Shareholders' Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following table summarizes the common stock and additional paid-in capital activity during the nine months ended September 30, 2016 (in thousands):

Common stock and additional paid-in capital, December 31, 2015	$	1,374
Income tax benefit of common stock options exercised	1,477
Common stock issued pursuant to stock-based compensation plans, net	1,585
Stock-based compensation expense	21,147
Repurchase of common stock	(24,222		)
Common stock and additional paid-in capital, September 30, 2016	$	1,361

On February 5, 2015, the Company's Board of Directors authorized the repurchase in the open market or through privately negotiated transactions of up to 15.0 million shares of the Company's outstanding common stock. The authorization will expire on February 5, 2017. During the nine months ended September 30, 2016, the Company repurchased 2.1 million shares for an aggregate purchase price of $66.1 million, of which $24.2 million reduced common stock and additional paid in capital and $41.9 million reduced retained earnings.

Note 14. Shareholders’ Equity - (Continued)

On September 2, 2016, the Company paid a dividend of $0.12 per share on its outstanding common stock to the shareholders of record as of the close of business on August 19, 2016. The total cash payments for dividends during the nine months ended September 30, 2016 were $49.6 million.