Note 16. Stockholders' Equity

Capital Stock

The Company's authorized capital stock consists of 100 million shares of common stock, par value $0.10 per share, of which 35,374,345 shares and 34,969,987 shares were outstanding at December 31, 2017 and 2016, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding.

Cash Dividends

Cash dividends of $7.0 million or $0.20 per common share were paid during 2017. In January 2018, a cash dividend of approximately $1.7 million or $0.05 per share, was declared, payable in the first quarter of 2018.

Stock Award and Incentive Plan

At the Company’s 2015 Annual Meeting of Stockholders, the Company’s stockholders ratified the adoption of the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”), which provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, stock awards or performance unit awards. The 2015 Plan is substantially similar to the Company’s 2001 Stock Award and Incentive Plan (as amended and restated as of March 18, 2009, the “2001 Plan” and collectively with the 2015 Plan, the “Plans”). The Company established the 2015 Plan to increase the total number of shares of common stock reserved and available for issuance by 880,000 shares from the number of shares remaining under the 2001 Plan. With the ratification of the 2015 Plan by the Company’s stockholders, the 2001 Plan was discontinued as to new grants (however, all awards previously granted under the 2001 Plan remained unchanged). The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plan have a term not in excess of ten years. The exercise price for stock options will not be less than the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years.

The following table summarizes stock option and restricted stock activity for the Plans:

				Stock Options					Restricted Shares
	Shares Available for Grant			Shares			Weighted Average Exercise Price Per Share ($)		Shares			Weighted Average Exercise Price Per Share ($)

Balance January 1, 2015		996,127			951,079		$	37.46		175,488		$	50.56
Authorized		880,000			-			-		-			-
Granted		(455,275	)		238,773			60.40		216,502			60.32
Exercised/vested		-			(74,839	)		33.12		(59,801	)		47.51
Canceled		71,113			(23,169	)		60.22		(47,944	)		51.43
Balance December 31, 2015		1,491,965			1,091,844			42.29		284,245			58.63
Granted		(538,787	)		383,622			38.59		155,165			38.37
Exercised/vested		-			(150,944	)		36.66		(88,746	)		57.38
Canceled		249,248			(125,797	)		43.78		(123,451	)		50.72
Balance December 31, 2016		1,202,426			1,198,725			41.66		227,213			49.57
Granted		(257,072	)		187,533			77.99		69,539			78.00
Exercised/vested		-			(353,636	)		41.56		(61,274	)		52.51
Canceled		91,151			(35,783	)		50.47		(55,368	)		52.74
Balance December 31, 2017		1,036,505			996,839			48.21		180,110			58.57