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 5,000,000 shares of 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	2017	2016
Total Equity
Balance at beginning of year	$ 4,572,476	$ 4,454,188
Net earnings	273,639	306,890
Share-based compensation plans, net of shares withheld for taxes	(24,485)	(32,388)
Purchase and retirement of common stock	(60,303)	(161,463)
Share-based compensation expense	19,953	15,645
Cash dividends on common stock ($0.75/$0.60 per share)	(99,263)	(79,865)
Other comprehensive income	3,117	963
Balance at end of period	$ 4,685,134	$ 4,503,970

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

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

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

twelve months ended December 31, 2016 – purchased and retired 1,426,659 shares for a cost of $161,463,000

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

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