Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Shareholders’ Equity

In 2016, our board of directors authorized a $300 million share repurchase program. During 2017, we purchased 1.7 million shares of common stock for $100.0 million, including commissions. In 2016, we purchased 2.7 million shares of common stock for $120.1 million. 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. On January 26, 2018, our board of directors approved an additional share repurchase authorization of $170 million, bringing GATX’s aggregate available repurchase authorization to $250 million. The share repurchase program does not have an expiration date, does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. The timing of share repurchases will be 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, 2017, 67.1 million shares were issued and 37.9 million shares were outstanding.

The following shares of common stock were reserved as of December 31, 2017 (in millions):



GATX Corporation 2004 Equity Incentive Compensation Plan	2.2
GATX Corporation 2012 Incentive Award Plan	6.8
Total	9.0

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, 2017 and December 31, 2016.