Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

In 2016, our board of directors authorized a $300 million share repurchase program. During the year, we purchased 2.7 million shares of common stock for $120.1 million, including commissions. In 2015, we purchased 2.4 million shares of common stock for $125.4 million which completed our $250 million repurchase program authorized in 2014. In 2014, we purchased 1.9 million shares of common stock for $124.6 million. The timing of share repurchases is dependent 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, 2016, 67.0 million shares were issued and 39.4 million shares were outstanding.

The following shares of common stock were reserved as of December 31, 2016 (in millions):

GATX Corporation 2004 Equity Incentive Compensation Plan	2.2
GATX Corporation 2012 Incentive Award Plan	3.4
	5.6

Our certificate of incorporation also authorizes five million shares of preferred stock at a par value of $1.00 per share. We had no outstanding shares of preferred stock as of December 31, 2016, December 31, 2015 and December 31, 2014.