Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity

Shareholders' Equity

Note 4. Shareholders' Equity

Common Stock Issuance

        In June 2009 the company completed a public offering of 31,050,000 shares of its common stock at a public offering price of $13.50 per share. Net proceeds of the offering along with the concurrent issuance of the company's 5.125% convertible senior notes due 2014 was approximately $678.8 million, after deducting underwriting discounts, commissions and other offering expenses. The net proceeds from this offering were used to repay the company's then outstanding Term A loan of $552.0 million and for general corporate purposes, including the repayment of then outstanding borrowings on the company's senior secured revolver.

Cash Dividends

        The company declared cash dividends of $87.5 million, or $.400 per common share, during 2011; $65.1 million, or $.300 per common share, during 2010; and $66.7 million, or $.325 per common share, during 2009. The company paid cash dividends of $81.9 million, $65.0 million and $68.7 million during 2011, 2010 and 2009, respectively.

Treasury Stock

        The company's board of directors has authorized the company to repurchase shares of the company's common stock through open market trades. The company did not repurchase any shares during 2011, 2010 or 2009. As of December 31, 2011, the company had remaining authorization to repurchase approximately 3.6 million additional shares. The repurchase program does not have an expiration date.