EQUITY

12 Months Ended

Dec. 31, 2014

EQUITY [Abstract]

EQUITY

NOTE 13: 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 2014 and 2012, we issued 715,004and 60,855 shares, respectively, of common stock in connection with business acquisitions as described in Note 19.

We occasionallysell shares of common stock to the trustee of our 401(k)retirement plan to satisfy the plan participants' elections to invest in our common stock. Under this arrangement, the stock issuances and resulting cash proceeds for the years ended December 31 were as follows:

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

§ 2013—issued 71,208 shares for cash proceeds of $3,821,000

§ 2012—issued no shares

During 2012, we reclassified the $10,764,000 stock election portion of our directors deferred compensation obligation from liability (current and noncurrent) to equity (capital in excess of par). The participants’ elections are irrevocable and the stock component must be settled in shares of our common stock.

There were no shares held in treasury as of December 31, 2014, 2013 and 2012 and no shares purchased during any of these three years. As of December 31, 2014,  3,411,416 shares may be repurchased under the current purchase authorization of our Board of Directors.