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:



	Six Months Ended
	June 30
in thousands	2017	2016
Total Equity
Balance at beginning of year	$ 4,572,476	$ 4,454,188
Net earnings	165,060	164,866
Share-based compensation plans, net of shares withheld for taxes	(24,108)	(28,696)
Purchase and retirement of common stock	(60,303)	(69,156)
Share-based compensation expense	13,671	10,832
Cash dividends on common stock ($0.50/$0.40 per share)	(66,194)	(53,338)
Other comprehensive income	1,502	635
Balance at end of period	$ 4,602,104	$ 4,479,331

There were no shares held in treasury as of June 30, 2017, December 31, 2016 and June 30, 2016.

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

six months ended June 30, 2017 – purchased and retired 510,283 shares for a cost of $60,303,000

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

six months ended June 30, 2016 – purchased and retired 636,659 shares for a cost of $69,156,000

As of June 30, 2017, 9,489,717 shares may be purchased under the current purchase authorization of our Board of Directors.