SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

The following table presents our common shares issued and outstanding:

	Three months ended March 31,
	2017		2016
Shares issued, balance at beginning of period	176,580		176,240
Shares issued	—		316
Total shares issued at end of period	176,580		176,556
Treasury shares, balance at beginning of period	(90,139	)	(80,174	)
Shares repurchased	(2,229	)	(3,910	)
Shares reissued from treasury	958		431
Total treasury shares at end of period	(91,410	)	(83,653	)
Total shares outstanding	85,170		92,903

Treasury Shares

The following table presents our share repurchases:

	Three months ended March 31,
	2017		2016
In the open market:
Total shares(1)	1,896		3,704
Total cost	$	127,982	$	185,000
Average price per share(2)	$	67.52	$	49.94
From employees:(3)
Total shares	333		206
Total cost	$	23,260	$	11,011
Average price per share(2)	$	69.80	$	53.45
Total shares repurchased:
Total shares	2,229		3,910
Total cost	$	151,242	$	196,011
Average price per share(2)	$	67.86	$	50.13

(1) The three months ended March 31, 2016 includes 1,358,380 common shares acquired under the accelerated share repurchase program (see below for more detail).

(2) Calculated using whole numbers.

(3) To satisfy withholding tax liabilities upon vesting of restricted stock and restricted stock units, share repurchases from employees are excluded from the authorized share repurchase plans noted below.

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.