EQUITY

9 Months Ended

Sep. 30, 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 are summarized below:

	Nine Months Ended
	September 30
in thousands	2016	2015
Total Equity
Balance at beginning of year	$    4,454,188	$  4,176,699
Net earnings	282,439	132,289
Common stock issued
Share-based compensation, net of shares withheld for taxes	(34,684)	48,329
Purchase and retirement of common stock	(161,463)	0
Share-based compensation expense	15,645	14,020
Excess tax benefits from share-based compensation	26,747	16,950
Cash dividends on common stock ($0.60/$0.30 per share)	(79,865)	(39,878)
Other comprehensive income	963	14,868
Other	0	0
Balance at end of period	$    4,503,970	$  4,363,277

There were no shares held in treasury as of September 30,  2016, December 31, 2015 and September 30, 2015. Stock purchases were as follows:

§ nine months ended September 30, 2016 – purchased and retired 1,426,659 shares for a cost of $161,463,000

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

§ nine months ended September 30, 2015 – no shares were purchased

As of September 30, 2016, 1,756,757 shares may be purchased under the current purchase authorization of our Board of Directors.