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Shareholders' equity
 9 Months Ended
Sep. 30, 2015
Stockholders' Equity Note [Abstract]  
Shareholders' equity
Shareholders’ equity
Common Stock
Under our Restated Certificate of Incorporation, our Board of Directors is authorized to issue up to 195,000,000 shares of our common stock.
The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock which are currently outstanding, including our Series A Convertible Preferred Stock, or which we may designate and issue in the future.
Stock Repurchase Program
In August 2011, our Board of Directors approved a $60,000 common stock repurchase program. In 2015, our Board expanded the repurchase program by approving an additional $70,000, increasing the authorization to repurchase up to $130,000. From August 2011 through September 30, 2015, we repurchased 7,186,521 shares of common stock for an aggregate purchase price of $86,276. There were no share repurchases for the three months ended September 30, 2015. During the nine months ended September 30, 2015, we repurchased 2,400,000 shares of common stock for an aggregate purchase price of $36,352. At September 30, 2015, we had approximately $43,724 remaining under the repurchase program authorization. The repurchase program may be expanded, suspended or discontinued by our Board, in its sole discretion, at any time.
Shares of common stock repurchased are recorded at cost as treasury stock and result in a reduction of shareholders’ equity in the consolidated balance sheets. From time to time, treasury shares may be reissued as contributions to our employee benefit plans and for the conversion of convertible preferred stock. When shares are reissued, we use an average cost method for determining cost. The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital.
Series A Convertible Preferred Stock

Glencore holds all of the issued and outstanding Series A Convertible Preferred Stock. The issuance of common stock under our stock incentive programs, debt exchange transactions and any stock offering that excludes Glencore participation triggers anti-dilution provisions of the preferred stock agreement and results in the automatic conversion of Series A Convertible Preferred Stock shares into shares of common stock.

The Common and Preferred Stock Activity table below contains additional information about preferred stock conversions during the nine months ended September 30, 2015 and 2014.
Common and Preferred Stock Activity:
Preferred stock
 
Common stock
(in shares)
Series A convertible
 
Treasury
Outstanding
Beginning balance as of December 31, 2014
78,141

 
4,786,521

89,064,582

Repurchase of common stock
—

 
2,400,000

(2,400,000
)
Conversion of convertible preferred stock
(1,146
)
 
—

114,524

Issuance for share-based compensation plans
—

 
—

152,597

Ending balance as of September 30, 2015
76,995

 
7,186,521

86,931,703

 
 
 
 
 
Beginning balance as of December 31, 2013
79,620

 
4,786,521

88,710,277

Conversion of convertible preferred stock
(950
)
 
—

95,039

Issuance for share-based compensation plans
—

 
—

132,554

Ending balance as of September 30, 2014
78,670

 
4,786,521

88,937,870