Note 9: Repurchases of Common Stock

Board Authorization

On February 3, 2015, our Board of Directors approved an additional stock repurchase program of up to $250.0 million of our common stock plus the cash proceeds received from the exercise of stock options by our executives, non-employee directors and employees.

Repurchases

Repurchased shares become a part of treasury stock. The shares tendered for tax withholding on vesting of restricted stock awards do not impact the repurchase program approved by our Board. The following tables present a summary of our 2015 authorized stock repurchase balance and repurchases made during the past three years:



Dollars in thousands	Board Authorization
Authorized repurchase - as of January 1, 2015	$	163,655
Additional board authorization	250,000
Proceeds from the exercise of stock options	2,552
Repurchase of common stock from open market	(159,800		)
Authorized repurchase - as of December 31, 2015	$	256,407



Repurchases made in the year ended December 31,	Number of Shares Repurchased	Average Price per Share (in dollars)		Total Purchase Price (in thousands)
2015	2,514,139	$	63.56	$	159,800
2014
Tender offer⁽¹⁾	5,291,701	$	70.07	370,789
Open market	2,633,526	$	64.77	170,582
Total 2014	7,925,227	$	68.31	541,371
2013	3,306,433	$	58.98	195,004
Total	13,745,799	$	65.20	$	896,175


(1)	Fees and expenses totaling $3.7 million associated with the tender offer do not impact the repurchase program approved by our Board, are excluded from the total purchase price shown here and were recorded as part of the cost of treasury stock in our Consolidated Balance Sheets.