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TREASURY STOCK
12 Months Ended
Dec. 31, 2017
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]  
TREASURY STOCK
TREASURY STOCK
On October 25, 2016, the Board of Directors approved a resolution to retire approximately 17.8 million treasury stocks with an aggregate cost of $367.1 million and return such shares to authorized and unissued shares of common stock. These shares became available for issue on October 28, 2016. The effect of retiring these treasury stocks was recognized in Common stock and Additional paid-in capital. There was no effect on total stockholders’ equity as a result of retiring the treasury shares.

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 December 31, 2017, there remained $150.0 million available for repurchases 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, and there were 2.9 million share of treasury stock outstanding as of December 31, 2017 and 2016, with cost of $121.6 million and $123.1 million, respectively, at a weighted average of $41.77 and $41.78 per share, respectively.

There were no treasury stock repurchases under this authorization during the years ended December 31, 2017 and 2016.