EQUITY

12 Months Ended

Dec. 31, 2015

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, we issued 715,004 shares of common stock in connection with a business acquisition as described in Note 19.

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 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

There were no shares held in treasury as of December 31, 2015, 2014 and 2013. During 2015, we purchased and retired 228,000 shares for a cost of $21,475,000;  no shares were purchased in 2014 and 2013. As of December 31, 2015, 3,183,416 shares may be repurchased under the current purchase authorization of our Board of Directors.