Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase Program

v3.3.1.900
Stock Repurchase Program
 6 Months Ended
Dec. 31, 2015
Equity [Abstract]  
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 December 31, 2015, an aggregate of approximately 5.9 million shares were available for repurchase under the Company’s repurchase program. In connection with entering into the Merger Agreement with Lam Research, the Company suspended further repurchases under its repurchase program effective October 21, 2015.
Share repurchases for the indicated periods (based on the trade date of the applicable repurchase) were as follows:
 
Three months ended
December 31,
 
Six months ended
December 31,
(In thousands)
2015
 
2014
 
2015
 
2014
Number of shares of common stock repurchased
568

 
2,120

 
3,445

 
3,862

Total cost of repurchases
$
29,509

 
$
148,266

 
$
175,743

 
$
278,949


As of December 31, 2015, the Company had no unsettled share repurchases. As of December 31, 2014, the Company had repurchased 176,123 shares for $12.6 million, which repurchases had not settled prior to December 31, 2014. The amount was recorded as a component of other current liabilities for the period presented.