NOTE 5 – SHARE REPURCHASE PROGRAM

In January of 2011, the Company’s Board of Directors approved a share repurchase program. Under the program, 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’s Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program at any time, without prior notice. The cumulative authorization amount under the Company’s Board-approved share repurchase program was $7.8 billion as of March 31, 2017.

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 March 31,
	2017		2016
Shares repurchased	1,829		1,231
Average price per share	$	268.09	$	254.02
Total investment	$	490,312	$	312,637

As of March 31, 2017, the Company had $397.5 million remaining under its share repurchase program. Subsequent to the end of the first quarter and through May 8, 2017, the Company repurchased an additional 0.6 million shares of its common stock under its share repurchase program, at an average price of $254.61, for a total investment of $152.2 million. The Company has repurchased a total of 59.4 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through May 8, 2017, at an average price of $126.40, for a total aggregate investment of $7.5 billion.