NOTE J — CAPITAL STOCK

Our Restated Certificate of Incorporation authorizes us to issue 100,000,000 shares of common stock, par value $.01 per share, and 5,000,000 shares of preferred stock, par value $.01 per share. As of December 31, 2015, we had 80,256,670 shares of common stock outstanding, with 2,766,958 shares held in treasury, and no shares of preferred stock outstanding. The voting, dividend, and liquidation rights of the holders of common stock are subject to the rights of the holders of preferred stock. The holders of common stock are entitled to one vote for each share held. There is no cumulative voting. Dividends may be declared and paid on common stock as determined by our Board of Directors, subject to any preferential dividend rights of any then outstanding preferred stock. A summary of the activity of our common shares outstanding and treasury shares held for the three year period ending December 31, 2015, is as follows:



Common Shares Outstanding	Year Ended December 31,
	2015	2014	2013
At beginning of period	79,649,946	78,855,547	78,112,032
Exercise of common stock options, net	67,808	290,369	373,106
Grants of restricted stock, net	538,916	504,030	370,409
At end of period	80,256,670	79,649,946	78,855,547



Treasury Shares Held	Year Ended December 31,
	2015	2014	2013
At beginning of period	2,672,930	2,478,084	2,334,137
Shares received upon exercise of common stock options	36,818	189,469	119,477
Shares received upon vesting of restricted stock, net	57,210	5,377	24,470
At end of period	2,766,958	2,672,930	2,478,084

Our Board of Directors is empowered, without approval of the stockholders, to cause shares of preferred stock to be issued in one or more series and to establish the number of shares to be included in each such series and the rights, powers, preferences, and limitations of each series. Because the Board of Directors has the power to establish the preferences and rights of each series, it may afford the holders of any series of preferred stock preferences, powers and rights, voting or otherwise, senior to the rights of holders of common stock. The issuance of the preferred stock could have the effect of delaying or preventing a change in control of the Company.

Upon our dissolution or liquidation, whether voluntary or involuntary, holders of our common stock will be entitled to receive all of our assets available for distribution to our stockholders, subject to any preferential rights of any then outstanding preferred stock.

In January 2004, our Board of Directors authorized the repurchase of up to $20.0 million of our common stock. During the three years ending December 31, 2015, we made no purchases of our common stock pursuant to this authorization.