Note 9. Repurchases of common STOCK

We primarily acquire shares by repurchases in the open market. However, we also acquire shares that are surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders.

We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during both the three and nine months ended September 30, 2016 and 2015 was not material.

The following is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrender for the three and nine months ended September 30, 2016 and 2015 (in thousands, except per share amounts):


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015

Shares repurchased1		142		1,213		1,119		4,345
Shares acquired through employee surrender1		2		2		56		66
Total shares repurchased1		144		1,215		1,175		4,411

Cost of shares repurchased	$	15,260	$	85,975	$	88,235	$	313,083
Cost of employee surrenders		218		138		3,950		5,199
Total cost of shares repurchased	$	15,478	$	86,113	$	92,185	$	318,282

Average cost per share	$	107.46	$	70.89	$	78.43	$	72.15

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(1)

Shares repurchased and acquired through employee surrender for payment of minimum required withholding taxes on and before June 15, 2015 and the associated average cost per share have been adjusted to reflect the June 15, 2015 two-for-one stock split. Actual shares repurchased were approximately 2,962,000 for the nine months ended September 30, 2015.