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TREASURY STOCK
3 Months Ended
Mar. 31, 2018
TREASURY STOCK  
TREASURY STOCK

 

13.TREASURY STOCK

 

On February 28, 2017, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “February 2017 Repurchase Plan”). During the three-months ended March 31, 2018, the Company purchased 4.3 million shares of common stock at an average purchase price of $57.74 per share, for a total amount of $249.9 million (excluding broker commissions), under the February 2017 Repurchase Plan, which exhausted the availability under the February 2017 Repurchase Plan. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at March 31, 2018.

 

On February 27, 2018, the Company’s Board of Directors authorized a new share repurchase program for the purchase of up to $250.0 million of the Company’s outstanding common stock (the “February 2018 Repurchase Plan”). As of May 10, 2018, no shares have been repurchased pursuant to the February 2018 Repurchase Plan.

 

During the three-months ended March 31, 2018, 34,303 shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due, for a total amount of $2.0 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at March 31, 2018.