Capital Stock

The authorized capital stock of the Company consists of 150,000,000 shares of common stock and 4,000,000 shares of preferred stock, both having a par value of $1.25 per share. The preferred stock is issuable in series with terms as fixed by the Board of Directors (the "Board"). No preferred stock has been issued. Under the Company's Preferred Stock Purchase Rights Agreement (the "Agreement"), the Board authorized and declared a dividend distribution of one right for each share of common stock outstanding on the record date. The rights may only be exercised if, among other things and with certain exceptions, a person or group has acquired 15% or more of the Company's common stock without the prior approval of the Board. Each right entitles the holder to purchase 1/100th share of Harsco Series A Junior Participating Cumulative Preferred Stock at an exercise price of $230. Once the rights become exercisable, the holder of a right will be entitled, upon payment of the exercise price, to purchase a number of shares of common stock calculated to have a value of two times the exercise price of the right. The rights expire on October 9, 2017, do not have voting power, and may be redeemed by the Company at a price of $0.001 per right at any time until the 10th business day following public announcement that a person or group has accumulated 15% or more of the Company's common stock. The Agreement also includes an exchange feature. At December 31, 2015 and 2014, 800,944 and 806,599 shares, respectively, of $1.25 par value preferred stock were reserved for issuance upon exercise of the rights.

The Company's share repurchase program expired on January 31, 2015. The Board had previously authorized the repurchase of shares of common stock as follows:



	Shares Authorized for Purchase January 1	Additional Shares Authorized for Purchase	Shares Purchased	Plan Expiration	Shares Authorized for Purchase December 31
2013	1,713,423	286,577	—	—	2,000,000
2014	2,000,000	—	150,000	—	1,850,000
2015	1,850,000	—	596,632	1,253,368	—

The following table summarizes the Company's common stock:



	Common Stock
	Shares Issued	Treasury Shares (a)	Outstanding Shares
Outstanding, January 1, 2013	112,063,938	31,479,310	80,584,628
Stock options exercised	20,000	—	20,000
Vested restricted stock units	25,215	9,358	15,857
Stock appreciation rights exercised	2,713	521	2,192
Other stock grants	86,827	30,579	56,248
Outstanding, December 31, 2013	112,198,693	31,519,768	80,678,925
Vested restricted stock units	65,851	4,418	61,433
Stock appreciation rights exercised	9,213	2,985	6,228
Other stock grants	83,591	20,327	63,264
Treasury shares purchased	—	150,000	(150,000	)
Outstanding, December 31, 2014	112,357,348	31,697,498	80,659,850
Vested restricted stock units	47,954	16,807	31,147
Treasury shares purchased	—	596,632	(596,632	)
Outstanding, December 31, 2015	112,405,302	32,310,937	80,094,365

(a) The Company repurchases shares in connection with the issuance of shares under stock-based compensation programs and in accordance with Board authorized share repurchase programs.

The following is a reconciliation of the average shares of common stock used to compute basic earnings per common share to the shares used to compute diluted earnings per common share as shown in the Consolidated Statements of Operations:



(In thousands, except per share data)	2015		2014			2013
Income (loss) from continuing operations attributable to Harsco Corporation common stockholders	$	7,168	$	(22,281	)	$	(231,356	)

Weighted-average shares outstanding—basic	80,234		80,884			80,755
Dilutive effect of stock-based compensation	131		—			—
Weighted-average shares outstanding—diluted	80,365		80,884			80,755
Income (loss) from continuing operations per common share, attributable to Harsco Corporation common stockholders:
Basic	$	0.09	$	(0.28	)	$	(2.86	)

Diluted	$	0.09	$	(0.28	)	$	(2.86	)

The following average outstanding stock-based compensation units were not included in the computation of diluted earnings per share because the effect was antidilutive:



(In thousands)	2015	2014	2013
Restricted stock units	—	301	265
Stock options	98	188	286
Stock appreciation rights	1,142	912	1,078
Performance share units	278	93	—
Other stock-based compensation units	—	—	101