Common Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Disclosure Text Block

Common Shareholders' Equity

NOTE 16 COMMON SHAREHOLDERS' EQUITY

Common Stock

As of December 31, 2014, Series A Common Shares were convertible, on a share for share basis, into Common Shares and 7,178,943Common Shares were reserved for possible issuance upon conversion of Series A Common Shares.

The following table summarizes the number of Common and Series A Common Shares issued and repurchased.
		Common Shares	Common Treasury Shares	Series A Common Shares
(Shares in thousands)
Balance December 31, 2011		125,502	24,165	7,119
	Repurchase of shares	-	868	-
	Conversion of Series A Common Shares	10	-	(10)
	Dividend reinvestment, incentive and compensation plans	-	(392)	51
Balance December 31, 2012		125,512	24,641	7,160
	Repurchase of shares	-	339	-
	Conversion of Series A Common Shares	33	-	(33)
	Dividend reinvestment, incentive and compensation plans	-	(1,026)	39
Balance December 31, 2013		125,545	23,954	7,166
	Repurchase of shares	-	1,542	-
	Conversion of Series A Common Shares	25	-	(25)
	Dividend reinvestment, incentive and compensation plans	-	(646)	38
Balance December 31, 2014		125,570	24,850	7,179

Tax-Deferred Savings Plan

TDS has reserved90,341Common Shares at December 31, 2014, for issuance under the TDS Tax-Deferred Savings Plan, a qualified profit-sharing plan pursuant to Sections 401(a) and 401(k) of the Internal Revenue Code. Participating employees have the option of investing their contributions and TDS' contributions in a TDS Common Share fund, a U.S. Cellular Common Share fund or certain unaffiliated funds.

Common Share Repurchases

TDS and U.S. Cellular Share Repurchases

On August 2, 2013, the Board of Directors of TDS authorized a $250 million stock repurchase program for the purchase of TDS Common Shares from time to time pursuant to open market purchases, block transactions, private purchases or otherwise, depending on market conditions. This authorization does not have an expiration date. TDS had a prior share repurchase authorization for $250 million that expired on November 19, 2012.

On November 17, 2009, the Board of Directors of U.S. Cellular authorized the repurchase of up to 1,300,000 Common Shares on an annual basis beginning in 2009 and continuing each year thereafter, on a cumulative basis. These purchases will be made pursuant to open market purchases, block purchases, private purchases, or otherwise, depending on market prices and other conditions. This authorization does not have an expiration date.

Share repurchases made under these authorizations and prior authorizations, were as follows:
Year Ended December 31,		Number of	Average Cost
(Shares and dollar amounts in thousands, except per share amounts)		Shares	Per Share		Amount
2014
	U.S. Cellular Common Shares	496	$	38.19	$	18,943
	TDS Common Shares	1,542		25.36		39,096
2013
	U.S. Cellular Common Shares	499	$	37.19	$	18,544
	TDS Common Shares	339		28.60		9,692
2012
	U.S. Cellular Common Shares	571	$	35.11	$	20,045
	TDS Common Shares	868		23.08		20,026