156 / 188
The following table is a reconciliation of the number of shares of the Company's common stock for the years ended
December 31.
(In thousands of shares)
2016
2015
2014
Common stock - issued:
Balance, beginning of period
669,723
668,132
667,046
Exercise of stock options and issuance of restricted shares
1,526
1,591
1,086
Balance, end of period
671,249
669,723
668,132
Treasury stock:
Balance, beginning of period
245,343
225,687
207,633
Purchases of treasury stock:
Open market
21,618
21,179
19,660
Other
330
247
157
Dispositions of treasury stock:
Shares issued to AFL Stock Plan
(1,064)
(1,209)
(1,251)
Exercise of stock options
(683)
(465)
(391)
Other
(105)
(96)
(121)
Balance, end of period
265,439
245,343
225,687
Shares outstanding, end of period
405,810
424,380
442,445
Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the
computation of basic EPS. The following table presents the approximate number of share-based awards to purchase
shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of
diluted earnings per share at December 31:
(In thousands)
2016
2015
2014
Anti-dilutive share-based awards
911
1,862
1,215
The weighted-average shares used in calculating earnings per share for the years ended December 31 were as
follows:
(In thousands of shares)
2016
2015
2014
Weighted-average outstanding shares used for calculating basic EPS
411,471
430,654
451,204
Dilutive effect of share-based awards
2,450
2,518
2,796
Weighted-average outstanding shares used for calculating diluted EPS
413,921
433,172
454,000
Share Repurchase Program:
During 2016, we purchased 21.6 million shares of our common stock in the open
market, compared with 21.2 million shares in 2015 and 19.7 million shares in 2014. As of December 31, 2016, a
remaining balance of 26.8 million shares of our common stock was available for purchase under share repurchase
authorizations by our board of directors.
Voting Rights:
In accordance with the Parent Company's articles of incorporation, shares of common stock are
generally entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of
48 months, at which time they become entitled to 10 votes per share.
Reclassifications from Accumulated Other Comprehensive Income
The table below is a reconciliation of accumulated other comprehensive income by component for the years ended
December 31.
149