8. Equity

Common Stock

As of June 30, 2016, we had authorization to purchase a total of approximately 8.4 million shares under our existing share repurchase plan, or about 12% of outstanding shares. There were no share repurchases in the six-month period ended June 30, 2016. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares.

Common stock and additional paid-in capital activity included the following:


	Three Months Ended					Six Months Ended
	June 30, 2016					June 30, 2016
				Weighted Average					Weighted Average
	Shares	Amount		Exercise Price		Shares	Amount		Exercise Price
	(in millions, except share and per share amounts)
Stock-based compensation	11,611	$	8.1			150,162	$	10.2
Stock options exercised	269,575		13.6	$	52.96	614,745		30.1	$	49.01
Cumulative effect of change in accounting for stock-based compensation			—					1.0
Total	281,186	$	21.7			764,907	$	41.3

Dividends

On July 20, 2016, our Board of Directors declared the 2016 third quarter cash dividend of $0.425 per share, an increase of 6.3% compared to the 2016 second quarter dividend. The dividend is payable on September 9, 2016 to stockholders of record as of August 12, 2016.

During the second quarter of 2016 and 2015, we declared and paid a quarterly dividend of $0.40 per share, or $29.0 million and $29.7 million in total, respectively. During the six months ended June 30, 2016 and 2015, we declared and paid quarterly dividends of $0.80 per share, or $57.1 million and $60.4 million in total, respectively. During the six months ended 2016 and 2015, we paid $0.9 million and $1.0 million in dividend equivalents with respect to vested restricted stock units (“RSUs”), respectively.

Stock-Based Compensation

Effective January 1, 2016, we adopted accounting changes issued by the FASB for stock-based compensation that allow us to account for forfeitures of RSUs as they occur rather than estimating the number of forfeitures. As a result of the adoption, we recorded a cumulative-effect adjustment that reduced beginning retained earnings by $0.6 million, net of tax.

We make annual grants of long-term incentive awards to officers and key employees in the forms of service-based and performance-based RSUs that generally have 3-year vesting periods. The performance-based RSU awards are subject to both service and performance goal criteria. We also grant restricted stock to the non-employee members of the Board of Directors. The fair value of the RSUs and restricted stock awards is determined based on the closing stock price of our common stock on the grant date.

A summary of the status of our unvested restricted stock grants and service-based and performance-based RSUs as of June 30, 2016 and changes during the six-month period then ended is as follows:


		Weighted
		Average Grant
Unvested Shares	Shares	Date Fair Value

Unvested at January 1, 2016	900,410	$	63.26
Granted(1)	524,746		69.20
Vested	(13,317)		69.63
Cancelled	(19,114)		64.41
Unvested at June 30, 2016	1,392,725	$	65.43
Shares reserved for future grants (all plans)	1,862,538

(1) 512,895 RSUs, including 190,175 performance-based RSUs, and 11,851 restricted stock grants.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:


			Pension and		Accumulated
	Foreign Currency		Postretirement		Other
	Translation		Benefit Adjustments,		Comprehensive
	(Loss) Gain		Net of Tax		(Loss) Income
	(in millions)
Balance as of January 1, 2016	$	(74.2)	$	(25.5)	$	(99.7)
Current-period change		10.9		—		10.9
Balance as of June 30, 2016	$	(63.3)	$	(25.5)	$	(88.8)

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 June 30, 2016 and December 31, 2015.