Capital Stock

Common stock

Changes in outstanding Common Stock were as follows:



(In thousands of shares)	2016	2015	2014
Outstanding, beginning of year	99,377	99,204	98,031
Shares issued for exercise of options	125	104	540
Shares issued for time vested restricted stock (net of forfeitures)	341	69	633
Outstanding, end of year	99,843	99,377	99,204

Outstanding shares of common stock include shares held as treasury stock totaling 15,162,050, 15,302,345 and 15,210,233 as of December 31, 2016, 2015 an 2014, respectively

Preferred stock

We are authorized to issue up to 1,000,000 shares of Preferred Stock, $0.01 par value. There was no outstanding shares of preferred stock at December 31, 2016, 2015 or 2014.

Treasury stock

During 2016, 2015 and 2014, we repurchased 234,901, 292,168 and 215,760 shares, respectively, for an aggregate price of $1.2 million, $2.3 million and $2.5 million, respectively, representing employee shares surrendered in lieu of taxes under vesting of employee stock awards. All of the shares repurchased are held as treasury stock.

During 2016, 2015 and 2014, we reissued 375,196, 200,056 and 155,650 shares of treasury stock pursuant to various stock plans, including our employee stock purchase plan and our 2014 Non-Employee Directors’ Restricted Stock Plan.

Repurchase program

Our Board of Directors has approved a repurchase program that authorizes us to purchase up to $100.0 million of our outstanding shares of common stock or outstanding Convertible Notes due 2017. The repurchase program has no specific term. We may repurchase shares or Convertible Notes due 2017 in the open market or as otherwise determined by management, subject to certain limitations under the ABL Facility and other factors. Repurchases are expected to be funded from operating cash flows and available cash on-hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934.

There were no shares repurchased under the program during 2016 and 2015. In 2014, we repurchased 4,317,278 shares of our common stock under this program for an average price per share, including commissions, of $11.72. In February 2016, we repurchased $11.2 million of our Convertible Notes due 2017 in the open market for $9.2 million. This repurchase was made under the existing Board authorized repurchase program discussed above. As of December 31, 2016, we had $33.5 million of authorization remaining under the program. In addition, the Board separately authorized the repurchase of $78.1 million of Convertible Notes due 2017 in connection with the December 2016 issuance of $100.0 million of Convertible Notes due 2021.