Stockholders' Equity
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Jun. 26, 2011
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Notes to Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 5 - Stockholders' Equity |
Note 5 — Stockholders’ Equity
Changes in stockholders’ equity for the three months ended December 25, 2011 were as follows (in millions):
(1) Loss from discontinued operations, net of income taxes, (Note 8) was attributable to Qualcomm.
Stock Repurchase Program. During the three months ended December 25, 2011, the Company repurchased and retired 2,046,000 shares of the Company’s common stock for $99 million, before commissions. The Company did not repurchase any shares during the three months ended December 26, 2010. At December 25, 2011, approximately $948 million remained authorized for repurchase under the Company’s stock repurchase program, net of put options outstanding.
In connection with the Company’s stock repurchase program, the Company sold three put options on its own stock during fiscal 2011. At December 25, 2011, the Company had three outstanding put options enabling holders to sell 11,800,000 shares of the Company’s common stock to the Company for approximately $511 million (net of the $75 million in put option premiums received). The put option liability of $35 million at December 25, 2011 was recorded in other current liabilities. During the three months ended December 25, 2011, the Company recognized gains of $45 million in net investment income due to a decrease in the fair value of the put options. No put options were outstanding during the three months ended December 26, 2010.
Dividends. Cash dividends announced in the three months ended December 25, 2011 and December 26, 2010 were $0.215 and $0.190 per share, respectively. During the three months ended December 25, 2011 and December 26, 2010, dividends charged to retained earnings were $368 million and $314 million, respectively. On January 10, 2012, the Company announced a cash dividend of $0.215 per share on the Company’s common stock, payable on March 23, 2012 to stockholders of record as of March 2, 2012.
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