Treasury Stock

Our Board of Directors has authorized certain programs to repurchase shares of our common stock. Each of these programs is consistent in that repurchases may be made from time to time in the open market, through privately-negotiated transactions, through block transactions or otherwise. The manner, timing and amount of repurchases are determined by our management based on the evaluation of market conditions, stock price and other factors.

In the third quarter of 2012, our Board of Directors authorized a program to repurchase up to $3.0 billion of the common stock of CF Holdings through December 31, 2016 (the 2012 Program). The repurchases under this program were completed in the second quarter of 2014. On August 6, 2014, our Board of Directors authorized a program to repurchase up to $1.0 billion of the common stock of CF Holdings through December 31, 2016 (the 2014 Program).

The following table summarizes the share repurchases under the 2014 Program and the 2012 Program:



	2014 Program			2012 Program
	Shares	Amounts		Shares	Amounts
	(in millions)
Shares repurchased as of December 31, 2013	—	$	—	7.3	$	1,449.3
Shares repurchased in 2014:
First quarter	—	$	—	3.2	$	793.9
Second quarter	—	—		3.1	756.8
Third quarter	—	—		—	—
Fourth quarter	1.4	372.8		—	—
Total shares repurchased in 2014	1.4	372.8		6.3	1,550.7
Shares repurchased as of December 31, 2014	1.4	$	372.8	13.6	$	3,000.0
Shares repurchased in 2015:
First quarter	0.8	$	236.6
Shares repurchased as of March 31, 2015	2.2	$	609.4

As of March 31, 2015 and December 31, 2014, the amount of shares repurchased that was accrued but unpaid was $29.6 million and $29.1 million, respectively.

As of March 31, 2015 and December 31, 2014, we held in treasury approximately 1.7 million and 0.8 million shares of repurchased stock, respectively.

See Note 20—Subsequent Event for a discussion of shares repurchased subsequent to March 31, 2015.