| Capital Stock |
19. Capital Stock
The Company’s authorized common stock and nonvoting participating preferred stock, $0.01 par value, (“Preferred”) consisted of the following:
|
|
|
December 31,
2015 |
|
|
December 31,
2014 |
|
|
Common Stock |
|
|
500,000,000 |
|
|
|
500,000,000 |
|
|
Nonvoting Participating Preferred Stock |
|
|
|
|
|
|
|
|
|
Series A Preferred |
|
|
20,000,000 |
|
|
|
20,000,000 |
|
|
Series B Preferred |
|
|
150,000,000 |
|
|
|
150,000,000 |
|
|
Series C Preferred |
|
|
6,000,000 |
|
|
|
6,000,000 |
|
|
Series D Preferred |
|
|
20,000,000 |
|
|
|
20,000,000 |
|
January 2013 PNC Capital Contribution. In January 2013, PNC surrendered to BlackRock 205,350 shares of BlackRock Series C Preferred to fund certain LTIP awards in accordance with the share surrender agreement between PNC and BlackRock.
Cash Dividends for Common and Preferred Shares / RSUs. During 2015, 2014 and 2013, the Company paid cash dividends of $8.72 per share (or $1,476 million), $7.72 per share (or $1,338 million)and $6.72 per share (or $1,168 million), respectively.
Share Repurchases. The Company repurchased 3.1 million common shares in open market-transactions under its share repurchase program for $1.1 billion during 2015. At December 31, 2015, there were 6.3 million shares still authorized to be repurchased.
The Company’s common and preferred shares issued and outstanding and related activity consist of the following:
|
|
|
Shares Issued |
|
|
Shares Outstanding |
|
|
|
|
Common
Shares |
|
|
Treasury
Common
Shares |
|
|
Series B
Preferred |
|
|
Series C
Preferred |
|
|
Common
Shares |
|
|
Series B
Preferred |
|
|
Series C
Preferred |
|
|
December 31, 2012 |
|
|
171,252,185 |
|
|
|
(2,376,881 |
) |
|
|
823,188 |
|
|
|
1,517,237 |
|
|
|
168,875,304 |
|
|
|
823,188 |
|
|
|
1,517,237 |
|
|
Shares repurchased |
|
|
— |
|
|
|
(3,689,845 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,689,845 |
) |
|
|
— |
|
|
|
— |
|
|
Net issuance of common shares related to employee
stock transactions |
|
|
— |
|
|
|
1,404,229 |
|
|
|
— |
|
|
|
— |
|
|
|
1,404,229 |
|
|
|
— |
|
|
|
— |
|
|
PNC LTIP capital contribution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(205,350 |
) |
|
|
— |
|
|
|
— |
|
|
|
(205,350 |
) |
|
December 31, 2013 |
|
|
171,252,185 |
|
|
|
(4,662,497 |
) |
|
|
823,188 |
|
|
|
1,311,887 |
|
|
|
166,589,688 |
|
|
|
823,188 |
|
|
|
1,311,887 |
|
|
Shares repurchased |
|
|
— |
|
|
|
(3,175,088 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,175,088 |
) |
|
|
— |
|
|
|
— |
|
|
Net issuance of common shares related to employee
stock transactions |
|
|
— |
|
|
|
1,372,188 |
|
|
|
— |
|
|
|
— |
|
|
|
1,372,188 |
|
|
|
— |
|
|
|
— |
|
|
December 31, 2014 |
|
|
171,252,185 |
|
|
|
(6,465,397 |
) |
|
|
823,188 |
|
|
|
1,311,887 |
|
|
|
164,786,788 |
|
|
|
823,188 |
|
|
|
1,311,887 |
|
|
Shares repurchased |
|
|
— |
|
|
|
(3,080,689 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,080,689 |
) |
|
|
— |
|
|
|
— |
|
|
Net issuance of common shares related to employee
stock transactions |
|
|
— |
|
|
|
1,754,965 |
|
|
|
— |
|
|
|
— |
|
|
|
1,754,965 |
|
|
|
— |
|
|
|
— |
|
|
December 31, 2015 |
|
|
171,252,185 |
|
|
|
(7,791,121 |
) |
|
|
823,188 |
|
|
|
1,311,887 |
|
|
|
163,461,064 |
|
|
|
823,188 |
|
|
|
1,311,887 |
|
|