Capital Stock

A summary of common share activity for the years ended December 31 follows (in shares):



	2015		2014		2013
Common shares outstanding at January 1	139,000,471		138,207,889		143,136,473
Shares repurchased	(165,138	)	(36,702	)	(6,925,789	)
Shares issued upon exercise of employee stock options	207,890		744,431		855,061
Restricted stock issued to employees, net of forfeitures	375,575		60,933		1,115,484
Shares issued to non-employee directors	22,500		23,920		26,660
Common shares outstanding at December 31	139,441,298		139,000,471		138,207,889

The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock.

The Company’s ability to pay dividends and repurchase its common stock is limited by certain restrictions in its debt agreements. These restrictions are subject to a number of exceptions, however, allowing the Company to make otherwise restricted payments. The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, may be limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. Adjustments to net income may include, but are not limited to, items such as asset impairments, gains and losses from asset sales and early extinguishments of debt.