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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2015
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
The following table presents our common shares issued and outstanding:
 
  
Three months ended September 30,
 
Nine months ended September 30,
 
 
  
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
Shares issued, balance at beginning of period
176,206

 
175,315

 
175,478

 
174,134

 
 
Shares issued
16

 
84

 
744

 
1,265

 
 
Total shares issued at end of period
176,222

 
175,399

 
176,222

 
175,399

 
 
 
 
 
 
 
 
 
 
 
 
Treasury shares, balance at beginning of period
(75,922
)
 
(71,409
)
 
(76,052
)
 
(64,649
)
 
 
Shares repurchased
(4,257
)
 
(3,169
)
 
(4,607
)
 
(10,263
)
 
 
Shares reissued from treasury
6

 
6

 
486

 
340

 
 
Total treasury shares at end of period
(80,173
)
 
(74,572
)
 
(80,173
)
 
(74,572
)
 
 
 
 
 
 
 
 
 
 
 
 
Total shares outstanding
96,049

 
100,827

 
96,049

 
100,827

 
 
 
 
 
 
 
 
 
 
 


Treasury Shares

The following table presents our share repurchases:
 
  
Three months ended September 30,
 
Nine months ended September 30,
 
 
  
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
In the open market:
 
 
 
 
 
 
 
 
 
Total shares(1)
4,248

 
3,159

 
4,264

 
9,838

 
 
Total cost
$
245,658

 
$
150,000

 
$
246,490

 
$
450,000

 
 
Average price per share(2)
$
57.83

 
$
47.49

 
$
57.80

 
$
45.74

 
 
 
 
 
 
 
 
 
 
 
 
From employees:
 
 
 
 
 
 
 
 
 
Total shares
9

 
10

 
343

 
425

 
 
Total cost
$
489

 
$
449

 
$
17,586

 
$
18,532

 
 
Average price per share(2)
$
55.59

 
$
45.39

 
$
51.28

 
$
43.65

 
 
 
 
 
 
 
 
 
 
 
 
Total shares repurchased:
 
 
 
 
 
 
 
 
 
Total shares
4,257

 
3,169

 
4,607

 
10,263

 
 
Total cost
$
246,147

 
$
150,449

 
$
264,076

 
$
468,532

 
 
Average price per share(2)
$
57.83

 
$
47.48

 
$
57.32

 
$
45.65

 
 
 
 
 
 
 
 
 
 
 
(1) Includes 4,149,378 shares initially acquired under the accelerated share repurchase program (see below for more detail).
(2) Calculated using whole figures.

Accelerated Share Repurchase Program

On August 17, 2015, the Company entered into an Accelerated Share Repurchase (“ASR”) agreement with Goldman, Sachs & Co. (“Goldman Sachs”) to repurchase an aggregate of $300 million of the Company’s ordinary shares under an accelerated share repurchase program.

During August, 2015, under the terms of this agreement, the Company paid $300 million to Goldman Sachs and initially repurchased 4,149,378 ordinary shares. The initial shares acquired represented 80% of the $300 million total paid to Goldman Sachs and were calculated using the Company’s stock price at activation of the program. The ASR program is accounted for as an equity transaction. Accordingly, $240 million of shares repurchased are included as treasury shares in the Consolidated Balance Sheet with the remaining $60 million included as a reduction to additional paid-in capital until the completion of the ASR agreement.
 
The scheduled termination date of the ASR agreement is February 18, 2016 but Goldman Sachs may accelerate the termination at any time on, or after, November 18, 2015. The final number of shares to be delivered will be based on the Company’s volume-weighted average price (“VWAP”) for the period from August 18, 2015 to the termination date, less a discount.

Had the ASR agreement settled on September 30, 2015, Goldman Sachs would have been required to deliver to the Company an additional 1,372,048 shares of the Company’s common stock. Under the terms of the ASR agreement, if the Company’s VWAP over the full reference period is 10% higher than the VWAP calculated at September 30, 2015, Goldman Sachs will be required to deliver 865,066 ordinary shares; if the Company’s VWAP decreases by 10%, Goldman Sachs will be required to deliver 1,993,077 ordinary shares.