REPURCHASES OF COMMON STOCK

Our Board of Directors has authorized the repurchase of up to 68.0 million shares of our common stock in the open market or in negotiated transactions pursuant to the Company’s share repurchase program. We believe that the repurchase of our common stock is a favorable means of returning value to our shareholders, and we also repurchase to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing activities and the share price. As of December 31, 2018, there are approximately 3.2 million remaining shares available for repurchase under this authorization.

We primarily acquire shares by means of 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.

The following is a summary of our open market common stock repurchases and shares acquired through employee surrender for the years ended December 31, 2018, 2017 and 2016 (in thousands, except per share amounts):



	For the Years Ended December 31,
	2018		2017		2016

Shares repurchased in the open market	1,773		1,749		3,071
Shares acquired through employee surrenderfor statutory tax withholding	52		57		60
Total shares repurchased	1,825		1,806		3,131

Cost of share repurchased in the open market	$	368,691	$	270,297	$	313,072
Cost of shares for employee surrenders	9,375		8,074		4,372
Total cost of shares	$	378,066	$	278,371	$	317,444

Average cost per share - open market repurchases	$	207.92	$	154.51	$	101.96
Average cost per share - employee surrenders	$	182.18	$	142.55	$	73.04
Average cost per share - total	$	207.19	$	154.13	$	101.40