Capital Stock

Repurchases of Common Stock - The Company made the following share repurchases during fiscal 2016 and the three months ended January 28, 2017:



Period	Number of Shares Repurchased	Total Consideration (In thousands)		Average Price Per Share
Fiscal 2016:
Three months ended October 24, 2015	954,224	$	69,997	$	73.35
Three months ended April 23, 2016	1,557,354	$	100,000	$	64.21
Fiscal 2017:
Three months ended January 28, 2017	313,006	$	25,000	$	79.87

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. During the second quarter of fiscal 2017, the Company repurchased 313,006 common shares for $25.0 million at an average price of $79.87. All shares repurchased 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 the three months ended January 28, 2017, $12.1 million was charged to retained earnings related to the Company’s share repurchases during the period. As of January 28, 2017, $75.0 million remained available for repurchases through October 2017 under the Company’s April 26, 2016 repurchase program authorization. On February 28, 2017, the Company’s Board of Directors extended the term of this repurchase program through August 2018 and authorized an additional $75.0 million to repurchase shares of the Company’s outstanding common stock in open market or private transactions, including through accelerated share repurchase agreements with one or more counterparties from time to time. As of March 2, 2017, the Company has $150.0 million available for repurchases of the Company’s common stock through August 2018.

Restricted Stock Tax Withholdings - During the six months ended January 28, 2017 and January 23, 2016, the Company withheld 128,783 shares and 156,362 shares, respectively, totaling $10.2 million and $12.1 million, respectively, to meet payroll tax withholdings obligations arising from the vesting of restricted share units. All shares withheld have been canceled. Shares of common stock withheld for tax withholdings do not reduce the Company’s total share repurchase authority.