If I have correctly copied and pasted the data from the lower table on this link, they have invested less of their own money this year than last. This year, through 6/12/2008, they purchased 74,100 shares at an average price of $31.50, for a total purchase price of $2,333,859. In the same interval, they sold 33,096 shares at an average price of $31.52, for a total sales price of $1,043,235. Net investment this year has been $1,290,624. In the same period in 2007, through 6/12/2007 (OK, there was an extra day in 2008), they purchased 133,500 shares at an average price of $42.73, for a total purchase price of $5,704,428. They exercised options for 207,236 shares at an average price of $30.29, for a total purchase price of $6,276,774. They sold 196,935 shares at an average price of $46.77, for a total sales price of $9,210,037. Net investment was $2,771,165. They invested more last year than this year; $1,480,541 more. These are raw data. There are many investors on this board more astute than I who might read something into these data.
I agree. If you look at the dates of the purchases through exercising options and the dates of the sales, many were the same dates (balanced within about 10,000 shares). In the first six months of 2007, insiders exercised options at a mean pps of $30.29, and sold at retail at a mean pps of $46.77, for an immediate profit near $3 million. From March through May 2007, they also purchased an additional 133,500 shares at a mean pps of $42.73. I have no axe to grind. These are just the data in the table.