NOTE 14 CAPITAL STOCK

We have 199 million authorized shares of common stock. The number of shares of common stock and treasury stock and the share activity were as follows:


	Common Shares		Treasury Shares
	2016	2015	2016	2015
Balance at the beginning of the year	66,685,378	86,267,467	4,168,489	24,336,367
Employee option exercises	1,001,748	1,248,629	(302,626)	(167,878)
Director option exercises	22,167	65,167	—	—
Restricted stock vestings	30,228	13,331	—	—
Common stock repurchases	—	—	—	718,866
Common stock repurchased and retired	(1,726,678)	(190,350)	—	—
Stock retirements	—	(20,718,866)	—	(20,718,866)
Balance at the end of the year	66,012,843	66,685,378	3,865,863	4,168,489

The cash dividends paid on the common stock for the years ended December 31, 2016, 2015 and 2014 aggregated $76.7 million, $71.2 million and $71.1 million, respectively.