$ 10,661 |
|
$ 10,947 |
$ 10,342 |
$ 9,560 |
$ 10,869 |
| Depreciation and Amortization |
$ 3,523 |
$ 3,624 |
$ 4,236 |
|
$ 4,880 |
$ 3,548 |
$ 4,243 |
$ 4,118 |
|
$ 4,476 |
$ 4,674 |
$ 4,319 |
$ 3,842 |
| Restructuring Costs |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ - |
$ - |
| Litigation Settlement Reserve |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ 3,000 |
|
|
|
|
|
|
| Stock Option Expense |
$ 3,710 |
$ 5,729 |
$ 2,968 |
|
$ 2,908 |
$ 2,536 |
$ 4,289 |
$ 2,610 |
|
$ 2,529 |
$ 2,375 |
$ 4,378 |
$ 3,051 |
| Total Operating Expenses |
$96,588 |
$98,076 |
$90,981 |
|
$89,867 |
$89,472 |
$90,689 |
$79,580 |
|
$84,707 |
$83,441 |
$85,381 |
$79,979 |
| Operating Expenses % |
34.7% |
36.3% |
35.5% |
|
32.8% |
35.3% |
36.7% |
34.1% |
|
34.1% |
36.4% |
37.8% |
37.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income From Operations |
$55,947 |
$54,245 |
$53,435 |
|
$65,033 |
$51,907 |
$46,681 |
$46,840 |
|
$51,659 |
$40,869 |
$39,598 |
$35,847 |
| Income From Operations % |
20.1% |
20.1% |
20.8% |
|
23.7% |
20.5% |
18.9% |
20.1% |
|
20.8% |
17.8% |
17.5% |
17.0% |
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|
| Non-operating income (expense), net |
$ 1,611 |
$ 1,415 |
$ 2,362 |
|
$ (3,239) |
$ 676 |
$ 1,469 |
$ 248 |
|
$ (2,274) |
$ 1,371 |
$ 398 |
$ 657 |
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| Income Before Taxes |
$57,558 |
$55,660 |
$55,797 |
|
$61,794 |
$52,583 |
$48,150 |
$47,088 |
|
$49,385 |
$42,240 |
$39,996 |
$36,504 |
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| Taxes |
$ 14,102 |
$ 17,477 |
$ 18,414 |
|
$ 20,233 |
$ 13,724 |
$ 15,649 |
$ 15,393 |
|
$ 15,152 |
$ 12,123 |
$ 13,334 |
$ 12,133 |
| Tax Rate % of IBT |
24.5% |
31.4% |
33.0% |
|
32.7% |
26.1% |
32.5% |
32.7% |
|
30.7% |
28.7% |
33.3% |
33.2% |
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| Minority interests and equity in affiliates |
$ (209) |
$ 102 |
$ (151) |
|
$ (25) |
$ (279) |
$ (173) |
$ (78) |
|
$ (353) |
$ 81 |
$ (532) |
$ (224) |
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| Net Income |
$43,247 |
$38,285 |
$37,232 |
|
$41,536 |
$38,579 |
$32,328 |
$31,617 |
|
$33,880 |
$30,198 |
$26,130 |
$24,147 |
|
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|
|
| Net Income % |
15.6% |
14.2% |
14.5% |
|
15.2% |
15.2% |
13.1% |
13.5% |
|
13.6% |
13.2% |
11.6% |
11.4% |
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| Earnings Per Share, diluted |
$ 0.53 |
$ 0.47 |
$ 0.45 |
|
$ 0.50 |
$ 0.47 |
$ 0.39 |
$ 0.39 |
|
$ 0.42 |
$ 0.37 |
$ 0.32 |
$ 0.30 |
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| Cash Dividends |
- |
- |
- |
|
- |
- |
- |
- |
|
- |
- |
- |
- |
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| Weighted Average # of Shares Outstanding |
82,008 |
81,971 |
82,410 |
|
82,952 |
82,913 |
82,717 |
82,023 |
|
81,781 |
81,338 |
81,234 |
81,314 |
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| EPS and shares outstanding have been restated for the stock split of Feb. 5. 2008. |
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| MICROS Systems, Inc. |
FINANCIAL SUMMARY |
| 04.26.2012 |
($000 except share amounts) |
