Capital Stock

Repurchases of Common Stock - The Company made the following share repurchases during fiscal 2016, 2015, and 2014:



Period	Number of Shares Repurchased	Total Consideration (In thousands)		Average Price Per Share
Fiscal 2014	360,900	$	9,999	$	27.71
Fiscal 2015	1,669,924	$	87,146	$	52.19
Fiscal 2016	2,511,578	$	169,997	$	67.69

In connection with the Notes offering in September 2015, the Company used approximately $60.0 million of the net proceeds from the Notes to repurchase 805,000 shares of its common stock from the initial purchasers of the Notes in privately negotiated transactions at a price of $74.53 per share, the closing price of Dycom’s common stock on September 9, 2015. The additional $110.0 million spent during fiscal 2016 was for shares repurchased under authorized share repurchase programs. All shares repurchased during fiscal 2016 have been canceled. Upon cancellation, the excess over par value is recorded as a reduction in additional paid-in capital until the balance is reduced to zero, with any additional excess recorded to retained earnings. During fiscal 2016, $17.1 million was charged to retained earnings related to the Company’s share repurchases. As of July 30, 2016, $100.0 million authorized on April 26, 2016 remained available for repurchases through October 2017 in open market or private transactions.

Restricted Stock Tax Withholdings - During fiscal 2016, 2015, and 2014, the Company withheld 161,988 shares, 145,395 shares, and 136,604 shares, respectively, totaling $12.6 million, $4.7 million, and $3.8 million, respectively, to meet payroll tax withholdings obligations arising from the vesting of restricted share units. All shares withheld have been canceled. Shares withheld for tax withholdings do not reduce the Company’s total share repurchase authority.