Common and Preferred Stock

12 Months Ended

Dec. 31, 2015

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)	2015	2014	2013
Common: Par value $0.25; 600,000 shares authorized
Outstanding - January 1,	259,276	275,526	285,829
Issued for stock option and other benefit plans	2,751	2,284	3,319
Repurchased common stock	(5,483)	(18,534)	(13,622)
Outstanding - December 31,	256,544	259,276	275,526
Treasury stock	39,601	36,869	90,619
Issued - December 31,	296,145	296,145	366,145

The Company maintains a share repurchase programauthorized by its Board of Directors. Under this program, we may repurchase shares from time to time, depending on market conditions and alternate uses of capital. We may suspend activity under our share repurchase program from time to time and may also remove such suspensions without public announcement. We may also repurchase shares at times when we otherwise might be precluded from doing so under insider trading laws or because of self-imposed trading black-out periods by using a Rule 10b5-1 trading plan.

In 2014, the Company retired 70 million shares of treasury stock. This transaction had no effect on total shareholders' equity.

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, 2015, 2014 or 2013.