Common Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Disclosure Text Block

Common Shareholder's Equity

Note 15Common Shareholders’ Equity

Tax-Deferred Savings Plan

U.S. Cellular has reserved 67,215 Common Shares for issuance under the TDS Tax-Deferred Savings Plan, a qualified profit‑sharing plan pursuant to Sections401(a) and 401(k) of the Internal Revenue Code.  Participating employees have the option of investing their contributions in a U.S. Cellular Common Share fund, a TDS Common Share fund or certain unaffiliated funds.

Series A Common Shares

SeriesA Common Shares are convertible on a share-for-share basis into Common Shares.  In matters other than the election of directors, each SeriesA Common Share is entitled to ten votes per share, compared to one vote for each Common Share.  The SeriesA Common Shares are entitled to elect 75% of the directors (rounded down), and the Common Shares elect 25% of the directors (rounded up).  As of December 31, 2015, a majority of U.S. Cellular’s outstanding Common Shares and all of U.S. Cellular’s outstanding SeriesA Common Shares were held by TDS.

Common Share Repurchase Program

On November 17, 2009, the Board of Directors of U.S. Cellular authorized the repurchase of up to 1,300,000 Common Shares on an annual basis beginning in 2009 and continuing each year thereafter, on a cumulative basis.  These purchases will be made pursuant to open market purchases, block purchases, private purchases, or otherwise, depending on market prices and other conditions.  This authorization does not have an expiration date.

Share repurchases made under this authorization were as follows:

Year Ended December 31,		Number of Shares	Average Cost Per Share		Total Cost
(Shares and dollar amounts in thousands, except per share amounts)
2015
	U.S. Cellular Common Shares	178	$	34.86	$	6,188
2014
	U.S. Cellular Common Shares	496	$	38.19	$	18,943
2013
	U.S. Cellular Common Shares	499	$	37.19	$	18,544

Pursuant to certain employee and non-employee benefit plans, U.S. Cellular reissued the following Treasury Shares:

Year Ended December 31,	2015	2014	2013
(Shares in thousands)
Treasury Shares Reissued	457	371	536