Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

In 2014, our board of directors authorized a $250 million share repurchase program. During the year, we purchased 1.9 million shares of common stock for $124.6 million. In 2013, we purchased 1.4 million shares of common stock for $68.6 million, which completed our $200 million repurchase authorization approved in 2008. The timing of share repurchases depends on market conditions and other factors.

In accordance with our certificate of incorporation, 120 million shares of common stock are authorized, at a par value of $0.625 per share. As of December 31, 2014, 66.6 million shares were issued and 44.2 million shares were outstanding.

The following shares of common stock were reserved as of December 31, 2014 (in millions):

GATX Corporation 2004 Equity Incentive Compensation Plan	2.5
GATX Corporation 2012 Incentive Award Plan	3.5
	6.0

Our certificate of incorporation also authorizes five million shares of preferred stock at a par value of $1.00 per share. As of December 31, 2014, we have no outstanding shares of preferred stock. In 2013, we either converted or redeemed all 15,567 outstanding shares of our $2.50 cumulative convertible preferred stock.