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Capital Stock
12 Months Ended
Dec. 31, 2014
Class of Stock [Line Items]  
Capital Stock [Text Block]
Capital Stock
Mandatory Convertible Preferred Stock
On April 1, 2014, all outstanding shares of mandatory convertible preferred stock automatically converted into 27,573,735 shares of common stock, net of fractional shares, at a conversion rate of 2.7574 shares of common stock per share of preferred stock.
Dividends
During 2014, 2013 and 2012, we paid cash dividends of $15 million, $29 million, and $29 million, respectively, on our mandatory convertible preferred stock. No further dividends will be paid on our preferred stock following the conversion of shares into common stock on April 1, 2014.
During 2014 and 2013, we paid cash dividends of $60 million and $12 million, respectively, on our common stock. On January 14, 2015, the Company’s Board of Directors (or a duly authorized committee thereof) declared cash dividends of $0.06 per share of our common stock, or approximately $16 million in the aggregate. The cash dividend will be paid on March 2, 2015 to stockholders of record as of the close of business of February 2, 2015. Future quarterly dividends are subject to Board approval.
Common Stock Repurchases
On September 18, 2013, the Board of Directors authorized $100 million for use in our common stock repurchase program. On May 27, 2014, the Board of Directors approved an increase in that authorization to $450 million. This program expires on December 31, 2016. We intend to repurchase shares of common stock in open market transactions in order to offset new shares issued under equity compensation programs and to provide for additional shareholder returns. During 2014, we repurchased 8,935,809 shares at an average price, including commissions, of $26.11 per share, or $233 million in the aggregate.
In addition, we repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards. In the fourth quarter of 2014, we reassessed transactions that we consider to be repurchases of shares under our stock compensation programs. During 2014, we repurchased 19,298 shares at an average price of $21.80 per share, or $0.4 million in the aggregate.