Equity

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Treasury Shares

In connection with our initial public offering in September 1995, our shareholders authorized our Management Board to repurchase up to 10% of our issued share capital, the maximum allowed under Dutch law at the time, for a period of 18 months. This authorization was renewed at subsequent annual or special shareholder meetings. At our annual shareholders' meeting on May 16, 2013, our shareholders authorized an extension to repurchase up to 10% of our issued share capital through November 19, 2014 which may be used for any legal purpose. The repurchase of shares in the open market is at the discretion of management pursuant to this shareholder authorization. From the activation of the share repurchase program on October 29, 2002 through December 31, 2013, we have repurchased 36,186,389 shares for an aggregate purchase price of approximately $1.2 billion, or an average price of $32.91 per share and have canceled 29,825,406 shares with an historical cost of $680.2 million. At December 31, 2013, we held 1,648,613 shares in treasury with the authority to repurchase 3,026,387 additional shares under our stock repurchase program. The past cancellation of shares had also been approved by shareholders at prior shareholder meetings. Subsequent to year-end, we have repurchased 246,104 shares at a total cost of approximately $45.2 million.

At the annual meeting of shareholders on May 16, 2013, the shareholders approved the cancellation of 1,149,582 shares of our common stock then held as treasury shares. These treasury shares were canceled on August 1, 2013, after the expiration of the waiting period required under Dutch law. In accordance with FASB Accounting Standards Codification ("ASC") 505-30-30-8, we charged the excess of the cost of the treasury stock over its par value to additional paid-in capital and retained earnings.

Dividend Policy

In February, May, August and November 2013, we paid quarterly dividends of $0.32 per share of common stock. The total dividends paid in 2013 were $58.6 million. On January 13, 2014, we declared a quarterly dividend of $0.50 per share of common stock payable February 21, 2014 to shareholders of record on January 24, 2014.