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Share Owners' Equity
 3 Months Ended
Mar. 31, 2015
Share Owners' Equity  
Share Owners' Equity

 

10.  Share Owners’ Equity

 

The activity in share owners’ equity for the three months ended March 31, 2015 and 2014 is as follows:

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

Common
Stock

 

Capital in
Excess of
Par Value

 

Treasury
Stock

 

Retained
Earnings

 

Accumulated
Other
Comprehensive
Loss

 

Non-
controlling
Interests

 

Total Share
Owners’
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance on January 1, 2015

 

$
2

 

$
3,066

 

$
(480

)

$
64

 

$
(1,494

)

$
117

 

$
1,275

 

Issuance of common stock (32,179 shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Reissuance of common stock (57,459 shares)

 

 

 

 

 
2

 

 

 

 

 

 

 
2

 

Treasury shares purchased (3,509,496 shares)

 

 

 

 

 
(100

)

 

 

 

 

 

 
(100

)

Stock compensation

 

 

 
8

 

 

 

 

 

 

 

 

 
8

 

Net earnings

 

 

 

 

 

 

 
71

 

 

 
4

 
75

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 
(216

)
(4

)
(220

)

Acquisitions of noncontrolling interests

 

 

 
(18

)

 

 

 

 

 

 
6

 
(12

)

Balance on March 31, 2015

 

$
2

 

$
3,056

 

$
(578

)

$
135

 

$
(1,710

)

$
123

 

$
1,028

 

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

Common
Stock

 

Capital in
Excess of
Par Value

 

Treasury
Stock

 

Retained
Earnings
(Loss)

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Non-
controlling
Interests

 

Total Share
Owners’
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance on January 1, 2014

 

$
2

 

$
3,040

 

$
(454

)

$
(11

)

$
(1,121

)

$
147

 

$
1,603

 

Issuance of common stock (155,727 shares)

 

 

 
4

 

 

 

 

 

 

 

 

 
4

 

Reissuance of common stock (48,041 shares)

 

 

 

 

 
2

 

 

 

 

 

 

 
2

 

Stock compensation

 

 

 
8

 

 

 

 

 

 

 

 

 
8

 

Net earnings

 

 

 

 

 

 

 
101

 

 

 
5

 
106

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 
59

 
(3

)
56

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 
(19

)
(19

)

Balance on March 31, 2014

 

$
2

 

$
3,052

 

$
(452

)

$
90

 

$
(1,062

)

$
130

 

$
1,760

 

 

On February 4, 2015, the Company entered into an accelerated share repurchase agreement (“ASR”) with J.P. Morgan Securities LLC (the “ASR Counterparty”) to repurchase $100 million of its common stock. The Company advanced $100 million to the ASR Counterparty on February 5, 2015, and received 3,509,496 shares, which represented eighty five percent of the total shares as calculated using the closing price on February 4, 2015.  The remaining number of shares to be delivered will be based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR. The ASR is expected to be settled in the second quarter of this year.  Under the terms of the ASR program, the ASR Counterparty was permitted, in accordance with the applicable requirements of the federal securities laws, to separately trade in the Company’s shares.

 

The Company has 250,000,000 shares of common stock authorized with a par value of $.01 per share. Shares outstanding are as follows:

 

 

 

Shares Outstanding (in thousands)

 

 

 

March 31,

 

December 31,

 

March 31,

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

 

 

 

Shares of common stock issued (including treasury shares)

 
184,421 

 
183,915 

 
183,811 

 

Treasury shares

 
23,170 

 
19,718 

 
18,738