14. Equity

Share Repurchases

On January 24, 2013, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to 2.5 million shares of the Company’s common stock (the “2013 Authorization”). On January 28, 2015, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to 4.0 million shares of the Company’s common stock (the “January 2015 Authorization”) and canceled the 2013 Authorization, under which the Company purchased 1,029,609 shares from January 2013 to December 2014. On October 28, 2015, the Company’s Board of Directors authorized the most recent share repurchase program for the repurchase of up to 3.0 million shares of the Company’s common stock (the “October 2015 Authorization”) to become effective after the completion of the January 2015 Authorization. The October 2015 authorization became effective in December 2015 after all shares under the January 2015 Authorization had been purchased. During the year ended December 31, 2015, the Company purchased 4,015,866 shares under the January 2015 Authorization and the October 2015 Authorization for a total investment of $103.9 million, including commissions. This included the purchase of 829,666 shares under an accelerated share repurchase (“ASR”) agreement. The following table summarizes the aggregate shares purchased under the board authorizations during each of the three years ended December 31:



	Year Ended December 31,
	2015		2014		2013
Shares purchased under October 2015 Authorization, January 2015 Authorization and 2013 Authorization	4,015,866		62,909		966,700
Aggregate amount (in thousands)	$	103,874	$	1,343	$	46,052
Average price paid per share	$	25.87	$	21.35	$	47.64

In May 2015, the Company entered into an ASR agreement with a financial institution. Under the ASR agreement, the Company paid $22.0 million in cash to the financial institution on May 14, 2015 and received an initial delivery of 684,230 shares that were valued at $18.7 million, based on the then-current market price of the Company’s stock. The payment to the financial institution was recorded as two separate transactions: an initial treasury stock transaction and a forward contract indexed to the Company’s common stock. The initial treasury stock transaction was recorded as an $18.7 million increase in treasury shares. The ASR forward contract was recorded as a $3.3 million decrease to additional paid-in capital and reflected the value of stock to be delivered upon final settlement. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share.

Following the final settlement of the ASR agreement on August 5, 2015, the Company received from the

financial institution an additional 145,436 shares as determined by the average daily volume weighted average

price, less an agreed upon discount, of the Company’s common stock during the duration of the ASR agreement.

Upon settlement, the $3.3 million balance in additional paid-in capital, which reflected the value of common stock

initially held back by the financial institution, was reclassified to treasury shares.

Periodically, shares are purchased in the open market in connection with dividend reinvestment for dividends paid on Director Deferred Shares. Activities during each of the three years ended December 31 are summarized as follows (dollars in thousands):



	Year Ended December 31,
	2015		2014		2013
Purchases:
Number of shares	244		120		99
Aggregate amount	$	6	$	4	$	4

Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The net change in AOCI from marketable equity securities for the year ended December 31, 2015 is composed of an $88.6 million loss and an income tax benefit of $31.5 million and relates to the available-for-sale shares of Enova common stock held by the Company. The gain on marketable equity securities reclassified out of AOCI for the year ended December 31, 2015 is composed of a $1.7 million gain and income tax expense of $0.6 million. The gain and income tax expense are included in “Gain on disposition of equity securities” and “Provision for income taxes,” respectively, in the consolidated statements of income.

Components of AOCI, after tax, for the years ended December 31, 2015, 2014 and 2013 are shown below (dollars in thousands):



	Foreign Currency Translation Gain (Loss), Net of Tax			Marketable Securities Gain (Loss), Net of Tax			Total
Balance as of January 1, 2013	$	2,874		$	254		$	3,128
Other comprehensive income before reclassifications	1,775			373			2,148
Amounts reclassified from AOCI	—			(627		)	(627		)
Net change in AOCI	1,775			(254		)	1,521
Balance as of December 31, 2013	4,649			—			4,649
Other comprehensive (loss) income	(7,255		)	71,959			64,704
Spin-off of Enova	2,606			—			2,606
Net change in AOCI	(4,649		)	71,959			67,310
Balance as of December 31, 2014	—			71,959			71,959
Other comprehensive loss before reclassifications	—			(56,028		)	(56,028		)
Amounts reclassified from AOCI	—			(1,089		)	(1,089		)
Net change in AOCI	—			(57,117		)	(57,117		)
Balance as of December 31, 2015	$	—		$	14,842		$	14,842