3. Treasury Stock

The Board of Directors has, from time to time, approved stock repurchase programs enabling Covance to repurchase shares of its common stock. In January 2012, the Covance Board of Directors authorized the repurchase of up to $300 million of the Company’s outstanding common stock (the “2012 Repurchase Program”). At June 30, 2013, there was $2.0 million remaining for purchase of the Company’s outstanding common stock under the 2012 Repurchase Program. In addition to the Board approved share repurchase programs, Covance also reacquires shares of its common stock when employees tender shares to satisfy income tax withholdings associated with the vesting of stock awards.

The following table sets forth the treasury stock activity during the six month periods ended June 30, 2013 and 2012:

	Six Months Ended June 30
	2013			2012
(amounts in thousands)	$		# shares	$		# shares
Shares repurchased in connection with:
Board approved buyback programs	$	18,122	237.9	$	294,787	6,238.7
Employee benefit plans	8,996		130.7	7,312		152.4
Total	$	27,118	368.6	$	302,099	6,391.1