Capital Stock:

Shares of authorized common stock are 6.0 billion; issued, repurchased and outstanding shares were as follows:



	Shares Issued	Shares Repurchased		Shares Outstanding
Balances, January 1, 2014	2,109,316,331	(520,313,919	)	1,589,002,412
Repurchase of shares		(45,206,473	)	(45,206,473	)
Issuance of stock awards and exercise of stock options		3,103,757		3,103,757
Balances, December 31, 2014	2,109,316,331	(562,416,635	)	1,546,899,696
Issuance of stock awards		2,444,373		2,444,373
Balances, December 31, 2015	2,109,316,331	(559,972,262	)	1,549,344,069
Issuance of stock awards		2,041,478		2,041,478
Balances, December 31, 2016	2,109,316,331	(557,930,784	)	1,551,385,547

On August 1, 2012, PMI commenced a three-year $18 billion share repurchase program that was authorized by PMI's Board of Directors in June 2012. From August 1, 2012, through December 31, 2014, PMI repurchased 144.6 million shares of its common stock at a cost of $12.7 billion, or $87.48 per share, under this repurchase program. During 2016 and 2015, PMI did not repurchase any shares of its common stock. During 2014, PMI repurchased $3.8 billion of its common stock under the repurchase program.

At December 31, 2016, 27,213,699 shares of common stock were reserved for stock awards under PMI’s stock plans, and 250 million shares of preferred stock, without par value, were authorized but unissued. PMI currently has no plans to issue any shares of preferred stock.