harris corporation

harris corporation harris corporation

25.05.2012 Views

COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN AMONG HARRIS, S&P 500, S&P 500 INFORMATION TECHNOLOGY AND S&P 500 AEROSPACE & DEFENSE $200 $150 $100 $50 $0 2006 2007 2008 2009 2010 2011 HARRIS S&P 500 S&P 500 Aerospace & Defense S&P 500 Information Technology HARRIS FISCAL YEAR END 2006 2007 2008 2009 2010 2011 Harris $100 133 126 75 111 125 S&P 500 $100 121 104 75 88 117 S&P 500 Information Technology $100 126 118 93 110 141 S&P 500 Aerospace &Defense $100 124 110 81 102 138 Sales of Unregistered Securities During fiscal 2011, we did not issue or sell any unregistered securities. Issuer Purchases of Equity Securities During fiscal 2011, we repurchased 5,325,690 shares of our common stock under our repurchase program at an average price per share of $46.92, excluding commissions. During fiscal 2010, we repurchased 4,779,411 shares of our common stock under our repurchase program at an average price per share of $41.81, excluding commissions. The level of our repurchases depends on a number of factors, including our financial condition, capital requirements, results of operations, future business prospects and other factors that our Board of Directors may deem relevant. The timing, volume and nature of share repurchases are subject to market conditions, applicable securities laws and other factors and are at our discretion and may be suspended or discontinued at any time. Shares repurchased by us are cancelled and retired. 31

The following table sets forth information with respect to repurchases by us of our common stock during the fiscal quarter ended July 1, 2011: Period* Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs (1) Maximum approximate dollar value of shares that may yet be purchased under the plans or programs (1) Month No. 1 (April 2, 2011-April 29, 2011) Repurchase Programs (1) ........ None n/a None $300,592,325 Employee Transactions (2). ...... Month No. 2 (April 30, 2011-May 27, 2011) 34,831 $50.94 n/a n/a Repurchase Programs (1) ........ 1,912,460 $48.83 1,912,460 $207,208,781 Employee Transactions (2). ...... Month No. 3 (May 28, 2011-July 1, 2011) 65,961 $48.56 n/a n/a Repurchase Programs (1) ........ 135,450 $48.50 135,450 $200,639,551 Employee Transactions (2). ...... 34,961 $46.50 n/a n/a Total ......................... 2,183,663 $48.80 2,047,910 $200,639,551 * Periods represent our fiscal months. (1) On March 2, 2009, we announced that on February 27, 2009, our Board of Directors approved the 2009 Repurchase Program authorizing us to repurchase up to $600 million in shares of our stock through open-market transactions, private transactions, transactions structured through investment banking institutions or any combination thereof. The 2009 Repurchase Program did not have a stated expiration date and has resulted in repurchases in excess of the dilutive effect of shares issued under our share-based incentive plans. The approximate dollar amount of our stock that may yet be purchased under the 2009 Repurchase Program as of July 1, 2011 was $200,639,551 (as reflected in the table above). On August 2, 2011, we announced that on July 30, 2011, our Board of Directors approved the New Repurchase Program authorizing us to repurchase up to $1 billion in shares of our stock through open-market transactions, private transactions, transactions structured through investment banking institutions or any combination thereof. The New Repurchase Program replaced the 2009 Repurchase Program as of July 30, 2011 and does not have a stated expiration date. We currently expect to repurchase up to $500 million in shares of our stock under the New Repurchase Program by the end of calendar year 2011 and to fund share repurchases with available cash and commercial paper. The New Repurchase Program is expected to result in repurchases well in excess of the dilutive effect of shares issued under our share-based incentive plans. However, the level of our repurchases depends on a number of factors, including our financial condition, capital requirements, results of operations, future business prospects and other factors our Board of Directors may deem relevant. The timing, volume and nature of repurchases are subject to market conditions, applicable securities laws and other factors and are at our discretion and may be suspended or discontinued at any time. As a matter of policy, we do not repurchase shares during the period beginning on the 15th day of the third month of a fiscal quarter and ending two days following the public release of earnings and financial results for such fiscal quarter. (2) Represents a combination of (a) shares of our common stock delivered to us in satisfaction of the exercise price and/or tax withholding obligation by holders of employee stock options who exercised stock options, (b) shares of our common stock delivered to us in satisfaction of the tax withholding obligation of holders of performance shares or restricted shares that vested during the quarter, (c) performance shares or restricted shares returned to us upon retirement or employment termination of employees or (d) shares of our common stock purchased by, or sold to us by, the Harris Corporation Master Rabbi Trust, with the trustee thereof acting at our direction, to fund obligations of the Rabbi Trust under our deferred compensation plans. Our equity incentive plans provide that the value of shares delivered to us to pay the exercise price of options or to cover tax withholding obligations shall be the closing price of our common stock on the date the relevant transaction occurs. The information required by this Item with respect to securities authorized for issuance under our equity compensation plans is included in “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters — Equity Compensation Plan Information” of this Report. See Note 14: Stock Options and Other Share-Based Compensation in the Notes for a general description of our stock and equity incentive plans. 32

COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN AMONG<br />

HARRIS, S&P 500, S&P 500 INFORMATION TECHNOLOGY AND S&P 500 AEROSPACE & DEFENSE<br />

$200<br />

$150<br />

$100<br />

$50<br />

$0<br />

2006 2007 2008 2009 2010 2011<br />

HARRIS<br />

S&P 500<br />

S&P 500 Aerospace & Defense<br />

S&P 500 Information Technology<br />

HARRIS FISCAL YEAR END 2006 2007 2008 2009 2010 2011<br />

Harris $100 133 126 75 111 125<br />

S&P 500 $100 121 104 75 88 117<br />

S&P 500 Information Technology $100 126 118 93 110 141<br />

S&P 500 Aerospace &Defense $100 124 110 81 102 138<br />

Sales of Unregistered Securities<br />

During fiscal 2011, we did not issue or sell any unregistered securities.<br />

Issuer Purchases of Equity Securities<br />

During fiscal 2011, we repurchased 5,325,690 shares of our common stock under our repurchase program at an<br />

average price per share of $46.92, excluding commissions. During fiscal 2010, we repurchased 4,779,411 shares of<br />

our common stock under our repurchase program at an average price per share of $41.81, excluding commissions.<br />

The level of our repurchases depends on a number of factors, including our financial condition, capital requirements,<br />

results of operations, future business prospects and other factors that our Board of Directors may deem relevant. The<br />

timing, volume and nature of share repurchases are subject to market conditions, applicable securities laws and other<br />

factors and are at our discretion and may be suspended or discontinued at any time. Shares repurchased by us are<br />

cancelled and retired.<br />

31

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!