10. CAPITAL STOCK

At March 31, 2014, the authorized numbers of common and preferred shares were 500,000 and 4,000, respectively. At March 31, 2014 and 2013, there were 10,333 and 11,948 shares of common stock, respectively, reserved for issuance under Legg Mason's equity plans.

In May 2012, as part of a capital plan, Legg Mason's Board of Directors authorized $1,000,000 for additional purchases of Legg Mason common stock, as well as the completion of the remaining $155,000 of a previously authorized share repurchase program. There is no expiration date attached to this authorization. During fiscal 2014, Legg Mason purchased and retired 9,677 shares of its common stock for $359,996 through open market purchases. During fiscal 2013, Legg Mason purchased and retired 16,199 shares of its common stock for $425,475 through open market purchases, which completed the repurchase of its common stock under the previous authorization, and began purchases under the new authorization. The remaining balance of the authorized stock buyback is approximately $370,000.

In May 2008, Legg Mason issued $1,150,000 of Equity Units, each unit consisting of a 5% interest in one thousand dollar principal amount of senior notes due June 30, 2021, and a purchase contract committing the holder to purchase shares of Legg Mason's common stock by June 30, 2011. During fiscal 2012, Legg Mason issued 1,830 shares of Legg Mason common stock upon the exercise of the purchase contracts from the remaining Equity Units and the senior notes from the Equity Units were retired in a remarketing.

As discussed in Note 6, warrants issued in connection with the repurchase of the Notes could result in the issuance of a maximum of 14,205 shares of Legg Mason common stock, subject to adjustment, if certain conditions are met.

Changes in common stock for the three years ended March 31, 2014, 2013 and 2012, respectively, are as follows:



	Years Ended March 31,
	2014		2013		2012
COMMON STOCK
Beginning balance	125,341		139,874		150,219
Shares issued for:
Stock option exercises and other stock-based compensation	839		80		172
Deferred compensation employee stock trust	50		71		68
Deferred compensation, net	1,175		1,925		1,246
Shares repurchased and retired	(9,677	)	(16,199	)	(13,597	)
Employee tax withholding by settlement of net share transactions	(555	)	(410	)	(64	)
Equity Units exchanged	—		—		1,830
Ending balance	117,173		125,341		139,874

Dividends declared per share were $0.52, $0.44 and $0.32 for fiscal 2014, 2013 and 2012, respectively. Dividends declared but not paid at March 31, 2014, 2013 and 2012, were $14,945, $14,185 and $11,493, respectively, and are included in Other current liabilities.