Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Note 13 - Shareholders' Equity

The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the three years ended December 31, 2016.

(shares in thousands)	Series C Preferred Stock Issued	Common Stock Issued	Treasury Stock Held	Common Stock Outstanding
Balance at December 31, 2013	5,200	139,721	813	138,908
Restricted share unit activity	—	52	—	52
Stock options exercised	—	177	—	177
Repurchase of common stock	—	—	3,014	(3,014	)
Balance at December 31, 2014	5,200	139,950	3,827	136,123
Restricted share unit activity	—	304	—	304
Stock options exercised	—	338	—	338
Repurchase of common stock	—	—	7,218	(7,218	)
Balance at December 31, 2015	5,200	140,592	11,045	129,547
Issuance of common stock for acquisition	—	821	—	821
Restricted share unit activity	—	316	—	316
Stock options exercised	—	297	—	297
Repurchase of common stock	—	—	8,715	(8,715	)
Balance at December 31, 2016	5,200	142,026	19,760	122,266

Issuance of Common Stock for Acquisition

On October 1, 2016, Synovus completed its acquisition of Global One. Under the terms of the merger agreement, Synovus acquired Global One for an up-front payment of $30 million, consisting of the issuance of 821 thousand shares of Synovus common stock valued at $26.6 million and $3.4 million in cash, with additional annual payments to the former shareholders of Global One for three to five years based on a percentage of Global One's earnings as defined in the merger agreement. Please refer to Note 2 - "Acquisition" of this Report for more information on the acquisition of Global One.

Repurchases of Common Stock

Synovus completed its $300 million share repurchase program during the fourth quarter of 2016. This program was authorized during the third quarter of 2015 and was executed over a 15 month period through a combination of open market transactions and an ASR. In 2016, Synovus repurchased a total of $262.9 million, or 8.7 million shares, of common stock, $212.9 million, or 7.3 million shares, of common stock of which was executed through open market transactions and $50.0 million, or 1.4 million shares, of which was executed through an ASR. During the fourth quarter of 2015, Synovus repurchased $37.1 million, or 1.2 million shares, through open market transactions. Synovus completed its $250 million share repurchase program during the third quarter of 2015. This program was announced on October 21, 2014 and expired on October 23, 2015. Under this program, Synovus repurchased 9.1 million shares of common stock through a combination of open market transactions and an ASR. From October 2014 through September 30, 2015, Synovus repurchased $175.0 million, or 6.2 million shares, of common stock through open market transactions, including $161.9 million, or 5.7 million shares, of common stock repurchased during 2015. Synovus also entered into a $75.0 million ASR in October 2014. During 2014, Synovus repurchased 2.5 million shares of common stock under this ASR, and during January 2015, Synovus repurchased 392 thousand shares upon completion of this ASR.

Reverse Stock Split

On April 24, 2014, at Synovus' 2014 annual shareholders' meeting, Synovus’ shareholders approved a proposal authorizing Synovus’ Board of Directors to effect a one-for-seven reverse stock split of Synovus’ common stock. The reverse stock split became effective on May 16, 2014, and Synovus' shares of common stock began trading on a post-split basis on the NYSE at the opening of trading on May 19, 2014. All prior periods presented in this Report have been adjusted to reflect the one-for-seven reverse stock split. Financial information updated by this capital change includes earnings per common share, dividends per common share, stock price per common share, weighted average common shares, outstanding common shares, treasury shares, common stock, additional paid-in capital, and share-based compensation.