EQUITY

3 Months Ended

Mar. 31, 2014

EQUITY [Abstract]

EQUITY

Note 12: Equity

Our capital stock consists solely of common stock, par value $1.00 per share. Holders of our common stock are entitled to one vote per share. Our Certificate of Incorporation also authorizes preferred stock of which no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation.

We occasionally sell shares of common stock to the trustee of our 401(k) retirement plans to satisfy the plan participants’ elections to invest in our common stock. The resulting cash proceeds provide a means of improving cash flow, increasing equity and reducing leverage. Under this arrangement, the stock issuances and resulting cash proceeds were as follows:

§ three months ended March 31, 2014—  issued 357,039shares for cash proceeds of $22,808,000

§ twelve months ended December 31, 2013—  issued 71,208 shares for cash proceeds of $3,821,000

§ three months ended March 31, 2013—  no shares issued

Changes in total equity for the three months ended March  31, 2014 are summarized below:

	Total
in thousands	Equity
Balance at December 31, 2013	$    3,938,106
Net earnings	53,995
Common stock issued
401(k) Trustee	22,808
Share-based compensation plans	10,719
Share-based compensation expense	4,319
Excess tax benefits from share-based compensation	2,997
Cash dividends on common stock ($0.05 per share)	(6,531)
Other comprehensive income	4,705
Other	1
Balance at March 31, 2014	$    4,031,119

There were no shares held in treasury as of March 31, 2014, December 31, 2013 and March  31, 2013. As of March 31, 2014,  3,411,416 shares may be repurchased under the current purchase authorization of our Board of Directors.