CAPITAL STOCK

12 Months Ended

Dec. 31, 2015

Capital Stock

Capital Stock

2. CAPITAL STOCK

Authorized capital stock consists of 200 million shares of common stock and 15 million shares of preferred stock. At December 31, 2015, there were no shares of preferred stock outstanding.  See our Consolidated Statements of Stockholders’ Equity for detailed capital stock activity.

In May 2015, we completed an underwritten public offering of 6,900,000 shares of common stock, which included 900,000 shares of common stock issued pursuant to an overallotment option to purchase additional shares granted to the underwriters. The stock was sold to the public at $109.00 per share, with a par value of $0.01, and we received net proceeds of approximately $730 million from the sale of these shares of common stock, after deducting underwriting fees.

Dividends

A cash dividend has been paid to stockholders in every quarter since the first quarter of 2006. In February 2016, the quarterly dividend was decreased to $0.08 per share from $0.16per share. Future dividend payments will depend on our level of earnings, financial requirements and other factors considered relevant by the Board of Directors.

	2015		2014		2013
Dividend declared (in millions)	$	59.3	$	55.7	$	48.4
Dividend per share	$	0.64	$	0.64	$	0.56