STOCK REPURCHASE PROGRAM

12 Months Ended

Dec. 31, 2016

STOCK REPURCHASE PROGRAM [ABSTRACT]

STOCK REPURCHASE PROGRAM

(20)STOCK REPURCHASE PROGRAM

Stock Repurchase Program

The Company has a stock repurchase program, which was initially authorized by the Company’s Board of Directors in November 2001. As of December 31, 2016, the cumulative authorized repurchase allowance was $737.3 million. During the year ended December 31, 2016, the Company purchased 2.7 million shares for $74.7 million. Since inception of the program, the Company has purchased 45.5 million shares for $717.4 million. As of December 31, 2016, the remaining allowance under the program was approximately $19.9 million. For the period from January 1, 2017 through February 28, 2017, the Company purchased 234 thousand additional shares at a cost of $7.0 million. The stock repurchase program does not have an expiration date. On February 23, 2017, the Board of Directors authorized an increase in the share repurchase allowance of $25 million.