Stockholders' Equity

Our certificate of incorporation has authorized 300,000,000 shares of common stock and 50,000,000 shares of preferred stock. No preferred stock was issued or outstanding as of December 31, 2017 and 2016. We had 43,747,805 and 43,519,647 shares of common stock issued and 38,580,732 and 38,352,574 shares of common stock outstanding as of December 31, 2017 and 2016, respectively. Each share of common stock entitles the holder to one vote on matters to be voted on by the stockholders of Boise Cascade.

Dividends

On November 14, 2017, we announced that our board of directors approved a dividend policy to pay quarterly cash dividends to holders of our common stock. Our board of directors declared an initial dividend of $0.07 per share of our common stock, payable on December 15, 2017, to stockholders of record on November 27, 2017. During the year ended December 31, 2017, we paid $2.7 million of dividends to shareholders. We did not declare or pay any cash dividends on our common stock during the years ended December 31, 2016 and 2015. On February 7, 2018, the our board of directors declared a dividend of $0.07 per share of its common stock, payable on March 15, 2018, to stockholders of record on March 1, 2018. For a description of the restrictions in our asset-based credit facility, Term Loan, and the indenture governing our senior notes on our ability to pay dividends, see Note 7, Debt.

Stock Repurchase

On February 25, 2015, our board of directors authorized a two million share repurchase program (Program) pursuant to which we may, from time to time, purchase shares of our common stock through various means including, without limitation, open market transactions, privately negotiated transactions, or accelerated share repurchase transactions. We are not obligated to purchase any shares and there is no set date that the Program will expire. The board may increase or decrease the number of shares under the Program or terminate the Program in its discretion at any time. We did not purchase any shares under the Program during the year ended December 31, 2017. During 2016, we repurchased 580,100 shares under the Program at a cost of $10.3 million, or an average of $17.70 per share. During 2015, we repurchased 722,911 shares under the Program at a cost of $23.7 million, or $32.80 per share. The shares were purchased with cash on hand and are recorded as "Treasury stock" on our Consolidated Balance Sheet. As of December 31, 2017, there were 696,989 shares of common stock that may yet be purchased under the Program.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss are as follows:



	Changes in Accumulated Other Comprehensive Loss
	Year Ended December 31
	2017			2016			2015
	(thousands)
Beginning Balance, net of taxes	$	(83,012	)	$	(93,015	)	$	(101,498	)
Net actuarial gain, current-period changes, before taxes	7,067			9,622			8,406
Amortization of actuarial loss, amounts reclassified from accumulated other comprehensive loss, before taxes (a)	1,686			2,484			4,884
Effect of settlements, amounts reclassified from accumulated other comprehensive loss, before taxes (a)	—			4,155			501
Income taxes	(2,443		)	(6,258		)	(5,308		)
Ending Balance, net of taxes	$	(76,702	)	$	(83,012	)	$	(93,015	)

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(a)	Represents amounts reclassified from accumulated other comprehensive loss. These amounts are included in the computation of net periodic pension cost. For additional information, see Note 9, Retirement and Benefit Plans.