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Capital Stock
6 Months Ended
Jun. 30, 2016
Captial Stock [Abstract]  
CAPITAL STOCK
CAPITAL STOCK
Dividends
In the first six months of 2016, we paid cash dividends of $38 million on our common stock. On July 12, 2016, the Board of Directors (or a duly authorized committee thereof) declared cash dividends of $0.07 per share of common stock, or approximately $18 million in the aggregate. The dividend will be paid on September 1, 2016 to stockholders of record as of the close of business on August 1, 2016. Future quarterly dividends are subject to Board approval.
Common Stock Repurchases
On September 18, 2013, the Board of Directors authorized $100 million for use in our common stock repurchase program. On May 27, 2014, the Board of Directors approved an increase in that authorization to $450 million. On February 4, 2016, the Board of Directors approved a further increase in that authorization to $1.1 billion. This program expires on December 31, 2018. We intend to repurchase shares of common stock in open market transactions in order to offset new shares issued under equity compensation programs and to provide for additional shareholder returns. During the second quarter of 2016, we repurchased 3,571,254 shares at an average price, including commissions, of $28.00 per share, or $100 million in the aggregate. During the first six months of 2016, we repurchased 5,162,630 shares at an average price, including commissions, of $29.05 per share, or $150 million in the aggregate. Since 2013, we repurchased 19,670,348 shares at an average price, including commissions, of $28.64 per share, or $563 million in the aggregate.
In addition, we routinely repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of the stock options or the vesting or payment of stock awards. During the first six months of 2016, we did not repurchase any shares from employees.