Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

SHAREHOLDERS’ EQUITY

The Federal Reserve completed its 2014 Comprehensive Capital Analysis and Review (CCAR) of the Corporation's 2014-2015 capital plan in March 2014 and did not object to the capital distributions contemplated in the plan. The capital plan provides for up to $236 million of equity repurchases for the four-quarter period ending March 31, 2015. At December 31, 2014, up to $59 million remained available for share repurchases under the capital plan.

Repurchases of common stock under the share repurchase program authorized by the Board of Directors of the Corporation in 2010 totaled 5.2 million shares at an average price paid of $47.91 per share, 7.4 million shares at an average price paid of $38.63 per share and 10.1 million shares at an average price paid of $30.21 per share in 2014, 2013 and 2012, respectively. There is no expiration date for the Corporation's share repurchase program.

At December 31, 2014, the Corporation had 13.2 million warrants outstanding to purchase 11.2 million common shares at a weighted-average exercise price of $29.45. Outstanding warrants were exercisable at the date of grant and expire in 2018. Approximately 361 thousand shares of common stock were issued upon exercise of warrants in 2014. There were no warrant exercises in 2013 and 2012.

At December 31, 2014, the Corporation had 11.2 million shares of common stock reserved for warrant exercises, 14.7 million shares of common stock reserved for stock option exercises and restricted stock unit vesting and 2.1 million shares of restricted stock outstanding to employees and directors under share-based compensation plans.