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| Reconciliation of GAAP Net Income and EPS to Net Income and EPS before share-based payment charge, i.e stock option expense |
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|
FY2012-Q3 |
FY2012-Q2 |
FY2012-Q1 |
|
FY2011-Q4 |
FY2011-Q3 |
FY2011-Q2 |
FY2011-Q1 |
|
FY2010-Q4 |
FY2010-Q3 |
FY2010-Q2 |
FY2010-Q1 |
| Net Income GAAP |
$43,247 |
$38,285 |
$37,232 |
|
$41,536 |
$38,579 |
$32,328 |
$31,617 |
|
$33,880 |
$30,198 |
$26,130 |
$24,147 |
| Add back: |
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| Stock Option Expense |
|
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| Cost of sales |
$ 58 |
$ 48 |
$ 37 |
|
$ 18 |
$ - |
$ 27 |
$ 35 |
|
$ 32 |
$ - |
$ - |
$ - |
| Selling, Gen. & Admin. Expenses |
$ 3,446 |
$ 5,424 |
$ 2,659 |
|
$ 2,680 |
$ 2,561 |
$ 4,164 |
$2,484 |
|
$2,417 |
$2,267 |
$4,235 |
$2,904 |
| SG&A-non-recurring |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ - |
$0 |
|
$0 |
$0 |
$0 |
$0 |
| Research and Development Expenses |
$ 264 |
$ 305 |
$ 309 |
|
$ 228 |
$ - |
$ 125 |
$126 |
|
$112 |
$108 |
$143 |
$147 |
| Subtotal |
$3,768 |
$5,777 |
$3,005 |
|
$2,926 |
$2,561 |
$4,316 |
$2,645 |
|
$2,561 |
$2,375 |
$4,378 |
$3,051 |
| Restructuring related cost of sales |
|
|
|
|
|
|
|
$0 |
|
$0 |
$0 |
$0 |
$0 |
| Restructuring charge included in cost of sales |
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|
|
|
$0 |
|
$0 |
$0 |
$0 |
$0 |
| Litigation Reserve |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ 3,360 |
|
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|
|
| Credit based impairment charge |
$0 |
$0 |
$0 |
|
$4,236 |
$0 |
$ 73 |
-$92 |
|
$4,396 |
$0 |
$0 |
$387 |
| Total Add back |
$3,768 |
$5,777 |
$3,005 |
|
$7,162 |
$2,561 |
$7,749 |
$2,553 |
|
$6,957 |
$2,375 |
$4,378 |
$3,438 |
| Subtract: Total tax effect on |
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| Stock option expense |
$ 1,441 |
$ 1,959 |
$ 943 |
|
$ 969 |
$ 802 |
$ 1,866 |
$789 |
|
$1,061 |
$817 |
$1,464 |
$942 |
| Litigation Reserve, including accrued interest |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ 1,280 |
|
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|
|
|
| Restructuring charge & related cost of sales |
0 |
0 |
0 |
|
0 |
0 |
$ - |
$0 |
|
$0 |
$0 |
$0 |
$0 |
| Subtotal |
$1,441 |
$1,959 |
$943 |
|
$969 |
$802 |
$3,146 |
$789 |
|
$1,061 |
$817 |
$1,464 |
$942 |
| Non-GAAP Net Income |
$45,574 |
$42,103 |
$39,294 |
|
$47,729 |
$40,338 |
$36,931 |
$33,381 |
|
$39,776 |
$31,756 |
$29,044 |
$26,643 |
| Non-GAAP Net Income EPS |
$0.56 |
$0.51 |
$0.48 |
|
$0.58 |
$0.49 |
$0.45 |
$0.41 |
|
$0.49 |
$0.39 |
$0.36 |
$0.33 |
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| REVENUE BY REGION |
FY2012-Q3 |
FY2012-Q2 |
FY2012-Q1 |
|
FY2011-Q4 |
FY2011-Q3 |
FY2011-Q2 |
FY2011-Q1 |
|
FY2010-Q4 |
FY2010-Q3 |
FY2010-Q2 |
FY2010-Q1 |
| INTERNATIONAL |
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| Hardware |
$ 32,286 |
$ 31,056 |
$ 26,908 |
|
$ 28,746 |
$ 24,519 |
$ 24,982 |
$ 21,994 |
|
$ 24,494 |
$ 21,022 |
$ 23,914 |
$ 22,343 |
| Software |
$ 22,570 |
$ 23,038 |
$ 21,245 |
|
$ 23,788 |
$ 19,423 |
$ 18,098 |
$ 19,203 |
|
$ 20,506 |
$ 19,084 |
$ 17,878 |
$ 15,356 |
| Service |
$ 103,803 |
