Capital Stock

12 Months Ended

Dec. 31, 2019

At December 31, 2019, there were 300,000,000 shares of common stock and 30,000,000 shares of serial preferred stock authorized for issuance. Of the authorized serial preferred stock, 3,000,000 shares are designated as cumulative redeemable serial preferred and 1,000,000 shares are designated as convertible serial preferred stock. Under the 2006 Equity and Performance Incentive Plan (2006 Employee Plan), 23,700,000 shares may be issued or transferred. An aggregate of 8,258,768, 9,643,433 and 10,715,939 shares of common stock at December 31, 2019, 2018 and 2017, respectively, were reserved for the exercise and future grants of option rights and future grants of restricted stock and restricted stock units. See Note 14 for additional information related to stock-based compensation. Shares outstanding shown in the following table included 489,783, 489,647 and 489,260 shares of common stock held in a revocable trust at December 31, 2019, 2018 and 2017, respectively. The revocable trust is used to accumulate assets for the purpose of funding the ultimate obligation of certain non-qualified benefit plans. Transactions between the Company and the trust are accounted for in accordance with the Deferred Compensation – Rabbi Trusts Subtopic of the Compensation Topic of the ASC, which requires the assets held by the trust be consolidated with the Company’s accounts.



	Shares in Treasury	Shares Outstanding
Balance at January 1, 2017	23,577,411	93,013,031
Shares tendered as payment for option rights exercised	16,545	(16,545	)
Shares issued for exercise of option rights		969,936
Shares tendered in connection with vesting of restricted stock units	82,777	(82,777	)
Balance at December 31, 2017	23,676,733	93,883,645
Shares tendered as payment for option rights exercised	1,159	(1,159	)
Shares issued for exercise of option rights		661,599
Shares tendered in connection with vesting of restricted stock units	52,144	(52,144	)
Net shares issued for vesting of restricted stock units		149,821
Treasury stock purchased	1,525,000	(1,525,000	)
Balance at December 31, 2018	25,255,036	93,116,762
Shares tendered as payment for option rights exercised	3,838	(3,838	)
Shares issued for exercise of option rights		901,878
Shares tendered in connection with vesting of restricted stock units	55,095	(55,095	)
Net shares issued for vesting of restricted stock units		160,132
Treasury stock purchased	1,675,000	(1,675,000	)
Shares transferred from defined benefit pension plan ⁽¹⁾	300,000	(300,000	)
Balance at December 31, 2019	27,288,969	92,144,839

⁽¹⁾

Shares were transferred from the Company's terminated domestic defined benefit pension plan surplus assets in connection with the plan's termination. See Note 8. In accordance with ASC 715, the transferred shares are treated as treasury stock.