Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

SHAREHOLDERS’ EQUITY

The Federal Reserve completed its 2015 Comprehensive Capital Analysis and Review (CCAR) of the Corporation's 2015-2016 capital plan in March 2015 and did not object to the capital distributions contemplated in the plan. The capital plan provides for up to $393 million of equity repurchases for the five-quarter period ending June 30, 2016. During the year ended December 31, 2015, the Corporation had repurchased $242 million under the equity repurchase program.

Repurchases of common stock under the equity repurchase program authorized in 2010 by the Board of Directors of the Corporation totaled 5.1 million shares at an average price paid of $45.65 per share in 2015, 5.2 million shares at an average price paid of $47.91 per share in 2014 and 7.4 million shares at an average price paid of $38.63 per share in 2013. The Corporation also repurchased 500 thousand warrants at an average price paid of $20.70 in 2015. There is no expiration date for the Corporation's equity repurchase program.

At December 31, 2015, the Corporation had 9.5 million warrants outstanding to purchase 8.5 million common shares at a weighted-average exercise price of $29.43. Outstanding warrants were exercisable at the date of grant and expire in 2018. Approximately 934 thousand and 361 thousand shares of common stock were issued upon exercise of warrants in 2015 and 2014, respectively. There were no warrant exercises in 2013.

At December 31, 2015, the Corporation had 8.5 million shares of common stock reserved for warrant exercises, 12.7 million shares of common stock reserved for stock option exercises and restricted stock unit vesting and 1.9 million shares of restricted stock outstanding to employees and directors under share-based compensation plans.