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CAPITAL STOCK
 12 Months Ended
Dec. 31, 2015
CAPITAL STOCK

NOTE 15 CAPITAL STOCK

Authorized Capital Stock

The total number of shares of all classes of stock that the Company has authority to issue under its Restated Certificate of Incorporation is 1.02 billion shares with a par value of $0.01, of which 1.0 billion are shares of common stock, 10.0 million are shares of preferred stock and 10.0 million are shares of series common stock. The preferred stock and series common stock can be issued with varying terms, as determined by the Board.

Share Repurchase Program

The Company implemented a systematic share repurchase program in the third quarter of 2005 through an SEC Rule 10b5-1 program. Moody’s may also purchase opportunistically when conditions warrant. As a result, Moody’s share repurchase activity will continue to vary from quarter to quarter. The table below summarizes the Company’s remaining authority under the various share repurchase programs as of December 31, 2015:

Date AuthorizedAmount AuthorizedRemaining Authority
December 16, 2014$1,000.0$465.6
December 15, 2015$1,000.0$1,000.0

During 2015, Moody’s repurchased 10.9 million shares of its common stock under its share repurchase program and issued 3.2 million shares under employee stock-based compensation plans.

Dividends

The Company’s cash dividends were:

Dividends Per Share
Year ended December 31,
201520142013
DeclaredPaidDeclaredPaidDeclaredPaid
First quarter$-$0.34$-$0.28$-$0.20
Second quarter0.340.340.280.280.200.20
Third quarter0.340.340.280.280.250.25
Fourth quarter0.710.340.620.280.530.25
Total$1.39$1.36$1.18$1.12$0.98$0.90

On December 15, 2015, the Board of the Company approved the declaration of a quarterly dividend of $0.37 per share of Moody’s common stock, payable on March 10, 2016 to shareholders of record at the close of business on February 19, 2016. The continued payment of dividends at the rate noted above, or at all, is subject to the discretion of the Board.