Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Equity

Note 11 - Shareholders' Equity

The following table shows the changes in preferred and common stock issued and common stock held as treasury shares for the three years ended December 31, 2015.

(shares in thousands)	Series A Preferred Stock Issued		Series C Preferred Stock Issued	Common Stock Issued	Treasury Stock Held	Common Stock Outstanding
Balance at December 31, 2012	968		—	113,182	813	112,369
Settlement of prepaid common stock purchase contracts	—		—	17,550	—	17,550
Issuance of common stock	—		—	8,553	—	8,553
Restricted share unit activity	—		—	374	—	374
Stock options exercised	—		—	62	—	62
Issuance of Series C Preferred Stock	—		5,200	—	—	—
Redemption of Series A Preferred Stock	(968	)	—	—	—	—
Balance at December 31, 2013	—		5,200	139,721	813	138,908
Restricted share unit activity	—		—	52	—	52
Stock options exercised	—		—	177	—	177
Repurchase of common stock	—		—	—	3,014	(3,014	)
Balance at December 31, 2014	—		5,200	139,950	3,827	136,123
Restricted share unit activity	—		—	304	—	304
Stock options exercised	—		—	338	—	338
Repurchase of common stock	—		—	—	7,218	(7,218	)
Balance at December 31, 2015	—		5,200	140,592	11,045	129,547

Repurchases of Common Stock

During the third quarter of 2015, Synovus completed its $250 million share repurchase program which was announced on October 21, 2014 and expired on October 23, 2015. Under this program, Synovus repurchased 9.1 million shares of common stock through a combination of share repurchases under the accelerated share repurchase (ASR) agreement described below and open market transactions. Synovus entered into an ASR agreement during October 2014 to purchase $75.0 million of Synovus common stock under the share repurchase program. During 2014, Synovus repurchased 2.5 million shares of common stock under the ASR agreement. During January 2015, Synovus repurchased 392 thousand shares upon completion of the ASR agreement. Additionally, from October 2014 through September 30, 2015, Synovus repurchased $175.0 million, or 6.2 million shares, of common stock through open market transactions, including $161.9 million, or 5.7 million shares, of common stock repurchased during 2015.

During the third quarter of 2015, Synovus' Board of Directors authorized a $300 million share repurchase program to be completed over the next 15 months. During the fourth quarter of 2015, under the new $300 million share repurchase program, Synovus repurchased $37.1 million, or 1.2 million shares. At December 31, 2015, the remaining authorization under this program is $262.9 million.

Reverse Stock Split and Increase in Number of Authorized Common Shares

On April 24, 2014, at Synovus' 2014 annual shareholders' meeting, Synovus’ shareholders approved a proposal authorizing Synovus’ Board of Directors to effect a one-for-seven reverse stock split of Synovus’ common stock. Following this annual meeting, Synovus’ Board of Directors authorized the one-for-seven reverse stock split. The reverse stock split became effective on May 16, 2014, and Synovus' shares of common stock began trading on a post-split basis on the NYSE at the opening of trading on May 19, 2014. All prior periods presented in this Report have been adjusted to reflect the one-for-seven reverse stock split. Financial information updated by this capital change includes earnings per common share, dividends per common share, stock price per common share, weighted average common shares, outstanding common shares, treasury shares, common stock, additional paid-in capital, and share-based compensation.

Additionally, at Synovus' 2014 annual shareholders' meeting, Synovus’ shareholders approved an amendment to the articles of incorporation to increase the number of authorized shares of Synovus’ common stock from 1.2 billion shares to 2.4 billion shares. Synovus effected the increase in the number of authorized shares on April 24, 2014. Upon the reverse stock split effective date, the number of Synovus’ authorized shares of common stock was proportionately reduced from 2.4 billion shares to 342.9 million shares.