EQUITY

3 Months Ended

Mar. 31, 2017

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:

	Three Months Ended
	March 31
in thousands	2017	2016
Total Equity
Balance at beginning of year	$    4,572,476	$  4,454,188
Net earnings	44,921	40,158
Share-based compensation plans, net of shares withheld for taxes	(21,498)	(24,613)
Purchase and retirement of common stock	(49,221)	(26,597)
Share-based compensation expense	6,488	4,321
Cash dividends on common stock ($0.25/$0.20 per share)	(33,152)	(26,718)
Other comprehensive income	747	314
Balance at end of period	$    4,520,761	$  4,421,053

There were no shares held in treasury as of March 31, 2017, December 31, 2016 and March 31, 2016.

Our common stock purchases (all of which were open market purchases) were as follows:

§ three months ended March 31, 2017 – purchased and retired 416,891 shares for a cost of $49,221,000

§ twelve months ended December 31, 2016 – purchased and retired 1,427,000 shares for a cost of $161,463,000

§ 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 settled in the second quarter)

As of March 31, 2017, 9,583,109 shares may be purchased under the current purchase authorization of our Board of Directors.