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Common Stock
12 Months Ended
Dec. 31, 2011
Common Stock [Abstract]  
Common Stock

NOTE 18. COMMON STOCK

The Company has a Direct Stock Purchase and Dividend Reinvestment Plan under which the Company's shareholders may automatically reinvest their dividends and make optional cash payments for the purchase of the Company's common stock at current market value. Shares issued under this plan in 2011, 2010 and 2009 are disclosed in the Consolidated Statements of Equity and Redeemable Noncontrolling Interests.

 

The payment of dividends on common stock is restricted by provisions of certain covenants applicable to preferred stock contained in the Company's Articles of Incorporation, as amended.

In August 2010, the Company entered into an amended and restated sales agency agreement with a sales agent to issue up to 3,087,500 shares of its common stock from time to time. The Company originally entered into a sales agency agreement to issue up to 1,250,000 shares of its common stock in December 2009.

Shares issued under sales agency agreements were as follows in the years ended December 31:

 

     2011      2010      2009  

Shares issued under sales agency agreement

     807,000         2,054,110         —     

The Company has 10 million authorized shares of preferred stock. The Company did not have any preferred stock outstanding as of December 31, 2011 and 2010.