NOTE 15 - COMMON STOCK
As of June 30, 2009, the Company's authorized common
stock consists of 650 million shares of Class A Common
Stock, par value $.01 per share, and 240 million shares of
Class B Common Stock, par value $.01 per share. Class B
Common Stock is convertible into Class A Common
Stock, in whole or in part, at any time and from time to
time at the option of the holder, on the basis of one share
of Class A Common Stock for each share of Class B
Common Stock converted. Holders of the Company's
Class A Common Stock are entitled to one vote per share
and holders of the Company's Class B Common Stock are
entitled to ten votes per share.
Information about the Company's common stock outstanding
is as follows:
The Company is authorized by the Board of Directors to
repurchase up to 88.0 million shares of Class A Common
Stock in the open market or in privately negotiated
transactions, depending on market conditions and other
factors. As of June 30, 2009, the cumulative total of
acquired shares pursuant to the authorization was 65.3
million, reducing the remaining authorized share repurchase
balance to 22.7 million.
Accelerated Share Repurchase Program
In March 2007, the Company repurchased approximately
15,960,800 shares of its outstanding Class A Common
Stock for $750.0 million through an accelerated share
repurchase program with a financial counterparty. These
shares were accounted for as treasury stock, carried at
cost, and reflected as a reduction to stockholders' equity.
In August 2007, the financial counterparty informed the
Company that it had completed its obligations under the
agreement. The per-share price paid by the Company at
inception of the program exceeded the final volume
weighted average price per share, as defined by the contract.
Accordingly, the Company received 97,417 shares of
its Class A Common Stock from the financial counterparty
as a price adjustment and final settlement, which was
recorded as treasury stock and additional paid-in capital
in the fiscal 2008 consolidated balance sheet.