8. Equity

Common Stock

As of March 31, 2017, we had authorization to purchase a total of approximately 8.4 million shares under our existing share repurchase plan, or about 12% of outstanding shares. There were no share repurchases in the first quarter of 2017. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares.

Common stock and additional paid-in capital activity included the following:


	Three Months Ended
	March 31, 2017
				Weighted Average
	Shares	Amount		Exercise Price
	(in millions, except share and per share amounts)
Stock-based compensation(1)	141,508	$	4.8
Stock options exercised	55,305		2.8	$	49.82
Total	196,813	$	7.6

⁽¹⁾

Stock-based compensation expense reduced by $0.7 million of payments we made to tax authorities on our employees’ behalf for shares withheld related to net share settlements.

Dividends

On April 25, 2017, our Board of Directors declared the 2017 second quarter cash dividend of $0.45 per share. The dividend is payable on June 16, 2017 to stockholders of record as of May 26, 2017.

During the first quarters of 2017 and 2016, we declared and paid a quarterly dividend of $0.45 per share and $0.40 per share, or $32.8 million and $28.9 million in total, respectively. During the first quarters of 2017 and 2016, we paid $0.9 million in dividend equivalents with respect to vested restricted stock units (“RSUs”).

Stock-Based Compensation

We make annual grants of long-term incentive awards to officers and key employees in the forms of service-based and performance-based RSUs that generally have 3-year vesting periods. The performance-based RSU awards are subject to both service and performance goal criteria. We also grant restricted stock to the non-employee members of the Board of Directors. The fair value of the RSUs and restricted stock awards is determined based on the closing stock price of our common stock on the grant date.

A summary of the status of our unvested restricted stock grants and service-based and performance-based RSUs as of March 31, 2017 and changes during the quarter then ended is as follows:


		Weighted
		Average Grant
Unvested Shares	Shares	Date Fair Value
Unvested at January 1, 2017	985,540	$	64.34
Granted(1)	446,525		79.60
Vested	(3,939)		61.45
Cancelled	(6,886)		64.31
Unvested at March 31, 2017	1,421,240	$	69.15
Shares reserved for future grants (all plans)	1,635,660

(1) 446,525 RSUs, including 169,009 performance-based RSUs.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:


			Pension and		Accumulated
	Foreign Currency		Postretirement		Other
	Translation		Benefit Adjustments,		Comprehensive
	(Loss) Gain		Net of Tax		(Loss) Income
	(in millions)
Balance as of January 1, 2017	$	(79.9)	$	(24.8)	$	(104.7)
Current-period change		7.6		2.3		9.9
Balance as of March 31, 2017	$	(72.3)	$	(22.5)	$	(94.8)

Foreign currency translation adjustments are not generally adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. Pension and postretirement benefit adjustments are net of taxes of $13.5 million and $14.9 million as of March 31, 2017 and December 31, 2016, respectively.