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Note 9. Stock Repurchase Program
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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| 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. In October 2008, the Company suspended its stock repurchase program, and the Company subsequently restarted the program in February 2010. As of June 30, 2011, 9.0 million shares were available for repurchase under the Company’s repurchase program.
Share repurchases for the fiscal years ended June 30, 2011 and 2010 were as follows:
The Company had shares issued and outstanding of 244.3 million and 167.1 million, respectively, as of June 30, 2011. As of June 30, 2010, shares issued and outstanding were 239.1 million and 168.0 million, respectively. The difference between shares issued and outstanding is related to shares repurchased under various repurchase programs. As of June 30, 2011 and 2010, $2.7 million and $4.6 million, respectively, of the above total cost of repurchase amount remained unpaid and is recorded in other current liabilities.
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