8. Equity

Common Stock

During the three months ended September 30, 2014, we issued 133,068 shares of common stock in connection with the exercise of employee stock options for total proceeds of approximately $6.6 million. During the nine months ended September 30, 2014, we issued 570,379 shares of common stock in connection with the exercise of employee stock options for total proceeds of approximately $27.9 million.

Dividends

On October 21, 2014, our Board of Directors declared the 2014 fourth quarter cash dividend of $0.35 per share. The dividend is payable on December 18, 2014 to shareholders of record as of November 11, 2014.

During the three months ended September 30, 2014, we declared and paid quarterly dividends of $0.35 per share, or $27.3 million in total, compared to quarterly dividends of $0.33 per share, or $25.4 million in total, for the same period in 2013. During the nine months ended September 30, 2014 we declared and paid quarterly dividends of $1.05 per share, or $81.7 million in total, compared to quarterly dividends of $0.93 per share, or $71.4 million in total, for the same period in 2013.

Share-Based Compensation

On March 25, 2014, we granted a total of 349,380 restricted stock units (“RSUs”) to key employees pursuant to our Amended and Restated Stock Option and Restricted Stock Plan. Each RSU consists of the right to receive one share of our common stock and dividend equivalent rights, subject to forfeiture, equal to the accrued cash or stock dividends where the record date for such dividends is after the grant date but before the shares vest. Each RSU granted in 2014 has a service condition and cliff vests at December 31, 2016, if the recipient remains an employee on that date. In addition to the service criteria, 136,162 of the RSUs granted in 2014 also have performance goals and vest only upon the satisfaction of the service and performance criteria. The fair value of the 2014 RSUs granted was $71.15, the closing price of our common stock on the day before the grant.

On May 21, 2014, 11,830 shares of restricted stock were automatically granted to the non-employee members of the Board of Directors pursuant to the Directors Equity Plan. The fair value of the restricted stock granted was $70.99, the closing price of our common stock on the grant date.

Share Repurchase Program

On October 21, 2014, our Board of Directors extended our share repurchase program to December 31, 2017. From October 27, 2014 through October 30, 2014, the Company repurchased 610,300 shares of our common stock at an average cost of $65.54 per share for approximately $40.0 million through open market purchases. As of October 30, 2014, 7,272,733 shares of common stock remain authorized for repurchase. No shares were repurchased in the nine months ended September 30, 2014 or in 2013. Repurchased shares are restored to the status of authorized but unissued shares.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:

				Unrealized		Pension and			Accumulated
	Foreign Currency			Gain on		Postretirement			Other
	Translation			Investments,		Benefit Adjustments,			Comprehensive
	Gain (Loss)			Net of Tax		Net of Tax			Loss
	(in millions)

Balance as of January 1, 2014	$	3.2		$	0.2	$	(10.1	)	$	(6.7	)
Current-period change	(11.8		)	0.2		—			(11.6		)
Balance as of September 30, 2014	$	(8.6	)	$	0.4	$	(10.1	)	$	(18.3	)

Foreign currency translation adjustments are not generally adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. Unrealized gain on investments and pension and postretirement benefit adjustments are net of taxes of $0.1 million and $6.9 million, respectively, as of September 30, 2014 and December 31, 2013.