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Share Repurchase Program
6 Months Ended
Feb. 28, 2017
Equity [Abstract]  
Share Repurchase Program
Share Repurchase Program

In August 2015, the Company’s Board of Directors extended the Company’s share repurchase program, authorizing the Company to purchase up to $145.0 million of its outstanding shares of common stock through August 31, 2016.  The Board of Directors further extended the share repurchase program effective May 2016, authorizing the purchase of up to an additional $155.0 million of our outstanding shares of common stock through August 31, 2017.  During fiscal year 2016, approximately 5.2 million shares were repurchased for a total cost of $148.3 million, resulting in an average price per share of $28.48.

In October 2016, the Company's Board of Directors increased the authorization under the share repurchase program by $40.0 million. During the first six months of fiscal year 2017, approximately 3.7 million shares were repurchased for a total cost of $97.5 million, resulting in an average price per share of $26.21.  The total remaining amount authorized under the share repurchase program as of February 28, 2017 was $75.4 million.

Share repurchases may be made from time to time in the open market or otherwise, including through an accelerated share repurchase program, under terms of a Rule 10b5-1 plan, in privately negotiated transactions or in round lot or block transactions.  The share repurchase program may be extended, modified, suspended or discontinued at any time.