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7. Stockholders' Equity
During 2000, the Company repurchased 1,980,000 shares of its Common Stock, $.01
par value, for an aggregate purchase price of approximately $48,615,000. During
1999, the Company repurchased 239,000 shares of its Common Stock, $.01 par
value, for an aggregate purchase price of approximately $7,230,000. Repurchased
shares are carried as Treasury Stock on the Consolidated Balance Sheets and are
recorded at cost. During 2000 and 1999 the Company reissued approximately
213,000 and 983,000 shares of treasury stock, respectively, that had a cost of
approximately $5,941,000 and $14,610,000 respectively.
Distributions in the Consolidated Statements of Stockholders' Equity
represent distributions to Subchapter S Corporation shareholders of Tedesco
prior to the merger in 1999.
On March 2, 1999, a three-for-two split of the Company's Common Stock
was effected through distribution of one additional share for every two shares
already issued. All applicable share and per share data have been restated to
give retroactive effect to the stock split.
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