Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock. The Corporation is authorized to issue 10 million shares of preferred stock without par value. The Board of Directors is authorized to fix the particular preferences, rights, qualifications and restrictions for each series of preferred stock issued. On August 5, 2014, the Corporation issued 16 million depositary shares, each representing 1/1000 ownership interest in a share of Series C Non-Cumulative Perpetual Preferred Stock (Series C Preferred Stock), without par value, with a liquidation preference of $25,000 ($25 per depositary share). The aggregate proceeds from the public offering of the depositary shares, net of underwriting discounts, commissions and offering expenses, were $388.5 million.

Dividends on the Series C Preferred Stock, which are not mandatory, accrue and are payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the first day of January, April, July and October of each year, commencing on January 1, 2015, at a rate per annum equal to 5.85%.

The Series C Preferred Stock has no maturity date. Shares of the Series C Preferred Stock rank senior to the Corporation’s common stock, and will rank at least equally with any other series of preferred stock it may issue (except for any senior series that may be issued with the requisite consent of the holders of the Series C Preferred Stock) and all other parity stock, with respect to the payment of dividends and distributions upon liquidation, dissolution or winding up.

The Series C Preferred Stock is redeemable at the Corporation’s option, in whole or in part, on any dividend payment date on or after October 1, 2019. The Series C Preferred stock is redeemable at the Corporation’s option, in whole, but not in part, prior to October 1, 2019 within 90 days of a regulatory capital treatment event, as described in the Series C Preferred Stock Certificate of Designation.

Common Stock. The Corporation’s current common stock repurchase authorization was approved by the Board in April of 2015. The stock repurchase authorization remaining as of December 31, 2015, was 9.7 million shares. The repurchased shares are used for general purposes of the Corporation, including management of the Corporation’s capital level and the issuance of shares under stock option and other incentive plans of the Corporation.

Under the Corporation’s capital plan submitted in January 2015, which was reviewed without objection by the Federal Reserve in March 2015, the Corporation may repurchase up to $285.3 million of common stock after December 31, 2015, through June 2016.

The average price paid per share for common stock repurchased in 2015, 2014, and 2013 was $72.52, $64.20, and $55.90, respectively.

An analysis of changes in the number of shares of common stock outstanding follows:

TABLE 75: SHARES OF COMMON STOCK

	2015		2014		2013
Balance at January 1	233,390,705		237,322,035		238,914,988
Incentive Plan and Awards	1,033,664		1,040,015		863,958
Stock Options Exercised	1,721,282		2,515,769		3,088,490
Treasury Stock Purchased	(6,851,868	)	(7,487,114	)	(5,545,401	)
Balance at December 31	229,293,783		233,390,705		237,322,035