XML 24 R25.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Subsequent Event
6 Months Ended
Jun. 30, 2011
Subsequent Event

Note 19. Subsequent Event

On July 27, 2011, the Company’s Board of Directors approved the payment of a special cash dividend of $1.00 per common share and a one-for-four reverse stock split of the Company’s common stock, as follows:

Special Dividend: The Board of Directors declared a special dividend of $1.00 per share of its common stock, payable on August 23, 2011, to holders of record as of the close of business August 9, 2011. The aggregate amount of the special cash dividend will be approximately $136.8 million.

Reverse Stock Split: The Board of Directors authorized a one-for-four reverse stock split of the Company’s common stock, which is expected to become effective at the close of business on August 30, 2011. When the reverse stock split becomes effective, every four shares of issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share. This will reduce the number of outstanding shares of common stock from approximately 136.8 million shares to approximately 34.2 million shares. Shareholders will be entitled to receive a cash payment in lieu of any fractional shares of common stock they would otherwise be entitled to receive as a result of the reverse stock split.