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 June 30, 2018, December 31, 2017 and June 30, 2017.

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



	June 30	December 31	June 30
in thousands, except average price	2018	2017	2017
Shares Purchased and Retired
Number	643	510	510
Total purchase price	$ 74,921	$ 60,303	$ 60,303
Average price per share	$ 116.49	$ 118.18	$ 118.18

As of June 30, 2018, 8,846,570 shares may be purchased under the current purchase authorization of our Board of Directors.

Changes in total equity are summarized below:



	Six Months Ended
	June 30
in thousands	2018	2017
Total Equity
Balance at beginning of year	$ 4,968,893	$ 4,572,476
Net earnings	212,631	165,060
Common stock issued
Share-based compensation plans, net of shares withheld for taxes	(31,337)	(24,108)
Purchase and retirement of common stock	(74,921)	(60,303)
Share-based compensation expense	14,763	13,671
Cash dividends on common stock ($0.56/$0.50 per share)	(74,196)	(66,194)
Other comprehensive income	4,797	1,502
Balance at end of period	$ 5,020,630	$ 4,602,104