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Capital Stock
 12 Months Ended
Dec. 31, 2015
Capital Stock

11.    Capital Stock

The Company has 750 million authorized shares of common stock, par value $0.01 per share. The number of shares of common stock and treasury stock and the share activity for 2015 and 2014 were as follows:

 

     
    Common Shares      Treasury Shares  
         
     2015     2014      2015      2014  

Balance at the beginning of the year

     158,140,128        166,667,936         13,809,889         2,404,320   

Stock plan shares issued

     3,249,892        2,877,761         —         —   

Shares surrendered by optionees

     (392,921 )      (288,797 )       392,921         288,797   

Common stock repurchases

     (1,091,067 )      (11,116,772 )       1,091,067         11,116,772   

Balance at the end of the year

     159,906,032        158,140,128         15,293,877         13,809,889   

In December 2015, our Board of Directors increased the quarterly cash dividend by 14% to $0.16 per share of our common stock.

The Company has 60 million authorized shares of preferred stock, par value $0.01 per share. At December 31, 2015, no shares of our preferred stock were outstanding. Our Board of Directors has the authority, without action by the Company’s stockholders, to designate and issue our preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock.

In 2015, we repurchased 1,091,067 shares of outstanding common stock under the Company’s share repurchase programs at cost of $51.7 million. As of December 31, 2015, the Company’s total remaining share repurchase authorization under the remaining program was approximately $247.8 million. The share repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.