Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Preferred and Preference Stock

We have two classes of preferred stock issued and outstanding: the 4% Preferred Stock (the Preferred Stock) and the $2.12 Preference Stock (the Preference Stock). The Preferred Stock is entitled to cumulative dividends of $2 per year and can be converted into 24.24 shares of common stock, subject to adjustment, in certain events. The Preferred Stock is redeemable at our option at a price of $50 per share, plus dividends accrued through the redemption date. We are authorized to issue 600,000 shares of Preferred Stock. At December 31, 2015 and 2014, there were 12 shares and 24 shares outstanding, respectively. There are no unpaid dividends in arrears.

The Preference Stock is entitled to cumulative dividends of $2.12 per year and can be converted into 16.53 shares of common stock, subject to adjustment, in certain events. The Preference Stock is redeemable at our option at a price of $28 per share. We are authorized to issue 5,000,000 shares of Preference Stock. At December 31, 2015 and 2014, there were 18,660 shares and 20,237 shares outstanding, respectively. There are no unpaid dividends in arrears.

Common and Treasury Stock

The following table summarizes the changes in shares of Common Stock outstanding and Treasury Stock:

	Common Stock Outstanding		Treasury Stock
Balance at December 31, 2012	200,884,047		122,453,865
Issuance of common stock	1,163,668		(1,163,668	)
Conversions to common stock	34,807		(34,807	)
Balance at December 31, 2013	202,082,522		121,255,390
Repurchases of common stock	(1,863,262	)	1,863,262
Issuance of common stock	781,032		(781,032	)
Conversions to common stock	27,672		(27,672	)
Balance at December 31, 2014	201,027,964		122,309,948
Repurchases of common stock	(6,476,796	)	6,476,796
Issuance of common stock	943,686		(943,686	)
Conversions to common stock	26,354		(26,354	)
December 31, 2015	195,521,208		127,816,704

At December 31, 2015, 35,377,289 shares were reserved for issuance under our stock plans, dividend reinvestment program and the conversion of Preferred Stock and Preference Stock.