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Shareholder's Equity
 9 Months Ended
Oct. 31, 2014
Shareholder's Equity

7. Shareholder’s Equity

On May 27, 2014, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a new share repurchase program. Under this authorization, the Company repurchased and subsequently retired 184,400 and 3,920,679 common shares at a total cost of $6,883 and $132,490 during the three and nine months ended October 31, 2014, respectively. The average cost per share of these repurchases for the three and nine months ended October 31, 2014 was $37.33 and $33.79, respectively, including commissions.

Subsequent to October 31, 2014 and through December 10, 2014, the Company repurchased and retired 2,657,118 common shares under the May 2014 authorization for approximately $85,889, including commissions, at an average price of $32.32 per share.

On August 27, 2013, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program. The Company repurchased and subsequently retired all of the remaining 9,699,700 outstanding shares available under this authorization during the first quarter of fiscal 2015 at a total cost of $353,315 for an average cost per share of $36.43, including commissions.

In addition to the shares repurchased under the share repurchase programs during the nine months ended October 31, 2014, the Company acquired and subsequently retired 83,894 common shares at a total cost of $3,094 from employees to meet minimum statutory tax withholding requirements. During the nine months ended October 31, 2013, the Company acquired and subsequently retired 9,178 common shares at a total cost of $385 from employees to meet minimum statutory tax withholding requirements.

As a result of the share repurchase activity during the three months ended October 31, 2014, the Company reduced the balance of additional paid-in-capital to $3,870. For the nine months ended October 31, 2014, total share repurchase activity resulted in a reduction of additional paid-in capital of $120,128 and a reduction of retained earnings of $368,768.