Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Shareholders' Equity

Shareholders' Equity

Note 5. Shareholders' Equity

Cash Dividends

        The company declared cash dividends of $108.6 million, or $0.46 per common share, during 2014; $97.4 million, or $0.44 per common share, during 2013; and $87.7 million, or $0.40 per common share, during 2012. The company paid cash dividends of $105.4 million, $94.8 million and $87.6 million during 2014, 2013, and 2012, respectively.

Treasury Stock

        The company's board of directors has authorized the company to repurchase shares of the company's common stock through open market trades. The company did not repurchase any shares during the three-year period ended December 31, 2014. As of December 31, 2014, the company had remaining authorization to repurchase approximately 3.6 million additional shares. The repurchase program does not have an expiration date.