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Share Owners' Equity
 9 Months Ended
Sep. 30, 2015
Share Owners' Equity  
Share Owners' Equity

10.  Share Owners’ Equity

 

The activity in share owners’ equity for the three months ended September 30, 2015 and 2014 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Accumulated

    

 

 

    

 

 

 

 

 

 

 

Capital in

 

 

 

 

 

 

Other

 

Non-

 

 

 

 

 

Common

 

Excess of

 

Treasury

 

Retained

 

Comprehensive

 

controlling

 

Total Share

 

 

 

Stock

 

Par Value

 

Stock

 

Earnings

 

Loss

 

Interests

 

Owners' Equity

 

Balance on July 1, 2015

 

$
2

 

$
3,060

 

$
(577)

 

$
175

 

$
(1,677)

 

$
112

 

$
1,095

 

Issuance of common stock (2,294 shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reissuance of common stock (67,313 shares)

 

 

 

 

 

 

 

 
2

 

 

 

 

 

 

 

 

 

 

 
2

 

Stock compensation

 

 

 

 

 
1

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 
17

 

 

 

 

 
7

 

 
24

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(235)

 

 
(8)

 

 
(243)

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)

 

 
(1)

 

Balance on September 30, 2015

 

$
2

 

$
3,061

 

$
(575)

 

$
192

 

$
(1,912)

 

$
110

 

$
878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Accumulated

    

 

 

    

 

 

 

 

 

 

 

Capital in

 

 

 

 

 

 

Other

 

Non-

 

 

 

 

 

Common

 

Excess of

 

Treasury

 

Retained

 

Comprehensive

 

controlling

 

Total Share

 

 

    

Stock

    

Par Value

    

Stock

    

Earnings

    

Loss

    

Interests

    

Owners' Equity

 

Balance on July 1, 2014

 

$
2

 

$
3,059

 

$
(463)

 

$
204

 

$
(1,002)

 

$
122

 

$
1,922

 

Issuance of common stock (13,253 shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reissuance of common stock (52,167 shares)

 

 

 

 

 

 

 

 
1

 

 

 

 

 

 

 

 

 

 

 
1

 

Stock compensation

 

 

 

 

 
3

 

 

 

 

 

 

 

 

 

 

 

 

 

 
3

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 
60

 

 

 

 

 
7

 

 
67

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(165)

 

 
(3)

 

 
(168)

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(2)

 

 
(2)

 

Balance on September 30, 2014

 

$
2

 

$
3,062

 

$
(462)

 

$
264

 

$
(1,167)

 

$
124

 

$
1,823

 

 

The activity in share owners’ equity for the nine months ended September 30, 2015 and 2014 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Accumulated

    

 

 

    

 

 

 

 

 

 

 

Capital in

 

 

 

 

 

 

Other

 

Non-

 

 

 

 

 

Common

 

Excess of

 

Treasury

 

Retained

 

Comprehensive

 

controlling

 

Total Share

 

 

 

Stock

 

Par Value

 

Stock

 

Earnings

 

Loss

 

Interests

 

Owners' Equity

 

Balance on January 1, 2015

 

 
2

 

 
3,066

 

 
(480)

 

 
64

 

 
(1,494)

 

 
117

 

$
1,275

 

Issuance of common stock (41,401 shares)

 

 

 

 

 
1

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1

 

Reissuance of common stock (200,155 shares)

 

 

 

 

 

 

 

 
5

 

 

 

 

 

 

 

 

 

 

 
5

 

Treasury shares purchased (4,109,256 shares)

 

 

 

 

 

 

 

 
(100)

 

 

 

 

 

 

 

 

 

 

 
(100)

 

Stock compensation

 

 

 

 

 
12

 

 

 

 

 

 

 

 

 

 

 

 

 

 
12

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 
128

 

 

 

 

 
16

 

 
144

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(418)

 

 
(16)

 

 
(434)

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(13)

 

 
(13)

 

Acquisitions of noncontrolling interests

 

 

 

 

 
(18)

 

 

 

 

 

 

 

 

 

 

 
6

 

 
(12)

 

Balance on September 30, 2015

 

$
2

 

$
3,061

 

$
(575)

 

$
192

 

$
(1,912)

 

$
110

 

$
878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Accumulated

    

 

 

    

 

 

 

 

 

 

 

Capital in

 

 

 

 

Retained

 

Other

 

Non-

 

 

 

 

 

Common

 

Excess of

 

Treasury

 

Earnings

 

Comprehensive

 

controlling

 

Total Share

 

 

 

Stock

 

Par Value

 

Stock

 

(Loss)

 

Loss

 

Interests

 

Owners' Equity

 

Balance on January 1, 2014

 

$
2

 

$
3,040

 

$
(454)

 

$
(11)

 

$
(1,121)

 

$
147

 

$
1,603

 

Issuance of common stock (226,795 shares)

 

 

 

 

 
5

 

 

 

 

 

 

 

 

 

 

 

 

 

 
5

 

Reissuance of common stock (149,234 shares)

 

 

 

 

 

 

 

 
4

 

 

 

 

 

 

 

 

 

 

 
4

 

Treasury shares purchased (364,436 shares)

 

 

 

 

 

 

 

 
(12)

 

 

 

 

 

 

 

 

 

 

 
(12)

 

Stock compensation

 

 

 

 

 
17

 

 

 

 

 

 

 

 

 

 

 

 

 

 
17

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 
275

 

 

 

 

 
18

 

 
293

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(46)

 

 
(4)

 

 
(50)

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(37)

 

 
(37)

 

Balance on September 30, 2014

 

$
2

 

$
3,062

 

$
(462)

 

$
264

 

$
(1,167)

 

$
124

 

$
1,823

 

 

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 share settlement was received from the ASR Counterparty in the amount of 599,760 shares and was completed on May 26, 2015 based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR. 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)

 

 

 

September 30,

 

December 31,

 

September 30,

 

 

    

2015

    

2014

    

2014

 

 

 

 

 

 

 

 

 

Shares of common stock issued (including treasury shares)

 
184,465

 
183,915

 
183,911

 

 

 

 

 

 

 

 

 

Treasury shares

 
23,627

 
19,718

 
19,001