Common and Preferred Stock

12 Months Ended

Dec. 31, 2016

Common And Preferred Stock [Abstract]

Common and preferred stock

Note 6– Common and Preferred Stock

As of December 31, the Company had issued the following shares:

(Shares in thousands)	2016	2015	2014
Common: Par value $0.25; 600,000 shares authorized
Outstanding - January 1,	256,544	259,276	275,526
Issued for stock option and other benefit plans	1,110	2,751	2,284
Repurchased common stock	(785)	(5,483)	(18,534)
Outstanding - December 31,	256,869	256,544	259,276
Treasury stock	39,276	39,601	36,869
Issued - December 31,	296,145	296,145	296,145

The Company maintains a share repurchase programauthorized by its Board of Directors. Under this program, the Company may repurchase shares from time to time. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. The share repurchase program may be effected through open market purchases or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans. The program may be suspended or discontinued at any time.

In 2014, the Company retired 70 million shares of treasury stock. This transaction had no effect on total shareholders' equity.

The Company has authorized a total of 25 million shares of $1 par value preferred stock. No shares of preferred stock were outstanding at December 31, 2016, 2015 or 2014.