Share Repurchase Program

6 Months Ended

Jun. 30, 2013

Share Repurchase Program

Share repurchase program

NOTE 7 – SHARE REPURCHASE PROGRAM 

Under the Company’s share repurchase program, as approved by the Board of Directors, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements and overall market conditions.  The Company and its Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program at any time, without prior notice.  On May 29, 2013, the Company’s Board of Directors approved a resolution to increase the authorization under the share repurchase program by an additional $500 million, raising the cumulative authorization under the share repurchase to $3.5 billion.  The additional $500 million authorization is effective for a three-year period, beginning on May 29, 2013. 

The following table identifies shares of the Company’s common stock that have been repurchased as part of the Company’s publicly announced share repurchase program (in thousands, except per share data): 

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Shares repurchased		2,546		4,518		5,013		6,288
Average price per share	$	107.61	$	97.47	$	100.10	$	94.52
Total investment	$	273,946	$	440,369	$	501,838	$	594,355

As of June  30, 2013, the Company had $576.8 million remaining under its share repurchase program.  Subsequent to the end of the second quarter and through August 8, 2013, the Company repurchased an additional 0.5 million shares of its common stock under its share repurchase program at an average price of $113.66 for a total investment of $56.3 million.  The Company has repurchased a total of 37.6 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through August 8, 2013, at an average price of $79.27, for a total aggregate investment of $2.98 billion.