Note 10: Repurchases of Common Stock

Board Authorization

On January 30, 2014, our Board of Directors approved an additional repurchase program of up to $500.0 million of our common stock plus the cash proceeds received from the exercise of stock options by our officers, directors, and employees. The Board also authorized a tender offer for up to $350.0 million with the option to increase the tender by up to 2% of outstanding shares.

Repurchases

In the six months ended June 30, 2014, we repurchased 1,447,556 shares of our common stock from the open market with an average price of $69.08 per share for $100.0 million. The repurchases were made under a pre-arranged stock trading plan in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The shares repurchased under the 10b5-1 plan were recorded as treasury shares and made in accordance with current share repurchase authorizations of the Board.

In addition, during the six months ended June 30, 2014, we accepted for payment an aggregate of 5,291,701 shares of our common stock at a final purchase price of $70.07 per share, for an aggregate cost of $370.8 million, excluding fees and expenses relating to the tender offer which expired on March 7, 2014. Fees and expenses relating to the tender offer totaled $3.8 million and were recorded as part of the cost of Treasury Stock in our Consolidated Balance Sheets.

The following table presents a summary of our authorized stock repurchase balance:



Dollars in thousands	Board Authorization
Authorized repurchase - as of January 1, 2014 ⁽¹⁾	$	201,291
Additional board authorization ⁽¹⁾	500,000
Proceeds from the exercise of stock options	2,790
Repurchase of common stock from open market	(99,995		)
Repurchase from tender offer ⁽²⁾	(370,789		)
Authorized repurchase - as of June 30, 2014 ⁽¹⁾	$	233,297


(1)	In addition to these amounts, the repurchase program approved by our Board of Directors allows for the use of cash proceeds received from the exercise of stock options by our officers, directors, and employees.


(2)	Excludes expenses of $3.8 million associated with the tender offer.