STOCK REPURCHASE PROGRAM

12 Months Ended

Dec. 31, 2015

STOCK REPURCHASE PROGRAM [ABSTRACT]

STOCK REPURCHASE PROGRAM

(20)STOCK REPURCHASE PROGRAM

Stock Repurchase Program

The Company has a stock repurchase program, which was initially authorized by the Company’s Board of Directors in November 2001. As of December 31, 2015, the cumulative authorized repurchase allowance was $662.3 million. During the year ended December 31, 2015, the Company purchased 686 thousand shares for $17.2 million. Since inception of the program, the Company has purchased 42.8 million shares for $642.8 million. As of December 31, 2015, the remaining allowance under the program was approximately $19.6 million. For the period from January 1, 2016 through March 7, 2016, the Company purchased 217,346 additional shares at a cost of $5.6 million. The stock repurchase program does not have an expiration date. On February 18, 2016, the Board of Directors authorized an increase in the share repurchase allowance of $25 million.