Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity

Shareholders' Equity

NOTE 13 — Shareholders' Equity

Share count and par value data related to shareholders' equity are as follows:

	As of
	December 31, 2014		December 31, 2013
Preferred Stock
Par value per share	$	No par value	$	No par value
Shares authorized		25,000,000		25,000,000
Shares outstanding		—		—
Common Stock
Par value per share	$	No par value	$	No par value
Shares authorized		75,000,000		75,000,000
Shares issued		56,101,700		55,808,008
Shares outstanding		33,392,060		33,558,864
Treasury stock
Shares held		22,709,640		22,249,144

CTS uses the cost method to account for its common stock purchases. During the year ended December 31, 2014, CTS purchased 460,496 shares of common stock for $8,002,000 under a board-authorized share repurchase plan. For the year ended December 31, 2013, CTS purchased 419,190 shares of common stock for $6,208,000. Approximately 8,891,040 shares are available for future issuances.

A roll forward of common shares outstanding is as follows:

	As of
	December 31, 2014			December 31, 2013
Balance at the beginning of the year		33,558,864			33,433,128
Repurchases		(460,496	)		(419,190	)
Stock option issuances		101,350			266,043
Restricted share issuances		192,342			278,883
Restricted share forfeitures		—			—
Shares withheld for tax obligations		—			—
Balance at the end of the period		33,392,060			33,558,864

The following table shows the potentially dilutive securities which have been excluded from the dilutive earnings per share calculation because they are either anti-dilutive, or the exercise price exceeds the average market price.

	For the Year Ended December 31,
	2014		2013		2012
Potentially dilutive securities		—		634		—