Quarter Ending 12/31/2011 Back to the Enlightened American Website
Starboard Value LP
*****  NEW POSITIONS TAKEN
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value Capital Invested
N/A N/A AVID TECHNOLOGY INC 2,415,000 $8.53 $20,600,000 ($20,600,000)
N/A N/A EXAR CORP 1,220,700 $6.50 $7,935,000 ($7,935,000)
N/A N/A ISHARES TR RUSL 2000 VALU 625,000 $65.64 $41,025,000 ($41,025,000)
N/A N/A TELLABS INC 914,900 $4.04 $3,696,000 ($3,696,000)
N/A N/A TESSERA TECHNOLOGIES INC 622,916 $16.75 $10,434,000 ($10,434,000)
*****  SOLD OFF
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
N/A N/A CSR PLC 610,435 $12.98 $7,923,000 $7,923,000
N/A N/A ISHARES TRRUSSELL 2000       127,000 $64.30 $8,166,000 $8,166,000
*****  HOLD POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
0.00% -22.13% AVIAT NETWORKS INC 1,322,820 1,322,820 $1.83 $2.35 $2,421,000 $3,109,000 $0
0.00% 10.19% EXTREME NETWORKS INC 9,165,000 9,165,000 $2.92 $2.65 $26,762,000 $24,287,000 $0
0.00% 1.29% OPENWAVE SYS INC 8,513,000 8,513,000 $1.58 $1.56 $13,451,000 $13,280,000 $0
0.00% 9.70% REGIS CORP MINN NOTE 5.000% 8,929,000 8,929,000 $1.25 $1.13 $11,117,000 $10,134,000 $0
0.00% -8.70% SEACHANGE INTL INC 2,639,342 2,639,342 $7.03 $7.70 $18,555,000 $20,323,000 $0
0.00% 61.10% SURMODICS INC 2,088,760 2,088,760 $14.66 $9.10 $30,621,000 $19,008,000 $0
*****  AUGMENTED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
211.86% 25.83% 2,966,000 AOL INC 4,366,000 1,400,000 $15.10 $12.00 $65,927,000 $16,800,000 ($44,786,872)
2.82% -11.69% 61,040 DSP GROUP INC 2,222,079 2,161,039 $5.21 $5.90 $11,577,000 $12,750,000 ($318,018)
1.05% -7.85% 55,000 MIPS TECHNOLOGIES INC 5,275,000 5,220,000 $4.46 $4.84 $23,527,000 $25,265,000 ($245,305)
82.03% 10.25% 609,736 PROGRESS SOFTWARE CORP 1,353,035 743,299 $19.35 $17.55 $26,181,000 $13,045,000 ($11,798,289)
3.68% 17.46% 90,000 REGIS CORP MINN 2,535,000 2,445,000 $16.55 $14.09 $41,954,000 $34,450,000 ($1,489,491)
78.43% 27.96% 652,558 SHORETEL INC 1,484,553 831,995 $6.38 $4.99 $9,471,000 $4,148,000 ($4,163,123)
12.13% 29.26% 450,000 WAUSAU PAPER CORP 4,159,000 3,709,000 $8.26 $6.39 $34,353,000 $23,701,000 ($3,716,963)
31.64% 2.08% 177,211 XO GROUP INC 737,211 560,000 $8.34 $8.17 $6,148,000 $4,575,000 ($1,477,858)
*****  REDUCED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
-4.83% 26.22% -12,068 ANALOGIC CORP 237,932 250,000 $57.32 $45.41 $13,638,000 $11,353,000 $691,724
-95.87% 2.45% -580,000 BAKER MICHAEL CORP 25,000 605,000 $19.60 $19.13 $490,000 $11,574,000 $11,368,000
-96.02% 4.35% -602,548 IRIS INTL INC 25,000 627,548 $9.36 $8.97 $234,000 $5,629,000 $5,639,849
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