| Capital Stock |
23. Capital Stock
The Company’s authorized common stock and nonvoting participating preferred stock, $0.01 par value, (“Preferred”) consisted of the following:
|
|
|
December 31,
2019 |
|
|
December 31,
2018 |
|
|
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 |
|
PNC Capital Contribution. During 2019 and 2018, PNC surrendered to BlackRock 143,458 and 103,064 shares, respectively, of BlackRock Series C Preferred to fund certain LTIP awards and has completed its share delivery obligation in connection with its share surrender agreement.
Cash Dividends for Common and Preferred Shares / RSUs. During 2019, 2018 and 2017, the Company paid cash dividends of $13.20 per share (or $2,096 million), $12.02 per share (or $1,968 million) and $10.00 per share (or $1,662 million), respectively.
Share Repurchases. During 2019, the Company repurchased 4.0 million common shares under the share repurchase program for $1.7 billion, including a $1.3 billion private transaction that closed on March 25, 2019. At December 31, 2019, there were 5.9 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, 2016 |
|
|
171,252,185 |
|
|
|
(9,717,742 |
) |
|
|
823,188 |
|
|
|
763,660 |
|
|
|
161,534,443 |
|
|
|
823,188 |
|
|
|
763,660 |
|
|
Shares repurchased |
|
|
— |
|
|
|
(2,647,670 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,647,670 |
) |
|
|
— |
|
|
|
— |
|
|
Net issuance of common shares related to
employee stock transactions |
|
|
— |
|
|
|
1,090,342 |
|
|
|
— |
|
|
|
— |
|
|
|
1,090,342 |
|
|
|
— |
|
|
|
— |
|
|
PNC LTIP capital contribution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(517,138 |
) |
|
|
— |
|
|
|
— |
|
|
|
(517,138 |
) |
|
December 31, 2017 |
|
|
171,252,185 |
|
|
|
(11,275,070 |
) |
|
|
823,188 |
|
|
|
246,522 |
|
|
|
159,977,115 |
|
|
|
823,188 |
|
|
|
246,522 |
|
|
Shares repurchased |
|
|
— |
|
|
|
(3,511,603 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,511,603 |
) |
|
|
— |
|
|
|
— |
|
|
Net issuance of common shares related to
employee stock transactions |
|
|
— |
|
|
|
1,087,989 |
|
|
|
— |
|
|
|
— |
|
|
|
1,087,989 |
|
|
|
— |
|
|
|
— |
|
|
PNC LTIP capital contribution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(103,064 |
) |
|
|
— |
|
|
|
— |
|
|
|
(103,064 |
) |
|
December 31, 2018 |
|
|
171,252,185 |
|
|
|
(13,698,684 |
) |
|
|
823,188 |
|
|
|
143,458 |
|
|
|
157,553,501 |
|
|
|
823,188 |
|
|
|
143,458 |
|
|
Shares repurchased |
|
|
— |
|
|
|
(4,018,905 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,018,905 |
) |
|
|
— |
|
|
|
— |
|
|
Net issuance of common shares related to
employee stock transactions |
|
|
— |
|
|
|
841,184 |
|
|
|
— |
|
|
|
— |
|
|
|
841,184 |
|
|
|
— |
|
|
|
— |
|
|
PNC LTIP capital contribution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(143,458 |
) |
|
|
— |
|
|
|
— |
|
|
|
(143,458 |
) |
|
December 31, 2019 |
|
|
171,252,185 |
|
|
|
(16,876,405 |
) |
|
|
823,188 |
|
|
|
— |
|
|
|
154,375,780 |
|
|
|
823,188 |
|
|
|
— |
|
|