Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Dividends

Cash dividends declared per share were $1.72, $1.46 and $1.30 in 2014, 2013 and 2012, respectively. The Consolidated Balance Sheet reflects $38.0 million of dividends payable at December 31, 2014. This amount relates to a cash dividend of $0.47 per share declared in December 2014 and paid in January 2015. Dividends declared, but not paid as of December 31, 2013 were $31.7 million ($0.39 per share). There were no dividends payable as of December 31, 2012. The decrease in the dividends paid in 2013 versus 2012 is a result of the accelerated payment in December 2012 of the 2012 fourth quarter dividend.

Share Repurchases

In December 2012, the Board of Directors authorized a $250 million share repurchase program, which commenced in the first quarter of 2013 and is expected to be completed by the end of 2016. Based on the total remaining amount of $109 million available under the repurchase program, approximately 1.1 million shares, or 1.4% of shares outstanding (based on the market price and shares outstanding as of December 31, 2014) could be repurchased under the program as of December 31, 2014. The purchases will be made from time to time on the open market or through private transactions as market and business conditions warrant. Repurchased shares will be placed into treasury stock. The ultimate level of purchases will be a function of the daily purchase limits established in the pre-approved program according to the share price at that time. This plan expires on December 31, 2016.