8. Equity

Common Stock

During the six months ended June 30, 2014, we issued 449,141 shares of common stock in connection with the exercise of employee stock options for total proceeds of approximately $21.3 million.

Dividends

On July 22, 2014, our Board of Directors declared the 2014 third quarter cash dividend of $0.35 per share. The dividend is payable on September 12, 2014 to shareholders of record as of August 15, 2014.

During the six months ended June 30, 2014 we declared and paid quarterly dividends of $0.35 per share, or $54.4 million in total, compared to quarterly dividends of $0.30 per share, or $46.0 million in total, for the same period in 2013.

Share-Based Compensation

On March 25, 2014, we granted a total of 349,380 restricted stock units (“RSUs”) to key employees pursuant to our Amended and Restated Stock Option and Restricted Stock Plan. Each RSU consists of the right to receive one share of our common stock and dividend equivalent rights, subject to forfeiture, equal to the accrued cash or stock dividends where the record date for such dividends is after the grant date but before the shares vest. Each 2014 RSU granted has a service condition and cliff vests at December 31, 2016, if the recipient is an employee on that date. In addition to the service criteria, 136,162 of the RSUs granted in 2014 also have performance goals and vest only upon the satisfaction of the service and performance criteria. The fair value of the 2014 RSUs granted was $71.15, the closing price of our common stock on the day before the grant.

Share Repurchase Program

As of June 30, 2014, 7,883,033 shares of common stock remain authorized for repurchase under our stock repurchase program. No shares were repurchased in 2014 or 2013. Repurchased shares are redeemed and treated as authorized but unissued shares.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:

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

Balance as of December 31, 2013	$	3.2	$	0.2	$	(10.1	)	$	(6.7	)
Current-period change	5.3		0.1		—			5.4
Balance as of June 30, 2014	$	8.5	$	0.3	$	(10.1	)	$	(1.3	)

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 pension and postretirement benefit adjustments are net of taxes of $0.1 million and $6.9 million, respectively, as of June 30, 2014 and December 31, 2013.