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Shareholders' Equity
 3 Months Ended
Apr. 30, 2016
Shareholders' Equity

8. Shareholders’ Equity

Share repurchase activity under the Company’s share repurchase programs is as follows:

 

     Three Months Ended 
April 30,		  
     2016      2015  

Number of common shares repurchased and subsequently retired

      324,700         401,977   

Total cost

    $ 10,704       $ 17,306   

Average cost per share, including commissions

    $ 32.97       $ 43.05   

On May 27, 2014, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program; all shares were repurchased and the authorization was completed by the end of June 2015. On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program, of which 6,995,059 was remaining as of April 30, 2016.

During the three months ended April 30, 2016, the Company did not acquire any common shares from employees to meet minimum statutory tax withholding requirements. During the three months ended April 30, 2015, the Company acquired and subsequently retired 180,776 common shares at a total cost of $7,976 from employees to meet minimum statutory tax withholding requirements.

As a result of the share repurchase activity during the three months ended April 30, 2016, 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 $2,322.