republic services , inc . notes to consolidated financial statements 2014 ( continued ) charges or other amounts due that are probable at settlement . the aggregate cash surrender value of these life insurance policies was $ 90.5 million and $ 77.1 million as of december 31 , 2015 and 2014 , respectively , and is classified in other assets in our consolidated balance sheets . the dcp liability was $ 83.3 million and $ 76.3 million as of december 31 , 2015 and 2014 , respectively , and is classified in other long-term liabilities in our consolidated balance sheets . employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan . the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter . for the years ended december 31 , 2015 , 2014 and 2013 , issuances under this plan totaled 141055 shares , 139941 shares and 142217 shares , respectively . as of december 31 , 2015 , shares reserved for issuance to employees under this plan totaled 0.6 million and republic held employee contributions of approximately $ 1.4 million for the purchase of common stock . 12 . stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2015 and 2014 follows ( in millions except per share amounts ) : .
what was the percent of the remaining purchase capacity of the october 2015 compared to the authorized
as of december 31 , 2015 , 0.1 million repurchased shares were pending settlement and $ 3.7 million were unpaid and included within our accrued liabilities . in october 2015 , our board of directors added $ 900.0 million to the existing share repurchase authorization , which now extends through december 31 , 2017 . share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws . while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors . the share repurchase program may be extended , suspended or discontinued at any time . as of december 31 , 2015 , the october 2015 repurchase program had remaining authorized purchase capacity of $ 855.5 million . in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued . in doing so , the number of our issued shares was reduced by the stated amount . our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital . the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital . there was no effect on our total stockholders 2019 equity position as a result of the change . dividends in october 2015 , our board of directors approved a quarterly dividend of $ 0.30 per share . cash dividends declared were $ 404.3 million , $ 383.6 million and $ 357.3 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively . as of december 31 , 2015 , we recorded a quarterly dividend payable of $ 103.7 million to shareholders of record at the close of business on january 4 , 2016. .