five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2009 and that all dividends were reinvested . the information below is historical in nature and is not necessarily indicative of future performance . purchases of equity securities 2013 during 2014 , we repurchased 33035204 shares of our common stock at an average price of $ 100.24 . the following table presents common stock repurchases during each month for the fourth quarter of 2014 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .
[a] total number of shares purchased during the quarter includes approximately 15587 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .
<i>Period</i> <i>Total Number of</i><i>Shares</i><i>Purchased[a]</i> <i>Average</i><i>Price Paid</i><i>PerShare</i> <i>Total Number of Shares</i><i>Purchased as Part of a</i><i>Publicly Announced</i><i>Plan or Program [b]</i> <i>Maximum Number of</i><i>Shares That May Yet</i><i>Be Purchased Under the Plan</i><i>or Program [b]</i>
Oct. 1 through Oct. 31 3,087,549 $107.59 3,075,000 92,618,000
Nov. 1 through Nov. 30 1,877,330 119.84 1,875,000 90,743,000
Dec. 1 through Dec. 31 2,787,108 116.54 2,786,400 87,956,600
Total 7,751,987 $113.77 7,736,400 N/A
period total number ofsharespurchased[a] averageprice paidpershare total number of sharespurchased as part of apublicly announcedplan or program [b] maximum number ofshares that may yetbe purchased under the planor program [b]
oct . 1 through oct . 31 3087549 $ 107.59 3075000 92618000
nov . 1 through nov . 30 1877330 119.84 1875000 90743000
dec . 1 through dec . 31 2787108 116.54 2786400 87956600
total 7751987 $ 113.77 7736400 n/a