EQUITY

3 Months Ended

Mar. 31, 2016

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.

Changes in total equity for the three months ended March 31, 2016 are summarized below:

	Total
in thousands	Equity
Balance at December 31, 2015	$    4,454,188
Net earnings	18,924
Common stock issued
Share-based compensation, net of shares withheld for taxes	(24,613)
Purchase and retirement of common stock	(26,597)
Share-based compensation expense	4,321
Excess tax benefits from share-based compensation	21,235
Cash dividends on common stock ($0.20 per share)	(26,718)
Other comprehensive income	314
Other	(1)
Balance at March 31, 2016	$    4,421,053

There were no shares held in treasury as of March 31, 2016, December 31, 2015 and March 31, 2015. Stock purchases were as follows:

§ three months ended March 31, 2016 – purchased and retired 257,000 shares for a cost of $26,597,000  ($23,433,000 cash in the first quarter and $3,164,000 to be settled in the second quarter)

§ twelve months ended December 31, 2015 – purchased and retired 228,000 shares for a cost of $21,475,000

§ three months ended March 31, 2015 – no shares were purchased

As of March 31, 2016, 2,926,416 shares may be repurchased under the current purchase authorization of our Board of Directors.