Shareholders' Equity

9 Months Ended

Oct. 31, 2017

8. Shareholders’ Equity

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

	Three Months Ended				Nine Months Ended
	October 31,				October 31,
	2017		2016		2017		2016
Number of common shares repurchased and subsequently retired		3,083,201		1,000,000		8,092,906		1,324,700
Total cost	$	66,533	$	35,083	$	157,044	$	45,787
Average cost per share, including commissions	$	21.58	$	35.08	$	19.41	$	34.56

On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program; all shares were repurchased and the authorization was completed by the end of August 2017. On August 22, 2017, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a new share repurchase program, of which 17,902,153 common shares were remaining as of October 31, 2017.

In addition to the shares repurchased under the share repurchase program, during the nine months ended October 31, 2017, the Company acquired and subsequently retired 92,404 common shares at a total cost of $2,180 from employees to meet minimum statutory tax withholding requirements. During the nine months ended October 31, 2016, the Company acquired and subsequently retired 55,683 common shares at a total cost of $2,049 from employees to meet minimum statutory tax withholding requirements.