| Share repurchases |
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2011 |
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2010 |
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Total |
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Total |
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number of |
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Average |
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number of |
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Average |
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shares |
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price paid |
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Total cash |
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shares |
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price paid |
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Total cash |
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purchased |
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per share1 |
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utilized2 |
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purchased |
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per share |
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utilized |
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Three months
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9.0 |
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$ |
39.40 |
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$ |
354.7 |
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2.2 |
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$ |
31.14 |
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$ |
69.0 |
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Nine months
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16.7 |
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$ |
39.20 |
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$ |
655.0 |
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8.7 |
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$ |
29.37 |
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$ |
255.8 |
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| 1 |
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In June of 2011, we repurchased approximately 2.5 million shares under our
2007 Repurchase Program from the holdings of the Harold W. McGraw, Jr. Trust (the “Trust”)
and the Harold W. McGraw, Jr. Family Foundation, Inc., a Connecticut non-stock corporation
(the “Foundation”). The shares were purchased at a discount of 1.375% from the June 23,
2011 New York Stock Exchange closing price through a private transaction with the trustees
of the Trust and the Board of Directors of the Foundation. We repurchased these shares with
cash for $97.0 million. Without this discounted repurchase, the average price paid per
share for the nine months ended September 30, 2011 would have been $39.14. The transaction
was approved by the Nomination and Corporate Governance and Financial Policy Committees of
our Board of Directors and we received independent financial and legal advice for this
transaction. |
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| 2 |
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In any period, cash used in financing activities related to common stock
repurchased may differ from the comparable change in equity, reflecting timing differences
between the recognition of share repurchase transactions and their settlement for cash. As
such, in the third quarter of 2011, 0.5 million shares were repurchased for $19.4 million,
which settled in October 2011. |
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