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.

There were no shares held in treasury as of March 31, 2018, December 31, 2017 and March 31, 2017.

Our common stock purchases (all of which were open market purchases) and subsequent retirements are summarized below:



	March 31	December 31	March 31
in thousands, except average price	2018	2017	2017
Shares Purchased and Retired
Number 1	492	510	417
Total purchase price 1	$ 57,824	$ 60,303	$ 49,221
Average price per share	$ 117.47	$ 118.18	$ 118.07


1	Settlement of 20 thousand shares at a total price of $2,250 thousand occurred after March 31, 2018.

As of March 31, 2018, 8,997,483 shares may be purchased under the current purchase authorization of our Board of Directors.

Changes in total equity are summarized below:



	Three Months Ended
	March 31
in thousands	2018	2017
Total Equity
Balance at beginning of year	$ 4,968,893	$ 4,572,476
Net earnings	52,979	44,921
Share-based compensation plans, net of shares withheld for taxes	(24,109)	(21,498)
Purchase and retirement of common stock	(57,824)	(49,221)
Share-based compensation expense	6,794	6,488
Cash dividends on common stock ($0.28/$0.25 per share)	(37,176)	(33,152)
Other comprehensive income	3,653	747
Balance at end of period	$ 4,913,210	$ 4,520,761