Common Stock Repurchase Programs

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Common Stock Repurchase Programs

13. Common Stock Repurchase Programs

On November 9, 2015, the board of directors approved the repurchase of $150 million of outstanding common stock commencing January 1, 2016. This authorization expires December 31, 2018. Under this publicly announced plan, we repurchased 0.7 and 1.0 million shares for an aggregate purchase price of $34.5 and $39.7 million during the six months ended June 30, 2017 and 2016, respectively.

Our employees have the option to surrender shares of common stock to satisfy their tax withholding obligations that arise on the vesting of RSUs. In connection with stock option exercises, certain employees can surrender shares to satisfy the exercise price of certain stock options and any tax withholding obligations incurred in connection with such exercises. Employees surrendered less than 0.1 and 0.1 million shares for an aggregate purchase price of $1.9 and $6.8 million during the three and six months ended June 30, 2017, respectively, and less than 0.1 million and 0.1 million shares for an aggregate purchase price of $1.1 and $4.2 million during the three and six months ended June 30, 2016, respectively.

These repurchased shares reduce shares outstanding and are recorded as treasury stock under the cost method thereby reducing stockholders’ equity by the cost of the repurchased shares. Our repurchase program is limited by SEC regulations and is subject to compliance with our insider trading policy.