SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2017

SHAREHOLDERS’ EQUITY

Authorized Shares

The Company has the authority to issue 65,000,000, $.10 par value shares.

Share Repurchases

During 2017, 2016, and 2015, pursuant to a stock repurchase program authorized by the Company’s Board of Directors, the Company repurchased and retired the following amounts and number of shares:



(In millions, except share amounts)	2017		2016		2015
Repurchases	$	—	$	3.8	$	46.3
Shares	—		144,600		1,568,731

In 2017, the Company retired 87,679 shares that were received from employees as payment for the exercise price of their stock options and taxes owed upon the exercise of their stock options and release of their restricted awards. The Company also retired 14,033 shares that had been previously granted as stock awards to employees, but were forfeited upon not meeting the required restriction criteria or termination. In 2016, the Company retired 96,929 shares that were received from employees as payment for the exercise price of their stock options and taxes owed upon the exercise of their stock options and release of their restricted awards. The Company also retired 16,391 shares that had been previously granted as a stock award to employees, but were forfeited upon not meeting the required restriction criteria or termination. In 2015, the Company retired 65,209 shares that were received from employees as payment for the exercise price of their stock options and taxes owned upon the exercise of their stock options and release of their restricted awards. The Company also retired 958 shares that had been previously granted as stock awards to employees, but were forfeited upon not meeting the required restriction criteria or termination.

In 2015 the Company recorded $1.4 million as a reduction in tax liability and an increase to shareholders’ equity as a result of stock option exercises and award vests. In 2016, the Company early adopted ASU 2016-09; therefore, no amounts were recorded to equity as a result of stock option exercises and award vests for fiscal years 2017 and 2016.