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SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2016
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
The following table presents our common shares issued and outstanding:
 
  
Three months ended March 31,
 
 
  
2016
 
2015
 
 
 
 
 
 
 
 
Shares issued, balance at beginning of period
176,240

 
175,478

 
 
Shares issued
316

 
712

 
 
Total shares issued at end of period
176,556

 
176,190

 
 
 
 
 
 
 
 
Treasury shares, balance at beginning of period
(80,174
)
 
(76,052
)
 
 
Shares repurchased
(3,910
)
 
(290
)
 
 
Shares reissued from treasury
431

 
371

 
 
Total treasury shares at end of period
(83,653
)
 
(75,971
)
 
 
 
 
 
 
 
 
Total shares outstanding
92,903

 
100,219

 
 
 
 
 
 
 


Treasury Shares

The following table presents our share repurchases:
 
  
Three months ended March 31,
 
 
  
2016
 
2015
 
 
 
 
 
 
 
 
In the open market:
 
 
 
 
 
Total shares(1)
3,704

 
16

 
 
Total cost
$
185,000

 
$
832

 
 
Average price per share(2)
$
49.94

 
$
50.69

 
 
 
 
 
 
 
 
From employees:
 
 
 
 
 
Total shares
206

 
274

 
 
Total cost
$
11,011

 
$
13,939

 
 
Average price per share(2)
$
53.45

 
$
50.97

 
 
 
 
 
 
 
 
Total shares repurchased:
 
 
 
 
 
Total shares
3,910

 
290

 
 
Total cost
$
196,011

 
$
14,771

 
 
Average price per share(2)
$
50.13

 
$
50.95

 
 
 
 
 
 
 
(1) Amounts in 2016 include 1,358,380 common shares 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 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, as at December 31, 2015, $240 million of common shares repurchased were included as treasury shares in the Consolidated Balance Sheet with the remaining $60 million included as a reduction to additional paid-in capital.

On January 15, 2016, Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company, resulting in the reduction from additional paid-in capital of $60 million being reclassified to treasury shares. In total, the Company repurchased 5,507,758 common shares under the ASR agreement at an average price of 54.47.

Series B Preferred Shares

On January 27, 2016 we redeemed the remaining 28,430 Series B preferred shares, for an aggregate liquidation preference of
$3 million.