Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

At December 31, 2015 and 2014, treasury stock consisted of 3,428,541 shares and 3,384,443 shares of common stock, respectively. During 2015, 41,915 shares of Company common stock were purchased in the open market, and 6,746 shares were received to settle employees’ minimum statutory withholding taxes related to performance stock awards and deferred compensation distribution. Also, 4,563 shares of treasury stock were distributed to participants under the Company’s deferred compensation plan.

On June 12, 2013, the Company announced that on August 9, 2013 (redemption date), it would redeem any remaining outstanding shares of its 5½ percent Convertible Preferred Stock without par value (preferred stock).  At the time of the redemption announcement, there were 61,735 shares of preferred stock outstanding.  Prior to the redemption date, preferred shareholders converted 60,900 shares of preferred stock into 139,029 shares of Company common stock.  In accordance with the Certificate of Designation, Preferences and Rights of the 5½ percent Convertible Preferred Stock, the Company redeemed 835 unconverted shares of Company preferred stock for an aggregate redemption price of $25.26354 per share ($25.00 per share plus accrued and unpaid dividends of $0.26354 per share).  As of the redemption date, there are no longer any issued and outstanding shares of preferred stock.