This excerpt taken from the TOL 10-Q filed Sep 1, 2006.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the three months ended July 31, 2006 we repurchased the following shares of our common stock (amounts in thousands, except per share amounts):
Except as set forth above, we have not repurchased any of our equity securities.
Our bank credit agreement requires us to maintain a minimum tangible net worth (as defined in the credit agreement), which restricts the amount of dividends we may pay. In addition, our senior subordinated notes contain restrictions on the amount of dividends we may pay on our common stock. At July 31, 2006, under the most restrictive of these provisions, we could have paid up to approximately $960 million of cash dividends.