18. Share Repurchases

Share repurchases during the three and nine months ended September 30, 2013 were as follows:



	Three Months Ended		Nine Months Ended
	September 30, 2013		September 30, 2013
Shares repurchased in the open market	649,840		5,455,235
Shares repurchased from holders of employee stock options	—		5,951
Total shares repurchased	649,840		5,461,186
Average price paid per share	$	87.33	$	74.68

In May 2012, the Board of Directors renewed its standing authorization of the Company's share repurchase program, on terms consistent with its prior five-year authorization which expired at that time. This renewal authorizes the repurchase of up to 10,000,000 shares of the Company's common stock during the five-year period ending May 2017. The Company made no repurchases under this new authorization during the nine months ended September 30, 2013. As of September 30, 2013, the approximate number of shares still available for repurchase under the May 2012 share repurchase authorization was 3,908,289.

In November 2012, the Board of Directors approved a $1 billion share repurchase program authorizing repurchases of the Company's common shares over the following 12 to 18 months. The Company repurchased 5,455,235 shares under this new program during 2013. As of September 30, 2013, the approximate dollar amount still available for repurchase under this share repurchase program was $342,565.

Treasury shares increased to 84,862,771 at September 30, 2013 from a balance of 79,401,585 at December 31, 2012.