Total Equity

Total equity is comprised of the following (in millions, except per share amounts):



	September 30, 2015			December 31, 2014
Common stock, $.01 par value:
Class A - authorized 50.0 shares; issued and outstanding 7.2 and 7.2 shares	$	0.1		$	0.1
Class B - authorized 150.0 shares; issued and outstanding 50.7 and 51.3 shares	0.5			0.5
Additional paid-in-capital	79.4			146.7
Retained earnings	2,062.5			1,944.1
Accumulated other comprehensive loss:
Pension and post retirement benefit plan adjustment, net of tax	(119.4		)	(124.7		)
Cumulative translation adjustment	(80.0		)	(39.9		)
Unrealized gain on investment, net of tax	0.2			0.3
Cash flow hedge gain, net of tax	0.6			—
Total Accumulated other comprehensive loss	(198.6		)	(164.3		)
Hubbell shareholders’ equity	1,943.9			1,927.1
Noncontrolling interest	9.7			8.6
TOTAL EQUITY	$	1,953.6		$	1,935.7

A summary of the changes in equity for the nine months ended September 30, 2015 and 2014 is provided below (in millions):



	Nine Months Ended September 30,
	2015									2014
	Hubbell Shareholders’ Equity			Noncontrolling interest			Total Equity			Hubbell Shareholders’ Equity			Noncontrolling interest			Total Equity
EQUITY, JANUARY 1	$	1,927.1		$	8.6		$	1,935.7		$	1,906.4		$	8.4		$	1,914.8
Total comprehensive income	181.5			3.6			185.1			234.2			2.6			236.8
Stock-based compensation	10.2			—			10.2			9.4			—			9.4
Exercise of stock options	—			—			—			1.1			—			1.1
Income tax windfall from stock-based awards, net	1.9			—			1.9			7.8			—			7.8
Repurchase/surrender of common shares	(79.8		)	—			(79.8		)	(45.0		)	—			(45.0		)
Issuance of shares related to directors’ deferred compensation	0.2			—			0.2			0.5			—			0.5
Dividends to noncontrolling interest	—			(2.5		)	(2.5		)	—			(1.7		)	(1.7		)
Cash dividends declared	(97.2		)	—			(97.2		)	(88.7		)	—			(88.7		)
EQUITY, SEPTEMBER 30	$	1,943.9		$	9.7		$	1,953.6		$	2,025.7		$	9.3		$	2,035.0

The detailed components of total comprehensive income are presented in the Condensed Consolidated Statement of Comprehensive Income.

On August 24, 2015, the Company announced a plan to reclassify its common stock to eliminate the existing two-class structure (the “Reclassification”).

To effect the Reclassification, the Company will amend and restate its Restated Certificate of Incorporation (the “Proposed Amendments”). Upon the acceptance of the Proposed Amendments by the Connecticut Secretary of the State (the “Effective Time”), (i) each holder of Class A Stock as of immediately prior to the Effective Time shall become entitled to receive cash in the amount of $28.00 for each share of Class A Stock held ("Class A Cash Consideration") and (ii) each share of Class A Stock issued and outstanding immediately prior to the Effective Time and each share of Class B common stock of the Company, par value $0.01 per share (the “Class B Stock”), issued and outstanding immediately prior to the Effective Time shall be reclassified into one share of common stock of the Company, par value $0.01 per share and having one vote per share upon all matters brought before any meeting of the shareholders (the “Common Stock”), and shall continue in existence as an issued and outstanding share of Common Stock.

The Reclassification is subject to shareholder approval as follows: (i) the vote of the holders of the Class A Common Stock, voting as a separate voting group (ii) the vote of the holders of the Class B Common Stock, voting as a separate voting group, and (iii) the vote of the holders of the Class A Common Stock and holders of the Class B Common Stock, voting together as a single group, in each case requiring a majority of votes in favor the Reclassification to approve the plan to reclassify the common stock.

The closing of the Reclassification is also subject to other customary conditions, including, among others, the effectiveness of the Company’s registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission in connection with the Reclassification, approval by the New York Stock Exchange of the listing of the shares of Common Stock into which the Class A Stock and the Class B Stock will be reclassified, the accuracy of the representations and warranties of each party (subject to specified materiality standards) contained in the Agreement and material compliance by each party with its obligations contained in the Agreement. The Agreement contains customary representations, warranties and covenants of each of the parties thereto for a transaction of this type.