Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company’s Board of Directors has given management the authority to purchase approximately $3.8 billion of the Company’s common stock.  The Company, under this authorization, may purchase shares directly or indirectly by way of open market transactions or structured programs, including the use of derivatives, for the Company’s own account or through commercial banks or financial institutions.  At December 31, 2015, the Company had remaining authority for future stock purchases totaling approximately $240 million. However, such stock purchases are currently prohibited under the Merger Agreement (see Note 2 of the Notes to Consolidated Condensed Financial Statements for further information).

Changes in the number of shares of the Company’s outstanding stock for the last three years were as follows:

	Common Stock	Treasury Stock		Shares Outstanding
Balance - December 31, 2012	263,111,472	(16,415,336	)	246,696,136
Purchase of treasury stock	—	(26,955,623	)	(26,955,623	)
Stock issued under stock compensation plans	—	1,687,795		1,687,795
Balance - December 31, 2013	263,111,472	(41,683,164	)	221,428,308
Purchase of treasury stock	—	(27,970,492	)	(27,970,492	)
Stock issued under stock compensation plans	—	1,514,629		1,514,629
Balance - December 31, 2014	263,111,472	(68,139,027	)	194,972,445
Purchase of treasury stock	—	(5,130,334	)	(5,130,334	)
Stock issued under stock compensation plans	—	1,337,803		1,337,803
Balance - December 31, 2015	263,111,472	(71,931,558	)	(191,179,914	)

At December 31, 2015, 15,126,347 shares of unissued common stock or treasury stock were reserved for future issuance relating to previous grants of options, deferred stock units, restricted stock units and other awards under various stock compensation plans that were still outstanding at December 31, 2015, and for future available grants under those plans.

Preferred Stock

The Company is authorized to issue up to 10 million shares of preferred stock, par value of $0.01 per share.  Shares of preferred stock may be issued in one or more series of classes, each of which series or class shall have such distinctive designation or title and terms as shall be fixed by the Board of Directors of the Company prior to issuance of any shares.

Retained Earnings

Delaware law, under which the Company is incorporated, provides that dividends may be declared by the Company’s Board of Directors from a current year’s earnings as well as from the total of capital in excess of par value plus the retained earnings, which amounted to approximately $9 billion at December 31, 2015.

In addition, dividends to be paid by OneSubsea to the venture partners require approval by the Board of Directors of OneSubsea.