Annual report pursuant to Section 13 and 15(d)

Treasury and Preferred Stock

v3.3.1.900
Treasury and Preferred Stock
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Treasury and Preferred Stock
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, 2015, 2014 and 2013, was as follows:
(Shares in thousands)
2015
 
2014
 
2013
Balance at January 1
9,844

 
10,129

 
12,907

Compensation plans and other
(458
)
 
(697
)
 
(2,778
)
Share repurchases
2,339

 
412

 
—

Balance at December 31
11,725

 
9,844

 
10,129