TOL » Topics » ITEM 2. UNREGISTERED

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):

 

Period

 

Total
Number of
Shares
Purchased

 

Average
Price
Paid Per Share

 

Total Number of
Shares Purchased as
Part of a Publicly
Announced
Plan or Program (1)

 

Maximum
Number of Shares
that May Yet be
Purchased Under
the Plan or Program (1)

 


 


 


 


 


 

May 1, 2006 through May 31, 2006

 

1,117

 

$

28.90

 

1,117

 

12,679

 

June 1, 2006 through June 30, 2006

 

560

 

$

27.52

 

560

 

12,119

 

July 1, 2006 through July 31, 2006

 

3

 

$

24.63

 

3

 

12,116

 

 

 


 

 

 

 


 

 

 

Total

 

1,680

 

$

28.43

 

1,680

 

 

 

 

 


 

 

 

 


 

 

 

(1)

On March 26, 2003, we announced that our Board of Directors had authorized the repurchase of up to 20 million shares of our common stock, par value $.01, from time to time, in open market transactions or otherwise, for the purpose of providing shares for our various employee benefit plans. The Board of Directors did not fix an expiration date for the repurchase program.

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.

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