EQUITY

3 Months Ended

Mar. 31, 2015

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.

Under a program that was discontinued in the fourth quarter of 2014, we occasionally sold 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:

§ twelve months ended December 31, 2014— issued 485,306 shares for cash proceeds of $30,620,000

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

Changes in total equity for the three months ended March 31, 2015 are summarized below:

	Total
in thousands	Equity
Balance at December 31, 2014	$    4,176,699
Net loss	(39,678)
Common stock issued
Share-based compensation plans	19,194
Share-based compensation expense	4,700
Excess tax benefits from share-based compensation	7,575
Cash dividends on common stock ($0.10 per share)	(13,253)
Other comprehensive income	4,929
Other	1
Balance at March 31, 2015	$    4,160,167

There were no shares held in treasury as of March 31, 2015, December 31, 2014 and March 31, 2014. As of March 31, 2015, 3,411,416 shares may be repurchased under the current purchase authorization of our Board of Directors.