This excerpt taken from the SMG 10-K filed Dec 14, 2006.
Returning Cash to Shareholders
Given the Companys strong performance and consistent cash flows, our Board of Directors has undertaken several actions over the past eighteen months to return cash to our shareholders. We began paying a regular quarterly cash dividend of 12.5 cents per share in the fourth quarter of fiscal 2005. In fiscal 2006, our Board launched a five-year $500 million share repurchase program pursuant to which we have repurchased 2.0 common shares for $87.9 million.
Most recently, on December 12, 2006, we announced that we intend to implement a recapitalization plan that would expand upon and accelerate returns to shareholders beyond the current $500 million program (which has been canceled) by returning $750 million to our shareholders. Pursuant to this plan, we intend to repurchase up to $250 million of our common shares with the remainder paid as a special one-time cash dividend during the second quarter of fiscal 2007. These actions reflect managements confidence in the continued growth of the Company coupled with strong and consistent cash flows that can support higher levels of debt.