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Capital Stock
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Capital Stock
Capital Stock
Treasury Stock
In February 2018, the Board of Directors authorized an increase of 25.0 million shares to the Company’s share repurchase program. In July 2018, the Board of Directors authorized an increase of an additional 20.0 million shares to the Company’s share repurchase program. After the most recent authorization, the total number of shares available for repurchase was 30.1 million shares. Under the share repurchase program, the Company may purchase shares of common stock in the open market or in negotiated transactions. The timing and amount of any stock purchases are determined at the discretion of management. The Company may use the repurchased shares to fund stock compensation programs currently in existence or for other corporate purposes. All purchases executed to date have been through open market transactions. There is no expiration date associated with the authorization to repurchase common stock of the Company.
During the first nine months of 2018, the Company repurchased 27.1 million shares for a total cost of $644.2 million. As of September 30, 2018, 22.9 million shares are available for repurchase under the share repurchase program.
As of September 30, 201842.1 million shares were held as treasury stock, which includes 2.7 million shares that were repurchased prior to September 30, 2018 and settled in October 2018.
Subsequent Event. Subsequent to September 30, 2018, the Company repurchased 2.8 million shares for a total cost of $65.6 million under a Rule 10b5-1 Plan.
In October 2018, the Board of Directors approved an increase in the quarterly dividend on our common stock from $0.06 per share to $0.07 per share.