Capital Stock

Common Stock

At December 31, 2017, we had 100 million shares of common stock authorized and 50.5 million shares issued and outstanding.

Dividends

We paid regular quarterly dividends on our common stock during the last three years. On January 15, 2018, the Board declared a regular quarterly dividend of 15 cents per share payable on March 1, 2018. The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At December 31, 2017, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share.

Share Repurchase Program

In May 2017, our board of directors authorized a $200 million share repurchase program which will expire on December 31, 2019. We are not obligated to repurchase any specific dollar amount or number of shares and, at December 31, 2017, $200 million remains available under this program. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under the program may be made in the open market, in privately negotiated transactions, or otherwise.

Shares Used to Calculate Earnings per Share



	Years Ended December 31,
(In millions)	2017	2016	2015

Weighted-average shares

Basic^(a)	50.7	50.0	49.3
Effect of dilutive stock awards	1.1	0.6	—
Diluted^(a)	51.8	50.6	49.3

Antidilutive stock awards excluded from denominator	0.1	0.1	1.7

(a)

We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, basic and diluted shares include weighted-average units of 0.3 million in 2017, 0.5 million in 2016 and 0.5 million in 2015.