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Stockholders' Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Stockholders' Equity
6. Stockholders’ Equity

The following table summarizes common share repurchases and issuances.

 

     Three Months Ended March 31,  
     2017      2016  

Common shares repurchased(1)

      7,363,292        19,210,281  

Average purchase price per share

    $ 14.95      $ 10.42  

Shares repurchased related to employee stock-based compensation plans(2)

      1,354,280        986,273  

Average purchase price per share

    $ 15.55      $ 9.96  

Common shares issued(3)

      2,794,510        2,499,585  

 

(1)  Common shares purchased under our share repurchase program.
(2)  Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.
(3)  Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on March 31, 2017 was $14.76.

Dividend and Share Repurchase Program

In March 2017, we paid a common stock dividend of $0.16 per share.

We repurchased 7.4 million shares of common stock for $110 million in the first quarter of 2017. The shares were repurchased under our previously disclosed share repurchase program. As of March 31, 2017, the remaining repurchase authority was $490 million. In the first quarter of 2016, we repurchased 19.2 million shares for $200 million.