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Capital Stock
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Capital Stock

(10)

Capital Stock

We have authorized capital stock of 485.0 million shares, which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2014:

 

 

Year Ended December 31,

 

 

2016

 

 

2015

 

 

2014

 

 

Beginning balance

 

169,316,460

 

 

 

168,628,177

 

 

 

163,342,894

 

MRD Merger

 

77,042,749

 

 

 

—

 

 

 

—

 

Equity offering

 

—

 

 

 

—

 

 

 

4,560,000

 

Stock options/SARs exercised

 

—

 

 

 

77,002

 

 

 

195,242

 

Restricted stock grants

 

490,609

 

 

 

335,103

 

 

 

270,062

 

Restricted stock units vested

 

266,541

 

 

 

252,507

 

 

 

244,413

 

Shares retired

 

(739

)

 

 

—

 

 

 

—

 

Treasury shares

 

28,736

 

 

 

23,671

 

 

 

15,566

 

Ending balance

 

247,144,356

 

 

 

169,316,460

 

 

 

168,628,177

 

Common Stock Dividends

The board of directors declared quarterly dividends of $0.02 per common share for each of the four quarters of 2016. The board of directors declared quarterly dividends of $0.04 per common share for each of the four quarters of 2015 and 2014. The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the board of directors and will depend on our financial condition, earnings and cash flow from operations, level of capital expenditures, our future business prospects and other matters our board of directors deem relevant. Our bank credit facility and our senior subordinated notes allow for the payment of common dividends, with certain limitations. Dividends are limited to our legally available funds.