Common Shares

On May 17, 2016 we completed a public offering of 1,475,000 shares of our common stock. The purchase price paid by the underwriter was $116.67 per share. On May 26, 2016, the underwriter exercised in full its option to purchase an additional 221,250 shares of common stock at the public offering price of $116.67 per share bringing the total shares issued from the offering to 1,696,250. The net proceeds from these issuances of common stock were $197.2 million, after deducting underwriting discounts and offering expenses. The proceeds were used to repay a portion of the outstanding borrowings under our Credit Facility.

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 19, 2016, our shareholders authorized an extension to repurchase up to 10% of our issued share capital through November 19, 2017. 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, 2016, pursuant to shareholder approvals, we have repurchased 39,373,745 shares for an aggregate purchase price of approximately $1.6 billion, or an average price of $41.20 per share and have canceled 33,475,406 shares with an historical cost of $1.2 billion. At December 31, 2016, we held 644,991 shares in treasury with the authority to repurchase 3,834,634 additional shares under our stock repurchase program. Subsequent to year-end, we have repurchased 189 shares at a total cost of approximately $22.8 thousand.

At the annual meeting of shareholders on May 19, 2016, the shareholders approved the cancellation of 1,250,000 shares of our common stock then held as treasury shares. These treasury shares were canceled on August 2, 2016, 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 2016, we paid quarterly dividends of $0.55 per share of common stock. The total dividends paid in 2016 were $95.1 million. On January 10, 2017, we declared a quarterly dividend of $0.55 per share of common stock payable February 17, 2017 to shareholders of record on January 20, 2017.

Accumulated Other Comprehensive Income (Loss)

Amounts recognized, net of tax, in Accumulated other comprehensive income (loss) for the years ended December 31, 2016 and 2015 consist of (in thousands):



	2016			2015
Prior service cost	$	600		$	661
Unrecognized net actuarial loss and foreign exchange	(9,769		)	(10,201		)
Fair value of derivatives	(659		)	(998		)
Total Accumulated other comprehensive (loss)	$	(9,828	)	$	(10,538	)

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 $0.4 million of unrecognized net actuarial loss.