SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

The following table presents our common shares issued and outstanding:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Shares issued, balance at beginning of period	176,556		176,190		176,240		175,478
Shares issued	19		16		335		728
Total shares issued at end of period	176,575		176,206		176,575		176,206
Treasury shares, balance at beginning of period	(83,653	)	(75,971	)	(80,174	)	(76,052	)
Shares repurchased	(2,337	)	(60	)	(6,247	)	(350	)
Shares reissued from treasury	69		109		500		480
Total treasury shares at end of period	(85,921	)	(75,922	)	(85,921	)	(75,922	)
Total shares outstanding	90,654		100,284		90,654		100,284

Treasury Shares

The following table presents our share repurchases:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
In the open market:
Total shares(1)	2,300		—		6,004		16
Total cost	$	125,000	$	—	$	310,000	$	832
Average price per share(2)	$	54.35	$	—	$	51.63	$	50.69
From employees:
Total shares	37		60		243		334
Total cost	$	2,039	$	3,158	$	13,050	$	17,097
Average price per share(2)	$	54.70	$	52.51	$	53.65	$	51.17
Total shares repurchased:
Total shares	2,337		60		6,247		350
Total cost	$	127,039	$	3,158	$	323,050	$	17,929
Average price per share(2)	$	54.36	$	52.51	$	51.71	$	51.22

(1) The six months ended June 30, 2016 includes 1,358,380 common shares acquired under the accelerated share repurchase program (see below for more detail).

(2) Calculated using whole figures.

Accelerated Share Repurchase Program

On August 17, 2015, the Company entered into an Accelerated Share Repurchase agreement with Goldman, Sachs & Co. (“Goldman Sachs”) to repurchase an aggregate of $300 million of the Company’s ordinary shares under an accelerated share repurchase program.

During August, 2015, under the terms of this agreement, the Company paid $300 million to Goldman Sachs and initially repurchased 4,149,378 ordinary shares. The initial shares acquired represented 80% of the $300 million total paid to Goldman Sachs and were calculated using the Company’s stock price at activation of the program. The ASR program is accounted for as an equity transaction. Accordingly, as at December 31, 2015, $240 million of common shares repurchased were included as treasury shares in the Consolidated Balance Sheet with the remaining $60 million included as a reduction to additional paid-in capital.

On January 15, 2016, Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company, resulting in the reduction from additional paid-in capital of $60 million being reclassified to treasury shares. In total, the Company repurchased 5,507,758 common shares under the ASR agreement at an average price of $54.47.

Series B Preferred Shares

On January 27, 2016 we redeemed the remaining 28,430 Series B preferred shares, for an aggregate liquidation preference of $3 million.