Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2011

Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) [Abstract]

STOCKHOLDERS' EQUITY AND ACCUMULATED OTHEER COMPREHENSIVE INCOME (LOSS)

12. STOCKHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Preferred and Common Stock

The Company has two classes of capital stock outstanding, common stock, par value $2.50 per share, and Series A Convertible Exchangeable Preferred Stock on which cumulative dividends of $2.125 per share are payable quarterly. Each share of Series A Preferred Stock is represented by four Depositary Shares. Under the terms of the Series A Preferred Stock, the Company can redeem preferred shares at any time for the redemption value of $100.00 plus any accumulated dividends paid in cash. In February 2011, the Company paid $19.9 million of accumulated preferred stock dividends as of January 1, 2011. The Company is permitted to pay preferred stock dividends to the extent there is a surplus, defined by Delaware law. In June 2011, approximately 169 shares of preferred stock were converted into 1,152 shares of common stock.

Accumulated Other Comprehensive Income (Loss)

The following is a summary of accumulated other comprehensive income (loss):

		September 30,			September 30,			September 30,			September 30,
	Pension and Postretirement Medical Benefits			Available for Sale Securities			Tax Effect of Other Comprehensive Income Gains			Accumulated Other Comprehensive Loss
	(In thousands)
Balance at January 1, 2009	$	(119,479	)	$	112		$	(9,094	)	$	(128,461	)
Postretirement medical benefit plan amendments and pension plan freeze adjustments		105,983			—			—			105,983
2009 activity		7,465			852			(17,062	)		(8,745	)
Balance at December 31, 2009		(6,031	)		964			(26,156	)		(31,223	)
2010 activity		(26,018	)		(439	)		—			(26,457	)
Balance at December 31, 2010		(32,049	)		525			(26,156	)		(57,680	)
2011 activity		(63,575	)		(200	)		—			(63,775	)
Balance at December 31, 2011	$	(95,624	)	$	325		$	(26,156	)	$	(121,455	)

Pension and postretirement medical benefit adjustments relate to changes in the funded status of various benefit plans. The unrealized gains and losses associated with recognizing the Company’s “available-for-sale” securities at fair value are recorded through Accumulated other comprehensive loss. See Note 13 regarding the tax effect of other comprehensive income gains.