Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

Note M – Stockholders’ Equity

On December 3, 2012, the Company paid a special dividend of $2.50 per outstanding Common share to shareholders of record on November 16, 2012.  This dividend totaled $486,141,000.

In October 2012, the Company announced authorization of a share buyback program of up to $1.0 billion.  This share repurchase program was completed in early 2014.  In 2014, the Company announced two share buyback programs.  The first program announced on May 20, 2014 totaled $125 million and was completed in August 2014.  The second and larger program totaling up to $500 million was announced on August 6, 2014 and is still open.  No shares have been acquired through year-end 2014 under this $500 million program that expires in August 2015.  Future share repurchases could be carried out by utilization of a number of different methods, including but not limited to, open market purchases, accelerated share repurchases and negotiated block purchases, and some of the repurchases may be effected through Rule 10b5-1 plans.  The shares acquired under the various buyback programs are carried as Treasury Stock in the Consolidated Balance Sheet.