Stock Repurchase Program
|3 Months Ended|
Sep. 30, 2015
|Stock Repurchase Program||
NOTE 8 – STOCK REPURCHASE PROGRAM
The Company’s Board of Directors has authorized a program for the Company to repurchase shares of the Company’s common stock. The intent of this program is to offset the dilution from KLA-Tencor’s equity incentive plans and employee stock purchase plan, as well as to return excess cash to the Company’s stockholders. Subject to market conditions, applicable legal requirements and other factors, the repurchases were made in the open market in compliance with applicable securities laws, including the Securities Exchange Act of 1934 and the rules promulgated thereunder, such as Rule 10b-18. As of September 30, 2015, an aggregate of approximately 6.5 million shares were available for repurchase under the Company’s repurchase program. In connection with entering into the Merger Agreement with Lam, we suspended further repurchases under our repurchase program effective October 21, 2015. Refer to Note 17 “Subsequent Events” for additional details.
Share repurchases for the indicated periods (based on the trade date of the applicable repurchase) were as follows:
As of September 30, 2015 and 2014, the Company had repurchased 197,339 and 73,400 shares for $9.6 million and $5.8 million, respectively, which repurchases had not settled prior to September 30, 2015 and 2014. These amounts were recorded as a component of other current liabilities for both periods presented.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/presentationRef