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Shareholders' Equity
 9 Months Ended
Oct. 31, 2015
Shareholders' Equity

7. Shareholders’ Equity

On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. Under this authorization, the Company repurchased and subsequently retired a total of 3,699,949 common shares for approximately $111,909 during the three months ended October 31, 2015 and a total of 8,455,621 common shares for approximately $282,701 during the nine months ended October 31, 2015. The average cost per share of these repurchases for the three and nine months ended October 31, 2015 was $30.25 and $33.43, respectively, including commissions.

Subsequent to October 31, 2015, the Company repurchased and retired a total of 4,224,620 common shares for approximately $99,734,998, at an average price of $23.61 per share, including commissions, which we funded with borrowings from our Credit Facility.

On May 27, 2014, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program. Under this authorization, the Company repurchased and subsequently retired 7,718,531 common shares at a total cost of $258,160 during fiscal 2015. The average cost per share of these repurchases for fiscal 2015 was $33.45, including commissions. During the nine months ended October 31, 2015, the Company repurchased and subsequently retired 2,281,469 shares at a total cost of $82,826, which completed this authorization. The average cost per share of these repurchases for the nine months ended October 31, 2015 was $36.30, including commissions.

In addition to the shares repurchased under the share repurchase programs, during the nine months ended October 31, 2015, the Company acquired and subsequently retired 247,124 common shares at a total cost of $10,119 from employees to meet minimum statutory tax withholding requirements. 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.

As a result of the share repurchase activity during the three months ended October 31, 2015, the Company reduced the balance of additional paid-in-capital to zero with subsequent share repurchase activity recorded as a reduction of retained earnings of $108,913. For the nine months ended October 31, 2015, total share repurchase activity resulted in the reduction of additional paid-in-capital to zero and a reduction of retained earnings of $310,686.