Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

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. There were 12 shares of Preferred Stock outstanding at both December 31, 2018 and 2017. 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, 2018 and 2017, there were 14,635 shares and 16,301 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, 2015	195,521,208		127,816,704
Repurchases of common stock	(10,633,235	)	10,633,235
Issuance of common stock	767,060		(767,060	)
Conversions to common stock	13,685		(13,685	)
Balance at December 31, 2016	185,668,718		137,669,194
Issuance of common stock	881,480		(881,480	)
Conversions to common stock	53,540		(53,540	)
Balance at December 31, 2017	186,603,738		136,734,174
Issuance of common stock	1,043,809		(1,043,809	)
Conversions to common stock	27,535		(27,535	)
Balance at December 31, 2018	187,675,082		135,662,830

At December 31, 2018, 33,572,744 shares were reserved for issuance under our stock plans, dividend reinvestment program and the conversion of Preferred Stock and Preference Stock.