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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2016
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,
 
 
  
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
Shares issued, balance at beginning of period
176,575

 
176,206

 
176,240

 
175,478

 
 
Shares issued
—

 
16

 
335

 
744

 
 
Total shares issued at end of period
176,575

 
176,222

 
176,575

 
176,222

 
 
 
 
 
 
 
 
 
 
 
 
Treasury shares, balance at beginning of period
(85,921
)
 
(75,922
)
 
(80,174
)
 
(76,052
)
 
 
Shares repurchased
(2,252
)
 
(4,257
)
 
(8,499
)
 
(4,607
)
 
 
Shares reissued from treasury
37

 
6

 
537

 
486

 
 
Total treasury shares at end of period
(88,136
)
 
(80,173
)
 
(88,136
)
 
(80,173
)
 
 
 
 
 
 
 
 
 
 
 
 
Total shares outstanding
88,439

 
96,049

 
88,439

 
96,049

 
 
 
 
 
 
 
 
 
 
 


Treasury Shares

The following table presents our share repurchases:
 
  
Three months ended September 30,
 
Nine months ended September 30,
 
 
  
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
In the open market:
 
 
 
 
 
 
 
 
 
Total shares(1)
2,232

 
4,248

 
8,236

 
4,264

 
 
Total cost
$
124,948

 
$
245,658

 
$
434,948

 
$
246,490

 
 
Average price per share(2)
$
56.00

 
$
57.83

 
$
52.81

 
$
57.80

 
 
 
 
 
 
 
 
 
 
 
 
From employees:
 
 
 
 
 
 
 
 
 
Total shares
20

 
9

 
263

 
343

 
 
Total cost
$
1,088

 
$
489

 
$
14,137

 
$
17,586

 
 
Average price per share(2)
$
54.13

 
$
55.59

 
$
53.68

 
$
51.28

 
 
 
 
 
 
 
 
 
 
 
 
Total shares repurchased:
 
 
 
 
 
 
 
 
 
Total shares
2,252

 
4,257

 
8,499

 
4,607

 
 
Total cost
$
126,036

 
$
246,147

 
$
449,085

 
$
264,076

 
 
Average price per share(2)
$
55.98

 
$
57.83

 
$
52.84

 
$
57.32

 
 
 
 
 
 
 
 
 
 
 
(1) The nine months ended September 30, 2016 includes 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.