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Shareholders' Equity
 12 Months Ended
Dec. 31, 2014
Shareholders' Equity [Abstract]  
Shareholder's Equity

4. Shareholders’ Equity

Through December 31, 2014, the Company announced authorizations by its Board of Directors of the expenditure of up to $800,000 to repurchase shares of the Company’s common stock. On February 3, 2015, the Company announced that its Board of Directors authorized the expenditure of up to an additional $100,000 to repurchase shares of common stock. Under the remaining repurchase authorization, shares may be purchased from time to time in open market transactions, subject to market conditions.

On November 20, 2012 the Company entered into a privately negotiated accelerated share repurchase transaction (“ASR”) to repurchase $25,000 of its common stock. The Company advanced $25,000 on November 20, 2012 and received 65 shares, which represented 70% of the total number of shares to be repurchased calculated using the closing price on November 20, 2012. The agreement was settled in February 2013, and the Company received an additional 22 shares, resulting in a weighted-average price per share of $287.20 for the ASR.

The shares of common stock repurchased under authorized programs, including the ASR, were 154,  336 and 686 for a total cost of $87,996, $109,987 and $206,394 during 2014, 2013 and 2012, respectively. As of December 31, 2014,  $102,210 was available to be repurchased under the authorized programs. The shares repurchased are being held in treasury until such time as they are reissued or retired, at the discretion of the Board of Directors.

 

During 2014, 2013, and 2012, shares of common stock were netted and surrendered as payment for minimum statutory tax withholding obligations in connection with the exercise and vesting of outstanding stock awards. Shares surrendered by the participants in accordance with the applicable award agreements and plan are deemed repurchased by the Company but are not part of publicly announced share repurchase programs. For the year ended December 31, 2014, 2013, and 2012, the Company’s repurchases in connection with such netting and surrender totaled 1,  57, and 28 shares for a total cost of $342,  $28,916, and $10,698, respectively.