Capital Stock

12 Months Ended

Dec. 31, 2013

Capital Stock

10.    Capital Stock

The Company has 750 million authorized shares of common stock, par value $0.01 per share. The number of shares of common stock and treasury stock and the share activity for 2013 and 2012 were as follows:

	Common Shares						Treasury Shares
	2013			2012			2013		2012
Balance at the beginning of the year		163,855,647			156,008,132			700,102		3,357
Stock plan shares issued		4,516,507			8,544,260			—		—
Shares surrendered by optionees		(296,100	)		(342,498	)		296,100		342,498
Common stock repurchases		(1,408,118	)		(354,247	)		1,408,118		354,247
Balance at the end of the year		166,667,936			163,855,647			2,404,320		700,102

In the second quarter of 2013, our Board of Directors declared our first dividend since becoming a publicly-traded company in October 2011, declaring a regular quarterly cash dividend of $0.10 per share of our common stock. In December 2013, our Board of Directors increased the quarterly cash dividend by 20% to $0.12 per share of our common stock.

The Company has 60,000,000 authorized shares of preferred stock, par value $0.01 per share. At December 31, 2013, no shares of our preferred stock were outstanding. Our Board of Directors has the authority, without action by the Company’s stockholders, to designate and issue our preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock.

On July 25, 2012, our Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $150 million of shares of our outstanding common stock over the three years ending July 25, 2015. At December 31, 2013, the Company’s total remaining share repurchase authorization was $89.2 million. On February 25, 2014, our Board of Directors approved a second repurchase program that authorizes the Company to repurchase up to $150 million of shares of our outstanding common stock over the two years ending February 25, 2016. The share repurchase programs do not obligate the Company to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.