Common Stock and Treasury Stock

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Common Stock and Treasury Stock

9. Common Stock and Treasury Stock

As of December 31, 2011, the Company’s Board of Directors had approved a stock repurchase program authorizing the Company, from time to time as market and business conditions warrant, to acquire up to $210 million of its common stock. In February 2012, the Company’s Board of Directors approved an increase of $52.1 million to their current stock repurchase authorization, bringing the total authorization to $262.1 million.

On September 13, 2012, the Company’s Board of Directors approved the repurchase of up to 7,500,000 shares of the Company’s common stock, or up to $113.0 million in place of the remaining repurchase amounts previously authorized. In July 2013, the Company’s Board of Directors approved an additional $100 million for the stock repurchase program. In February 2014, the Company’s Board of Directors again approved an additional $100 million for the stock repurchase program.

The Company repurchased 2,842,116 shares for $56.4 million under the program during the three months ended March 31, 2016. Under the program to date, the Company has repurchased 39,950,633 shares for approximately $452.2 million. The maximum remaining authorized for purchase under the stock repurchase program was approximately $81.9 million as of March 31, 2016.