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Stock Repurchase Program
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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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 80.8 million shares of its common stock under a repurchase program, including 8.0 million shares authorized in November 2012. 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 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 June 30, 2013, 5.9 million shares were available for repurchase under the Company’s repurchase program.
Share repurchases for the indicated periods (based on the settlement date of the applicable repurchase) were as follows:
The Company had shares issued and outstanding of 253.5 million and 165.4 million, respectively, as of June 30, 2013. As of June 30, 2012, shares issued and outstanding were 249.5 million and 166.7 million, respectively. The difference between shares issued and outstanding is primarily related to shares repurchased under various repurchase programs.
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