Annual report pursuant to Section 13 and 15(d)

Treasury and Preferred Stock

v2.4.1.9
Treasury and Preferred Stock
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Treasury and Preferred Stock
Note 20 – Treasury and Preferred Stock

In October 2014, the Company’s Board of Directors authorized a program to repurchase up to $200 million of the Company’s outstanding common stock. Share repurchases will be completed in the open market or through privately negotiated transactions over approximately a two-year period. The Company’s share repurchase program does not obligate it to acquire any specific number of shares, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted.
Treasury stock activity for the years ended December 31, 2014, 2013 and 2012, was as follows:
(Shares in thousands)
2014
 
2013
 
2012
Balance at January 1
10,129

 
12,907

 
13,434

Compensation plans and other
(697
)
 
(2,778
)
 
(527
)
Share repurchases
412

 
—

 
—

Balance at December 31
9,844

 
10,129

 
12,907



The Company experienced an increased level of treasury stock activity during 2014 and 2013 associated with exercises of stock options and SARs as a result of an 11 percent and 58 percent increase in the Company's stock price, respectively. See Note 18 – Stock Plans and Management Compensation for more information. At December 31, 2014, 2013 and 2012, the Company had no preferred stock outstanding (12.5 million shares authorized, $0.75 par value at December 31, 2014, 2013 and 2012).