Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest and Share Repurchases

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Non-Controlling Interest and Share Repurchases
9 Months Ended
Nov. 01, 2014
Non-Controlling Interest and Share Repurchases  
Non-Controlling Interest and Share Repurchases

 

10.  Non-Controlling Interest and Share Repurchases

 

Non-Controlling Interest

 

In September 2014, we exercised our option and completed the purchase of the remaining 14% interest in our UK operations from the minority interest holders.  As a result, we eliminated the non-controlling interest balance and recorded an increase in capital in excess of par of $7.4 million less the $6.7 million in cash consideration paid to the former minority interest holders.

 

Share Repurchases

 

In March 2013, our Board of Directors (the “Board”) approved a $200.0 million share repurchase program for our common stock.  At November 1, 2014, the remaining balance available under the Board’s March 2013 authorization was $48.0 million.

 

During the first nine months of fiscal 2014, no shares were repurchased in open market transactions under the Board’s March 2013 authorization.

 

In July 2013, we entered into an accelerated share repurchase agreement (“ASR Agreement”) with J.P. Morgan Securities LLC (“JPMorgan”), as agent for JPMorgan Chase Bank, National Association, London Branch, to purchase $100.0 million of our common stock.  In July 2013, we paid $100.0 million to JPMorgan and received an initial delivery of 2,197,518 shares.  The value of the initial shares received was approximately $85.0 million, reflecting a $38.68 price per share.  In September 2013, JPMorgan delivered an additional 455,769 shares valued at approximately $15.0 million, reflecting a $32.91 price per share.  All repurchased shares under the ASR Agreement were immediately retired.

 

In addition to the ASR Agreement, during the first nine months of fiscal 2013, 1,489,318 shares at a cost of $52.0 million were repurchased in open market transactions at an average price per share of $34.89 under the Board’s March 2013 authorization.