| EQUITY Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation. There were no shares held in treasury as of September 30, 2025, December 31, 2024 and September 30, 2024. Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows: | | | | | | | | | | | | | in millions, except average price | September 30
2025 | December 31
2024 | September 30
2024 | | Number of shares purchased and retired | 0.2 | | 0.3 | | 0.3 | | Total purchase price 1 | $ | 38.1 | | $ | 68.8 | | $ | 68.8 | | | Average price per share | $ | 224.36 | | $ | 254.71 | | $ | 254.71 | |
1The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings. As of September 30, 2025, 6,647,118 shares may be purchased under the current authorization of our Board of Directors. Changes in total equity are summarized below: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions, except per share data | 2025 | 2024 | 2025 | 2024 | | Total Shareholders' Equity | | | | | | Balance at beginning of period | $ | 8,406.9 | | $ | 7,705.3 | | $ | 8,118.6 | | $ | 7,483.4 | | | Net earnings attributable to Vulcan | 374.9 | | 207.6 | | 824.7 | | 618.2 | | | Share-based compensation plans, net of shares withheld for taxes | (1.3) | | (0.3) | | (29.8) | | (25.1) | | | Purchase and retirement of common stock | 0.0 | | 0.0 | | (38.1) | | (68.8) | | | Share-based compensation expense | 16.9 | | 15.4 | | 49.9 | | 39.9 | | Cash dividends on common stock ($0.49/$0.46/$1.47/$1.38 per share, respectively) | (64.7) | | (60.8) | | (195.4) | | (183.6) | | | Other comprehensive income | 1.5 | | 1.8 | | 4.3 | | 5.0 | | | Balance at end of period | $ | 8,734.2 | | $ | 7,869.0 | | $ | 8,734.2 | | $ | 7,869.0 | | | Noncontrolling Interest | | | | | | Balance at beginning of period | $ | 22.8 | | $ | 25.1 | | $ | 23.9 | | $ | 24.5 | | | Distribution to noncontrolling interest | 0.0 | | (1.8) | | (1.5) | | (1.8) | | | Earnings attributable to noncontrolling interest | 0.1 | | 0.8 | | 0.6 | | 1.4 | | Other noncontrolling interest | 0.0 | | 0.0 | | (0.1) | | 0.0 | | | Balance at end of period | $ | 22.9 | | $ | 24.1 | | $ | 22.9 | | $ | 24.1 | | | Total Equity | | | | | | Balance at end of period | $ | 8,757.1 | | $ | 7,893.1 | | $ | 8,757.1 | | $ | 7,893.1 | |
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