EQUITY

12 Months Ended

Dec. 31, 2016

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. During 2014, we issued 485,306 shares for cash proceeds of $30,620,000  under this arrangement.

There were no shares held in treasury as of December 31, 2016, 2015 and 2014.

Our common stock purchases (all of which were open market purchases)for the years ended December 31 are summarized below:

in thousands, except average cost	2016	2015	2014
Shares Purchased and Retired
Number	1,427	228	0
Total cost 1	$      161,463	$       21,475	$                0
Average cost 1	$        113.18	$         94.19	$           0.00

1 Excludes commissions of $0.02 per share.

As of December 31, 2016,  1,756,757 shares may be purchased under the current purchase authorization of our Board of Directors.