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Shareholders' Equity
9 Months Ended
Sep. 30, 2016
Shareholders’ Equity  
Shareholders' Equity

Note 9—Shareholders’ Equity

 

In January 2015, the Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 10 million shares of Common Stock during the two-year period ending January 20, 2017 (the “2015 Stock Repurchase Program”). During the nine months ended September 30, 2016 the Company repurchased 4.0 million shares of Common Stock for $229.6.  These treasury shares have been retired by the Company and common stock and retained earnings were reduced accordingly.  Through October 31, 2016, the Company repurchased approximately 1.0 million additional shares of Common Stock for $63.3.  At October 31, 2016, approximately 0.5 million additional shares of Common Stock may be repurchased under the 2015 Stock Repurchase Program.  The price and timing of any future purchases under the 2015 Stock Repurchase Program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends, economic and market conditions and stock price.

 

Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on shares of its Common Stock.  In the third quarter of 2015, the Board of Directors approved an increase in the quarterly dividend rate from $0.125 to $0.14 per share effective with dividends declared in the third quarter of 2015, and in October 2016, approved a further increase in the quarterly dividend rate from $0.14 to $0.16 per share effective with dividends declared in the fourth quarter of 2016.  For the three and nine months ended September 30, 2016, the Company paid dividends in the amount of $43.1 and $129.4, respectively, and declared dividends in the amount of $43.2 and $129.5, respectively.  For the three and nine months ended September 30, 2015, the Company paid dividends in the amount of $38.6 and $116.1, respectively, and declared dividends in the amount of $43.2 and $120.5, respectively.