Common Stock We are authorized to issue 450,000,000 shares of Dana common stock, par value  $0.01 per share. At December 31, 2014,  there were 167,659,047 shares of our common stock issued and  166,070,057 shares outstanding, net of 1,588,990 in treasury  shares. Treasury shares include those shares withheld at cost to satisfy tax obligations from stock awards issued under our  share-based compensation plan in addition to share repurchases noted below . Our Board of Directors declared a cash dividend of five cents per share of common stock in each quarter of  2014.  Aggregate 2014 declared and paid dividends total $32. Dividends accrue on restricted stock units (RSUs) granted under our  stock compensation program and will be paid in cash or additional units when the underlying units vest. Treasury stock  — During 2014 we reissued 14,879,935 shares of treasury stock in conjunction with the conversion of  1,772,693 Series B preferred shares into common stock.  The reissuance of the treasury shares resulted in a  $127 charge to  additional paid-in capital as the carrying value of the treasury shares reissued exceeded the carrying value of the Series B  preferred shares converted. We use the weighted-average pool price of our treasury shares at the date of reissuance to determine  the carrying value of treasury shares reissued. In December 2014, we retired  14,600,000 shares of treasury stock. The $294  excess of the cost of the treasury stock over the common stock par value, based on the weighted-average pool price of our  treasury shares at the date of retirement, was char ged to additional paid-in capital. Share repurchase program  — Our Board of Directors approved an expansion of our existing common stock repurchase  program from $1,000 to $1,400 on July 30, 2014. The share repurchase program expires on December 31, 2015. The stock  repurchases are subject to prevailing market conditions and other considerations. Under the program, we spent  $260 to  repurchase 12,215,451 shares of our common stock during 2014 through open market transactions.  Approximately $311  remained available under the program for future share repurchases at  December 31, 2014. 57