 |
 |
NOTES TO FINANCIAL STATEMENTS |
|
NOTE 12 STOCKHOLDERS’ EQUITY
Shares of common stock outstanding were as follows:
| (In millions) |
|
| Year Ended June 30 |
2007) |
 |
2006) |
|
2005) |
|
| Balance, beginning of year |
10,062) |
|
10,710) |
|
10,862) |
| Issued |
289) |
|
106) |
|
160) |
| Repurchased |
(971) |
|
(754) |
|
(312) |
| Balance, end of year |
,9,380) |
|
10,062) |
|
10,710) |
On July 20, 2006, we announced the completion of the repurchase program initially approved by our Board of Directors on July 20, 2004 to buy back up to $30.00 billion in Microsoft common stock.
On July 20, 2006, we also announced that our Board of Directors authorized two new share repurchase programs: a $20.00 billion tender offer, which was completed on August 17, 2006; and authorization for up to an additional $20.00 billion ongoing share repurchase program with an expiration of June 30, 2011. Under the tender offer, we repurchased approximately 155 million shares of common stock, or 1.5% of our common shares outstanding, for approximately $3.84 billion at a price per share of $24.75. On August 18, 2006, we announced that the authorization for the $20.00 billion ongoing share repurchase program had been increased by approximately $16.16 billion. As a result, we are authorized to repurchase additional shares in an amount up to $36.16 billion through June 30, 2011. As of June 30, 2007, approximately $15.14 billion remained of the $36.16 billion approved repurchase amount. During fiscal year 2006, we repurchased 754 million shares, or $19.75 billion, of our common stock under a previously approved plan. Under these repurchase plans, we have made the following share repurchases:
| (In millions) |
| Fiscal year |
2007 (1) |
|
2006 (2) |
|
2005(2) |
|
| |
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
| First quarter |
285 |
|
$,6,965 |
|
114 |
|
$,3,029 |
|
23 |
|
$0,625 |
| Second quarter |
205 |
|
6,037 |
|
283 |
|
7,666 |
|
23 |
|
655 |
| Third quarter |
238 |
|
6,744 |
|
181 |
|
4,879 |
|
95 |
|
2,420 |
| Fourth quarter |
243 |
|
7,367 |
|
176 |
|
4,175 |
|
171 |
|
4,302 |
| Total |
971 |
|
$27,113 |
|
754 |
|
$19,749 |
|
312 |
|
$8,002 |
| (1) |
Approximately 155 million shares of common stock for approximately $3.84 billion were repurchased under our tender offer in the first quarter of fiscal year 2007. All other amounts repurchased were repurchased under the repurchase plan approved by our Board of Directors on July 20, 2006. |
| (2) |
All amounts repurchased in fiscal years 2006 and 2005 were repurchased under the repurchase plan approved by our Board of Directors on July 20, 2004. |
In fiscal year 2007, our Board of Directors declared the following dividends:
| |
| Declaration Date |
Dividend
Per share
|
|
Date of record |
|
Total Amount
(in millions) |
|
Payment Date |
|
| September 13, 2006 |
$0.10 |
|
November 16, 2006 |
|
$980) |
|
December 14, 2006 |
| December 20, 2006 |
$0.10 |
|
February 15, 2007 |
|
$978) |
|
March 8, 2007 |
| March 26, 2007 |
$0.10 |
|
May 17, 2007 |
|
$952) |
|
June 14, 2007 |
| June 27, 2007 |
$0.10 |
|
August 16,2007 |
|
$938(1) |
|
September 13, 2007 |
| (1) |
The dividend declared on June 27, 2007 will be paid after the filing date of this report on Form 10-K and was included in other current liabilities as of June 30, 2007. |
| In fiscal year 2006, our Board of Directors declared the following dividends: |
| |
| Declaration Date |
Dividend
Per share |
|
Date of Record |
|
Total Amount
(in millions) |
|
Payment Date |
|
| September 23, 2005 |
$0.08 |
|
November 17, 2005 |
|
$846) |
|
December 8, 2005 |
| December 14, 2005 |
$0.09 |
|
February 17, 2006 |
|
$926) |
|
March 9, 2006 |
| March 27, 2006 |
$0.09 |
|
May 17, 2006 |
|
$916) |
|
June 8, 2006 |
| June 21, 2006 |
$0.09 |
|
August 17, 2006 |
|
$897(1) |
|
September 14, 2006 |
| (1) |
The dividend declared on June 21, 2006 was included in other current liabilities as of June 30, 2006. |
|
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