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 13, 2014, our shareholders authorized an extension to repurchase up to 10% of our issued share capital through November 13, 2015 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, 2014, we have repurchased 37,867,189 shares for an aggregate purchase price of approximately $1.5 billion, or an average price of $38.43 per share and have canceled 30,975,406 shares with an historical cost of $840.0 million. At December 31, 2014, we held 1,963,018 shares in treasury with the authority to repurchase 2,596,982 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 315,287 shares at a total cost of approximately $33.8 million.

At the annual meeting of shareholders on May 13, 2014, the shareholders approved the cancellation of 1,150,000 shares of our common stock then held as treasury shares. These treasury shares were canceled on July 25, 2014, 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 2014, we paid quarterly dividends of $0.50 per share of common stock. The total dividends paid in 2014 were $89.1 million. On January 12, 2015, we declared a quarterly dividend of $0.55 per share of common stock payable February 20, 2015 to shareholders of record on January 23, 2015.

Accumulated Other Comprehensive Income (Loss)

Amounts recognized, net of tax, in Accumulated other comprehensive income (loss) for the years ended December 31, 2014 and 2013 consist of (in thousands):



	2014			2013

Prior service cost	$	718		$	(55	)
Transition asset	65			131
Unrecognized net actuarial loss and foreign exchange	(11,595		)	(8,702		)
Fair value of derivatives	(1,082		)	—
Total Accumulated other comprehensive loss	$	(11,894	)	$	(8,626	)

Unrecognized amounts currently recorded to Accumulated other comprehensive income (loss) that are expected to be recognized as components of next year's net pension benefit cost include $0.1 million for the amortization of the transition asset and $(0.7) million of unrecognized net actuarial loss.