$ 99,934 |
$ 94,259 |
|
$ 100,189 |
$ 92,019 |
$ 86,657 |
$ 76,376 |
|
$ 78,782 |
$ 77,458 |
$ 80,321 |
$ 73,370 |
| Total |
$ 158,659 |
$ 154,028 |
$ 142,412 |
|
$ 152,723 |
$ 135,961 |
$ 129,737 |
$ 117,573 |
|
$ 123,782 |
$ 117,564 |
$ 122,113 |
$ 111,069 |
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|
| UNITED STATES |
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| Hardware |
$ 30,759 |
$ 26,371 |
$ 21,501 |
|
$ 28,249 |
$ 25,382 |
$ 22,859 |
$ 22,272 |
|
$ 27,532 |
$ 26,185 |
$ 21,879 |
$ 20,964 |
| Software |
$ 15,007 |
$ 11,514 |
$ 12,027 |
|
$ 11,292 |
$ 11,652 |
$ 14,981 |
$ 8,686 |
|
$ 13,566 |
$ 10,441 |
$ 12,621 |
$ 9,336 |
| Service |
$ 73,619 |
$ 78,490 |
$ 80,617 |
|
$ 81,871 |
$ 80,198 |
$ 79,540 |
$ 84,883 |
|
$ 83,338 |
$ 74,864 |
$ 69,034 |
$ 70,032 |
| Total |
$ 119,385 |
$ 116,375 |
$ 114,145 |
|
$ 121,412 |
$ 117,232 |
$ 117,380 |
$ 115,841 |
|
$ 124,436 |
$ 111,490 |
$ 103,534 |
$ 100,332 |
| Grand Total |
$ 278,044 |
$ 270,403 |
$ 256,557 |
|
$ 274,135 |
$ 253,193 |
$ 247,117 |
$ 233,414 |
|
$ 248,218 |
$ 229,054 |
$ 225,647 |
$ 211,401 |
|
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|
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| Balance Sheet Data |
FY2012-Q3 |
FY2012-Q2 |
FY2012-Q1 |
|
FY2011-Q4 |
FY2011-Q3 |
FY2011-Q2 |
FY2011-Q1 |
|
FY2010-Q4 |
FY2010-Q3 |
FY2010-Q2 |
FY2010-Q1 |
| Working Capital |
$ 746,772 |
$ 686,074 |
$ 678,927 |
|
$ 697,012 |
$ 646,774 |
$ 586,236 |
$ 547,816 |
|
$ 468,047 |
$ 445,318 |
$ 427,332 |
$ 436,563 |
|
|
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|
|
|
|
|
|
|
|
|
| Net Cash From Operations |
$ 68,031 |
$ 43,962 |
$ 19,556 |
|
$ 46,601 |
$ 70,813 |
$ 46,988 |
$ 34,807 |
|
$ 44,051 |
$ 71,897 |
$ 44,072 |
$ 41,849 |
|
|
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|
|
|
| Cash and Cash Equivalents & Investments |
$ 863,540 |
$ 785,030 |
$ 778,907 |
|
$ 826,491 |
$ 802,746 |
$ 720,342 |
$ 680,893 |
|
$ 605,182 |
$ 587,344 |
$ 530,817 |
$ 524,653 |
|
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|
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|
|
|
|
|
|
| Total Assets |
$ 1,501,200 |
$ 1,397,430 |
$ 1,383,002 |
|
$ 1,433,018 |
$ 1,394,806 |
$ 1,266,583 |
$ 1,230,338 |
|
$ 1,138,291 |
$ 1,149,461 |
$ 1,083,192 |
$ 1,063,564 |
|
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|
|
| Short-Term Debt |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ - |
$ - |
|
$ 1,442 |
$ 1,364 |
$ 1,370 |
$ 1,170 |
|
|
|
|
|
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|
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|
|
|
|
|
|
| Long-Term Debt & Lease Obligations |
$ 84 |
$ 193 |
$ 224 |
|
$ 284 |
$ 158 |
$ 182 |
$ 363 |
|
$ 420 |
$ 166 |
$ 288 |
$ 96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred Service Revenue |
$ 170,513 |
$ 137,569 |
$ 151,879 |
|
$ 143,238 |
$ 163,206 |
$ 125,229 |
$ 147,910 |
|
$ 124,498 |
$ 152,529 |
$ 118,408 |
$ 141,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
$ 426,486 |
$ 393,193 |
$ 388,230 |
|
$ 409,767 |
$ 418,214 |
$ 352,961 |
$ 352,838 |
|
$ 348,679 |
$ 364,772 |
$ 313,882 |
$ 324,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders Equity |
$ 1,074,714 |
$ 1,004,237 |
