Stock Repurchase Program |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Repurchase Program [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Repurchase Program |
STOCK REPURCHASE PROGRAM
Since July 1997, the Board of Directors has authorized the Company to systematically repurchase in the open market up to 72.8 million shares of its common stock under a repurchase program, including 10.0 million shares authorized in February 2011. This program was put into place to reduce the dilution from KLA-Tencor’s equity incentive plans and employee stock purchase plan, and to return excess cash to the Company’s stockholders. Subject to market conditions, applicable legal requirements and other factors, the repurchases will be made from time to time 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, 2011, 7.3 million shares were available for repurchase under the Company’s repurchase program.
Share repurchases for the three months ended September 30, 2011 and 2010 were as follows:
As of September 30, 2011, $3.3 million of the total cost of repurchases set forth above remained unpaid and was recorded in other current liabilities. The $2.7 million which was accrued as of June 30, 2011 was paid during the three months ended September 30, 2011.
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