Preferred stocks

12 Months Ended

Dec. 31, 2017

Class of Stock Disclosures [Abstract]

Preferred stocks

Preferred Stocks

Preferred stocks at December 31 were as follows:

	2017		2016
(In thousands, except shares and per share amounts)
Authorized:
Preferred -
500,000 shares, cumulative, par value $100, issuable in series
Preferred stock A -
1,000,000 shares, cumulative, without par value, issuable in series (none outstanding)
Preference -
500,000 shares, cumulative, without par value, issuable in series (none outstanding)
Outstanding:
4.50% Series - 100,000 shares	$	—	$	10,000
4.70% Series - 50,000 shares	—		5,000
Total preferred stocks	$	—	$	15,000

For the years 2016 and 2015, dividends declared on the 4.50% Series and 4.70% Series preferred stocks were $4.50 and $4.70 per share, respectively. On April 1, 2017, the Company redeemed all outstanding 4.50% Series and 4.70% Series preferred stocks at $105 per share and $102 per share, respectively, for a repurchase price of approximately $15.6 million and $300,000 of redeemable preferred stock classified as long-term debt.