Common and Preferred Stock

12 Months Ended

Dec. 31, 2013

Common And Preferred Stock [Abstract]

Common and preferred stock

Note 16 — Common and Preferred Stock

As of December 31, the Company had issued the following shares:

(Shares in thousands)	2013	2012
Common: Par value $0.25
600,000 shares authorized
Outstanding - January 1	285,829	285,533
Issued for stock option and other benefit plans	3,319	4,695
Repurchase of common stock	(13,622)	(4,399)
Outstanding - December 31	275,526	285,829
Treasury stock	90,619	80,316
Issued - December 31	366,145	366,145

On November 16, 2011, the Company issued 15.2 million shares of its common stock at $42.75 per share. Proceeds of $650 million ($629 million net of underwriting discount and fees) were used to partially fund the HealthSpring acquisition in January 2012.

The Company maintains a share repurchase program that was authorized by its Board of Directors. The decision to repurchase shares depends on market conditions and alternative uses of capital. The Company has, and may continue from time to time, to repurchase shares on the open market through a Rule 10b5-1 plan that permits a company to repurchase its shares at times when it otherwise might be precluded from doing so under insider trading laws or because of self-imposed trading blackout periods.

In 2013 we repurchased 13.6 million shares for $1.0 billion. From January 1, 2014 through February 26, 2014 we repurchased 5.0 million shares for $411 million. On February 26 2014, the Company's Board of Directors increased share repurchase authority by $500 million. Accordingly, the total remaining share repurchase authorization as of February 26, 2014 was $901 million. The Company repurchased 4.4 million shares for $208 million during 2012.

The Company has authorized a total of 25 million shares of $1 par value preferred stock. No shares of preferred stock were outstanding at December 31, 2013 or 2012.