Cigna 2014 Annual Report Download - page 134

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PART II
ITEM 8. Financial Statements and Supplementary Data
Common and Preferred Stock
As of December 31, the Company had issued the following shares:
(Shares in thousands)
2014 2013 2012
Common: Par value $0.25 600,000 shares authorized
Outstanding – January 1, 275,526 285,829 285,533
Issued for stock option and other benefit plans 2,284 3,319 4,695
Repurchase of common stock (18,534) (13,622) (4,399)
Outstanding – December 31, 259,276 275,526 285,829
Treasury stock 36,869 90,619 80,316
ISSUED – DECEMBER 31, 296,145 366,145 366,145
The Company maintains a share repurchase program, authorized by $1.0 billion during 2013 and 4.4 million shares for $208 million
its Board of Directors. Under this program, we may repurchase shares during 2012.
from time to time, depending on market conditions and alternate uses In 2014, the Company retired 70 million shares of treasury stock.
of capital. We may suspend activity under our share repurchase This transaction had no effect on total shareholders’ equity.
program from time to time and may also remove such suspensions,
generally without public announcement. We may also repurchase The Company has authorized a total of 25 million shares of $1 par
shares at times when we otherwise might be precluded from doing so value preferred stock. No shares of preferred stock were outstanding at
under insider trading laws or because of self-imposed trading December 31, 2014, 2013 or 2012.
black-out periods by using a Rule 10b5-1 trading plan.
In 2014, the Company repurchased 18.5 million shares for
$1.6 billion. The Company repurchased 13.6 million shares for
102 CIGNA CORPORATION - 2014 Form 10-K
NOTE 16