$ 994,772 |
|
$ 1,023,251 |
$ 976,592 |
$ 913,622 |
$ 877,500 |
|
$ 789,612 |
$ 784,689 |
$ 769,310 |
$ 738,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplemental Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Software Amortization Expense |
$ 1,534 |
$ 1,548 |
$ 1,640 |
|
$ 2,735 |
$ 1,850 |
$ 1,839 |
$ 1,853 |
|
$ 3,098 |
$ 2,123 |
$ 2,302 |
$ 2,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capitalized Software |
$ 1,921 |
$ 2,124 |
$ 1,825 |
|
$ 1,413 |
$ 1,410 |
$ 1,361 |
$ 1,396 |
|
$ 591 |
$ 920 |
$ 733 |
$ 200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Spending |
$ 4,958 |
$ 4,381 |
$ 4,079 |
|
$ 3,359 |
$ 2,536 |
$ 2,156 |
$ 3,201 |
|
$ 3,015 |
$ 1,918 |
$ 2,401 |
$ 1,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MICROS Systems, Inc. |
FINANCIAL SUMMARY |
| 04.26.2012 |
($000 except share amounts) |
| SHARE REPURCHASE SUMMARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased Plan #6 2010 |
|
FY2012-Q2 |
FY2012-Q1 |
|
FY2011-Q4 |
FY2011-Q3 |
FY2011-Q2 |
FY2011-Q1 |
|
FY2010-Q4 |
FY2010-Q3 |
FY2010-Q2 |
FY2010-Q1 |
| Shares Repurchased |
101,900 |
147,830 |
|
|
|
|
|
|
|
|
|
|
|
| Cost of Shares Repurchased ($000) |
$ 5,207 |
$ 6,860 |
|
|
|
|
|
|
|
|
|
|
|
| Weighted Average Price Per Share |
$51.10 |
$46.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased Plan #6 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased |
249,730 |
$147,830 |
|
|
|
|
|
|
|
|
|
|
|
| Cost of Shares Repurchased ($000) |
$ 12,067 |
$6,860 |
|
|
|
|
|
|
|
|
|
|
|
| Weighted Average Price Per Share |
$48.32 |
$46.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased Plan #5 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased |
|
352,170 |
576,171 |
|
444,074 |
118,836 |
144,879 |
- |
|
350,000 |
13,870 |
|
|
| Cost of Shares Repurchased ($000) |
|
$ 16,165 |
$ 25,426 |
|
$ 21,549 |
$ 5,480 |
6,403 |
$ - |
|
$ 11,744 |
$ 374 |
|
|
| Weighted Average Price Per Share |
|
$45.90 |
$44.13 |
|
$48.53 |
$46.11 |
$44.20 |
$0.00 |
|
$33.55 |
$27.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased Plan #5 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased |
|
2,000,000 |
1,647,830 |
|
1,071,659 |
627,585 |
508,749 |
363,870 |
|
363,870 |
13,870 |
|
|
| Cost of Shares Repurchased ($000) |
|
$ 87,141 |
$ 70,976 |
|
$ 45,550 |
$ 24,001 |
18,521 |
$ 12,118 |
|
$ 12,118 |
$ 374 |
|
|
| Weighted Average Price Per Share |
|
$43.57 |
$43.07 |
|
$42.50 |
$38.24 |
$36.40 |
$33.30 |
|
$33.30 |
$27.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased Plan #4 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased |
|
|
|
|
|
|
|
|
|
|
20,650 |
160,350 |
1,101,200 |
| Cost of Shares Repurchased ($000) |
|
|
|
|
|
|
|
|
|
|
$ 558 |
$ 4,636 |
$ 30,380 |
| Weighted Average Price Per Share |
|
|
|
|
|
|
|
|
|
|
$27.00 |
$28.91 |
$27.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cumulative Share Repurchase Plan #4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares Repurchased |
|
|
|
|
|
|
|
|
|
|
2,000,000 |
1,979,350 |
1,819,000 |
| Cost of Shares Repurchased ($000) |
|
|
|
|
|
|
|
|
|
|
$ 53,776 |
$ 53,218 |
$ 48,582 |
| Weighted Average Price Per Share |
|
|
|
|
|
|
|
|
|
|
$26.89 |
$26.89 |
$26.71 |