EQUITY

9 Months Ended

Sep. 30, 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.

In the second quarter of 2014, we issued 16,896 shares of common stock in connection with the purchase of a permitted quarry in Alabama.  In the third quarter of 2014, we issued a total of 698,108 shares in connection with the California acquisition, as described in Note 16.

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. Under this arrangement, the stock issuances and resulting cash proceeds were as follows:

§ nine months ended September 30, 2014—  issued 485,306shares for cash proceeds of $30,620,000

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

§ nine months ended September  30, 2013—  no shares issued

Changes in total equity for the nine months ended September  30, 2014 are summarized below:

	Total
in thousands	Equity
Balance at December 31, 2013	$    3,938,106
Net earnings	166,902
Common stock issued
Acquisition	45,185
401(k) Trustee	30,620
Share-based compensation plans	11,349
Share-based compensation expense	18,425
Excess tax benefits from share-based compensation	3,375
Cash dividends on common stock ($0.16 per share)	(20,973)
Other comprehensive income	8,116
Other	(6)
Balance at September 30, 2014	$    4,201,099

There were no shares held in treasury as of September 30, 2014, December 31, 2013 and September 30, 2013. As of September 30, 2014,  3,411,416 shares may be repurchased under the current purchase authorization of our Board of Directors.