RLRN » Topics » (12) Shareholders equity

These excerpts taken from the RLRN 10-K filed Mar 11, 2009.

(12)   Shareholders’ equity

          On April 17, 2002, our Board of Directors authorized the repurchase of up to 5,000,000 shares of our common stock, on February 9, 2005, our Board of Directors authorized the repurchase of an additional 3,000,000 shares of common stock and on February 6, 2008, our Board of Directors authorized the purchase of an additional 1,000,000 shares under the repurchase program. No time limit was placed on the duration of the repurchase program. Repurchased shares will become treasury shares and may be used for equity compensation plans, stock-based employee benefit plans and for other general corporate purposes. Since initial authorization was granted, we have repurchased approximately 7.8 million shares of common stock at a cost of $135.0 million under this repurchase program.

          A summary of stock repurchase activity is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of shares
repurchased

 

Weighted average
repurchased price
per share*

 

Aggregate annual
cost of repurchased
stock* ($000)

 

2008

 

 

11,650

 

$

13.25

 

$

156

 

2007

 

 

117,480

 

$

12.22

 

$

1,434

 

2006

 

 

1,461,216

 

$

15.38

 

$

22,474

 

 

 

 

 

 

 

 

 

 

 

 

* Includes broker commission

49


RENAISSANCE LEARNING, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

          On April 14, 1999, our shareholders approved an amendment to the Company’s Amended and Restated Articles of Incorporation to increase the authorized common stock of the Company from 50,000,000 shares to 150,000,000 shares with a $.01 par value per share. The Company’s Amended and Restated Articles of Incorporation also includes authorization to issue up to 5,000,000 shares of preferred stock with a $.01 par value per share. No preferred stock has been issued.

(12)  
Shareholders’ equity



          On
April 17, 2002, our Board of Directors authorized the repurchase of up to
5,000,000 shares of our common stock, on February 9, 2005, our Board of
Directors authorized the repurchase of an additional 3,000,000 shares of common
stock and on February 6, 2008, our Board of Directors authorized the purchase
of an additional 1,000,000 shares under the repurchase program. No time limit
was placed on the duration of the repurchase program. Repurchased shares will
become treasury shares and may be used for equity compensation plans,
stock-based employee benefit plans and for other general corporate purposes.
Since initial authorization was granted, we have repurchased approximately 7.8
million shares of common stock at a cost of $135.0 million under this
repurchase program.



          A
summary of stock repurchase activity is as follows:
















































































 



 



 



 



 



 



 



 



 



 



 



 



 



Number of shares

repurchased




 



Weighted average

repurchased price

per share*




 



Aggregate annual

cost of repurchased

stock* ($000)




 



2008



 



 



11,650



 



$



13.25



 



$



156



 



2007



 



 



117,480



 



$



12.22



 



$



1,434



 



2006



 



 



1,461,216



 



$



15.38



 



$



22,474



 



 



 



 



 



 



 



 



 



 



 



 




* Includes broker commission



49







RENAISSANCE LEARNING, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)



          On
April 14, 1999, our shareholders approved an amendment to the Company’s Amended
and Restated Articles of Incorporation to increase the authorized common stock
of the Company from 50,000,000 shares to 150,000,000 shares with a $.01 par
value per share. The Company’s Amended and Restated Articles of Incorporation
also includes authorization to issue up to 5,000,000 shares of preferred stock
with a $.01 par value per share. No preferred stock has been issued.



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 11, 2009
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