Note 12. Equity

Common Stock

On May 16, 2012, our shareholders approved an amendment to our Restated Articles of Incorporation to increase the number of authorized shares of common stock from 100,000,000 to 200,000,000, no par value per share. We paid regular quarterly cash dividends on our common stock in 2013. Our Board of Directors increased the quarterly dividend to $0.30 per share from $0.25 per share of common stock in February 2013, increased it again in July 2013 to $0.33 per share, and increased it again in February 2014 to $0.35 per share. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of shareholders; however, under California law, for the election of members to the Board of Directors shareholders are entitled to cumulative voting rights.

Share Repurchase Program

In May 2005, our Board of Directors amended and restated our stock repurchase program authorizing the repurchase of up to an additional 12,000,000 shares of our common stock, of which 7,883,033 shares remain available for repurchase as of December 31, 2013. No shares were repurchased during 2013, 2012 and 2011. Repurchased shares are redeemed and treated as authorized but unissued shares.

Preferred Stock

We are authorized to issue 5,000,000 shares of preferred stock, no par value per share. No shares of our preferred stock are issued and outstanding. Our restated articles of incorporation provide that shares of preferred stock may be issued from time to time in one or more series by the Board. The Board can fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of each series of preferred stock. The rights of preferred shareholders may supersede the rights of common shareholders.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:

	Foreign Currency Translation Gain			Unrealized (Loss) Gain on Investments, Net of Tax			Pension and Postretirement Benefit Adjustments, Net of Tax			Accumulated Other Comprehensive Loss

	(in millions)
Balance as of December 31, 2012	$	21.0		$	(0.2	)	$	(22.3	)	$	(1.5	)
Current-year change		(17.8	)		0.4			12.2			(5.2	)


Balance as of December 31, 2013	$	3.2		$	0.2		$	(10.1	)	$	(6.7	)

Foreign currency translation adjustments are not generally adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. Unrealized gain on investments and minimum pension liability are net of taxes of $0.1 million and $6.9 million, respectively, as of December 31, 2013 and $0.1 million and $13.4 million, respectively, as of December 31, 2012.

See Note 11 for information regarding reclassification of amounts from accumulated comprehensive income to net income.