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Shareholders' Equity
6 Months Ended
Jun. 30, 2015
Shareholders' Equity  
Shareholders' Equity

Note 9—Shareholders’ Equity

 

Effective May 20, 2015, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to increase the number of shares of Common Stock which the Company is authorized to issue by 500 million to 1 billion.

 

In January 2015, the Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 10 million shares of Common Stock during the two year period ending January 20, 2017 (the “2015 Stock Repurchase Program”).  The price and timing of any such purchases under the 2015 Stock Repurchase Program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends, economic and market conditions and stock price.  During the six months ended June 30, 2015, the Company repurchased 2.5 million shares of Common Stock for $143.6.  These treasury shares have been retired by the Company and common stock and retained earnings were reduced accordingly.  The Company has not repurchased any additional shares of Common Stock through July 31, 2015.  At July 31, 2015, approximately 7.5 million additional shares of Common Stock may be repurchased under the 2015 Stock Repurchase Program.

 

Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on shares of Common Stock.  In the third quarter of 2014, the Board of Directors approved an increase in the quarterly dividend rate from $0.10 to $0.125 per share effective with the third quarter 2014 dividend and in July 2015, approved a further increase in the quarterly dividend rate from $0.125 to $0.14 per share effective with the third quarter 2015 dividend.  For the three and six months ended June 30, 2015, the Company paid dividends of nil and $77.5, respectively, and declared dividends of $38.6 and $77.4, respectively.  For the three and six months ended June 30, 2014, the Company paid dividends in the amount of $31.4 and declared dividends in the amount of $31.4 and $62.8, respectively.