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TREASURY STOCK
6 Months Ended
Jun. 30, 2017
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]  
TREASURY STOCK
TREASURY STOCK

On October 25, 2016, the Board of Directors terminated its October 2014 authorization for the repurchase of its outstanding common stock and authorized management to repurchase up to $150.0 million of its outstanding common stock through December 2018. Shares may be repurchased either in the open market or in privately negotiated transactions. As of June 30, 2017 there remained $150.0 million available for repurchase under this authorization.

As part of the conversion of the 2016 Convertible Notes, the Company received 2.9 million shares of common stock from the exercise of call options with hedge participants. The shares of common stock received from exercise of the call options are held as treasury stock, there were 2.9 million treasury stock outstanding as of June 30, 2017 and December 31, 2016, with cost of $122.0 million and $123.1 million, respectively, at a weighted average of $41.78 per share.

There were no cash treasury stock repurchases during the six months ended June 30, 2017 or 2016.