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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017


	2015			2016
		Weighted			Weighted
		Average			Average
		Exercise			Exercise
	Options	Price		Options	Price
Outstanding, beginning of period	3,321,063	$	50.58	2,939,840	$	55.13
Granted	1,004,321		62.65	501,960		64.10
Forfeited	(244,658)		60.25	(104,680)		57.23
Exercised	(1,140,886)		47.41	(493,943)		50.60
Outstanding, end of period	2,939,840		55.13	2,843,177		57.42


	2017
				Weighted
				Average
		Weighted		Remaining	Aggregate
		Average		Contractual	Intrinsic
		Exercise		Term	Value
	Options	Price		(in years)	(in thousands)
Outstanding, beginning of period	2,843,177	$	57.42
Granted	525,596		71.35
Forfeited	(79,350)		61.39
Exercised	(831,186)		53.79
Outstanding, end of period	2,458,237	$	61.50	7.04	$	86,158
Vested and expected to vest at end of period	2,441,446	$	61.45	7.04	$	85,706
Exercisable, end of period	1,403,228	$	57.22	5.92	$	55,195

Schedule of weighted average assumptions used to determine weighted average grant date fair value


	2015		2016		2017
Risk-free interest rate	1.28	%	1.16	%	1.79	%
Expected life	4	years	4	years	4	years
Expected volatility	25.03	%	27.75	%	27.75	%
Expected dividend yield	0.00	%	0.00	%	0.00	%

Schedule of nonvested restricted stock award activity

	2015			2016			2017
		Weighted			Weighted			Weighted
		Average			Average			Average
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Outstanding, beginning of period	1,626,827	$	57.66	1,109,622	$	57.88	615,472	$	58.71
Awarded (1)	20,115		67.12	77,744		65.52	14,959		70.20
Vested	(537,320)		57.56	(571,894)		58.03	(585,438)		58.33
Forfeited	—		—	—		—	(13,891)		65.97
Outstanding, ending of period	1,109,622		57.88	615,472		58.71	31,102		68.00

(1)

December 31, 2016 includes 60,069 shares associated with the AFSC acquisition.

Schedule of nonvested restricted stock units


	2015			2016			2017
		Weighted			Weighted			Weighted
		Average			Average			Average
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Outstanding, beginning of period	156,695	$	54.88	231,088	$	61.53	200,178	$	61.65
Awarded	187,272		63.42	51,521		64.87	107,417		68.53
Vested	(79,036)		52.82	(53,839)		63.32	(119,489)		60.38
Forfeited	(33,843)		61.54	(28,592)		63.34	(24,817)		65.87
Outstanding, ending of period	231,088		61.53	200,178		61.65	163,289		66.46

Summary of nonvested performance-based restricted stock units

Summarized information related to the Company’s nonvested PSUs for the years ended December 31, 2015, 2016 and 2017 is as follows:


	2015			2016			2017
		Weighted			Weighted			Weighted
		Average			Average			Average
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Outstanding, beginning of period	—	$	—	36,938	$	85.00	102,977	$	93.03
Awarded	43,900		85.00	69,691		97.22	101,989		76.24
Vested	—		—	—		—	—		—
Forfeited	(6,962)		85.00	(3,652)		91.89	(2,651)		87.75
Outstanding, end of period	36,938		85.00	102,977		93.03	202,315		84.63

Schedule of computation of basic and diluted earnings per share

The following table reconciles income (numerator) and shares (denominator) used in the Company’s computations of net income per share for the years ended December 31, 2015, 2016 and 2017 (in thousands, except per share data):


	2015		2016		2017
Numerator:
Net income attributable to Magellan	$	31,413	$	77,879	$	110,207
Denominator:
Weighted average number of common shares outstanding—basic		24,865		23,181		23,333
Common stock equivalents—stock options		316		289		530
Common stock equivalents—RSAs		626		593		376
Common stock equivalents—RSUs		33		45		64
Common stock equivalents—PSUs		35		45		134
Common stock equivalents—employee stock purchase plan		2		3		3
Weighted average number of common shares outstanding—diluted		25,877		24,156		24,440
Net income attributable to Magellan per common share—basic	$	1.26	$	3.36	$	4.72
Net income attributable to Magellan per common share—diluted	$	1.21	$	3.22	$	4.51

October 2014 Share Repurchase Program

Equity related disclosures

Schedule of stock repurchases made

Pursuant to this program, the Company made purchases as follows (aggregate cost excludes broker commissions and is reflected in millions):


	Total Number	Average
	of Shares	Price Paid		Aggregate
Period	Purchased	per Share		Cost
November 24, 2014 - December 31, 2014	232,170	$	60.65	$	14.1
January 1, 2015 - October 21, 2015	3,153,156		58.96		185.9
	3,385,326			$	200.0

October 2015 Share Repurchase Program

Equity related disclosures

Schedule of stock repurchases made

Pursuant to this program, the Company made purchases as follows (aggregate cost excludes broker commissions and is reflected in millions):


	Total Number	Average
	of Shares	Price Paid		Aggregate
Period	Purchased	per Share		Cost
October 26, 2015 - December 31, 2015	345,044	$	53.46	$	18.4
January 1, 2016 - December 31, 2016	1,828,183		58.40		106.8
January 1, 2017 - December 31, 2017	280,140		77.67		21.8
	2,453,367			$	147.0