Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Shareholders' Equity

Shareholders' Equity

Note 5. Shareholders' Equity

Cash Dividends

        The company declared cash dividends of $133.2 million, or $0.55 per common share, during 2015; $108.6 million, or $0.46 per common share, during 2014; and $97.4 million, or $0.44 per common share, during 2013. The company paid cash dividends of $127.6 million, $105.4 million and $94.8 million during 2015, 2014, and 2013, respectively.

Treasury Stock

        The company's board of directors has authorized the company to repurchase shares of the company's common stock through open market trades. The company did not repurchase any shares during the three-year period ended December 31, 2015. As of December 31, 2015, the company had remaining authorization to repurchase approximately 3.6 million additional shares. The repurchase program does not have an expiration date.