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SHAREHOLDERS' DEFICIT
12 Months Ended
Dec. 31, 2017
SHAREHOLDERS' DEFICIT  
SHAREHOLDERS' DEFICIT

8. STOCKHOLDERS' DEFICIT

Share Repurchase Program

        In February 2017, we announced a new capital return plan, the 2017 Capital Return Plan. The 2017 Capital Return Plan authorized a combination of repurchases of stock and/or repurchases, redemptions or prepayments of debt up to $150.0 million, through tender offers, open market purchases, private transactions, exchange offers or other means through December 31, 2017. In August 2017, we repurchased 1,317,771 shares of our common stock for approximately $17.5 million of the net proceeds from the offering of the 2025 Notes. In October 2017, we entered into an accelerated share repurchase (ASR) agreement with a financial institution to repurchase $80.0 million of our common stock under the 2017 Capital Return Plan. In December 2017, we repurchased of 6,112,335 shares of our common stock under the ASR agreement. The following table shows our share repurchase activity and related information on the ASR:

                                                                                                                                                                                    

(In thousands except per share data)

 

 

 

Purchase period end date

 

 

December 2017

 

Shares repurchased and retired

 

 

6,112

 

Amount

 

$

80,000

 

Average price per share

 

$

13.09

 

        On October 28, 2015, we announced the 2016 Share Repurchase Program. As a component of the Share Repurchase Program, on October 30, 2015, we commenced a "modified Dutch auction" tender offer (the "October 2015 TO") to purchase up to $75 million of our common stock, at a price per share of not less than $8.50 and not greater than $9.25, which was contingent upon satisfaction of customary conditions. The October 2015 TO expired on December 1, 2015. The following table shows our share repurchase activity and related information on the October 2015 TO:

                                                                                                                                                                                    

(In thousands except per share data)

 

 

 

Purchase period end date

 

 

December 2015

 

Shares repurchased and retired

 

 

2,576

 

Amount

 

$

24,641

 

Average price per share

 

$

9.56

 

        Additionally, as part of the 2016 Share Repurchase Program, we repurchased shares of our common stock in the open market, which were retired upon repurchase, during the periods presented as follows:

                                                                                                                                                                                    

 

 

December 31,

 

(In thousands except per share data)

 

2016

 

2015

 

Shares repurchased and retired

 

 

7,201

 

 

100

 

Amount

 

$

78,095

 

$

995

 

Average price per share

 

$

10.84

 

$

9.95