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Equity | 12 Months Ended
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Dec. 31, 2015
Equity |
Equity | Note 12. Equity Reincorporation During the second quarter of 2015, the Company’s shareholders approved the reincorporation of the Company from California to Delaware by means of a merger with and into a wholly owned Delaware subsidiary. The reincorporation did not result in any change in the Company’s business, physical location, management, assets, liabilities, net worth or number of authorized shares. In the reincorporation, the Company’s Restated Certificate of Incorporation established par value of the Company’s common stock and unissued preferred stock of $0.001 per share. Common Stock We paid regular quarterly cash dividends on our common stock in 201 5. 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 to $0.33 per share in July 2013, increased it to $0.35 per share in February 2014, and increased it again in February 2015 to $0.40 per share. The holders of Reliance common stock are entitled to one vote per share on each mat ter submitted to a vote of stock holders. Share Repurchase Plan On October 21, 2014, our Board of Directors extended our share repurchase plan to December 31, 2017. On October 20, 2015, our Board of Directors again amended our share repurchase plan increasing by 7,500,000 shares the total number of shares authorized to be repurchased and extending the program through December 31, 2018. During the year ended December 31, 2015, we repurchased 6,194,641 shares of our common stock at an average cost of $57.39 for approximately $355.5 million through open market purchases under a plan complying with Rule10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We repurchased 759,800 shares of our common stock at an average cost of $65.80 per share for approximately $50.0 million through open market purchases in 2014. We did not repurchase any of our common stock in 2013. Since initiating the share repurchase plan in 1994 we have purchased approximately 22.1 million shares at an average cost of $30.93 per share. As of December 31, 2015, we had authorization to purchase an additional 8,428,592 shares under our existing share repurchase plan. Preferred Stock We are authorized to issue 5,000,000 shares of preferred stock, $0.001 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 stoc k. The rights of preferred stock holders may supersede the rights of commo n stock holders. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss included the following:
|  |  |  | Unrealized |  | Pension and |  | Accumulated
| Foreign Currency |  | Gain (Loss) on |  | Postretirement |  | Other
| Translation |  | Investments, |  | Benefit Adjustments, |  | Comprehensive
| Loss |  | Net of Tax |  | Net of Tax |  | Loss
| (in millions)
Balance as of January 1, 2015 | $ | (23.2) |  | $ | 0.4 |  | $ | (26.1) |  | $ | (48.9)
Current-period change |  | (51.0) |  |  | (0.4) |  |  | 0.6 |  |  | (50.8)
Balance as of December 31, 2015 | $ | (74.2) |  | $ | — |  | $ | (25.5) |  | $ | (99.7)
Foreign currency translation adjustments are not generally adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. Pension and postretirement benefit adjustments are net of taxes of $15.6 million as of December 31, 2015 and December 31, 2014. See “Note 11 – Employee Benefits” for information regarding reclassification of amounts from accumulated comprehensive loss to net income.

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