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 dow jones , and the s&p 500 . the graph assumes that the value of the investment in the common stock of union pacific corporation and each index was $ 100 on december 31 , 2002 , and that all dividends were reinvested . comparison of five-year cumulative return 2002 2003 2004 2005 2006 2007 upc s&p 500 peer group dj trans purchases of equity securities 2013 during 2007 , we repurchased 13266070 shares of our common stock at an average price of $ 115.66 . during the first nine months of 2007 , we repurchased 10639916 shares of our common stock at an average price per share of $ 112.68 . the following table presents common stock repurchases during each month for the fourth quarter of 2007 : period number of shares purchased average paid per total number of shares purchased as part of a publicly announced plan or program maximum number of shares that may yet be purchased under the plan or program .
[a] total number of shares purchased during the quarter includes 228354 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] on january 30 , 2007 , our board of directors authorized us to repurchase up to 20 million shares of our common stock through december 31 , 2009 . we may make these repurchases 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>TotalNumber ofSharesPurchased[a]</i> <i>AveragePricePaid perShare</i> <i>Total Number of SharesPurchased as Part of aPublicly AnnouncedPlan orProgram</i> <i>Maximum Number ofShares That May YetBe Purchased Underthe Plan orProgram[b]</i>
Oct. 1 through Oct. 31 99,782 $ 128.78 - 9,774,279
Nov. 1 through Nov. 30 540,294 124.70 528,000 9,246,279
Dec. 1 through Dec. 31 1,986,078 128.53 1,869,800 7,376,479
Total 2,626,154 $ 127.75 2,397,800 N/A
period totalnumber ofsharespurchased[a] averagepricepaid pershare total number of sharespurchased as part of apublicly announcedplan orprogram maximum number ofshares that may yetbe purchased underthe plan orprogram[b]
oct . 1 through oct . 31 99782 $ 128.78 - 9774279
nov . 1 through nov . 30 540294 124.70 528000 9246279
dec . 1 through dec . 31 1986078 128.53 1869800 7376479
total 2626154 $ 127.75 2397800 n/a