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Stock Repurchase Plan
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Stock Repurchase Plan
Stock Repurchase Plan
Under two separate share repurchase plans approved by its Board of Directors, the Company repurchased and cancelled 2,023,172 shares for a total cost of $190 million during 2014. On February 26, 2015, the Company announced that its Board of Directors authorized a stock repurchase plan under which the Company was authorized to repurchase up to $100 million of its common stock. The Company repurchased 1,184,700 shares in 2015 at an average cost of $63.98 per share for a total cost of $75.8 million. During the first six months of 2016, the Company repurchased 400,500 shares under this plan at an average cost of $60.51 per share for a total cost of $24.2 million, to conclude all repurchases under the February 26, 2015 plan. All repurchased shares were subsequently cancelled.
On July 26, 2016, the Board of Directors authorized a new stock repurchase plan under which the Company can repurchase up to $100 million of its common stock. The repurchase plan has no set expiration date and any repurchased shares are expected to be cancelled. No repurchases have been made pursuant to this plan as of December 31, 2016.