Equity

12 Months Ended

Dec. 31, 2011

Equity and Other Comprehensive Income [Abstract]

EQUITY

NOTE 13: EQUITY

In February 2011, we issued 372,992 shares (368,527 shares net of acquired cash) of common stock in connection with a business acquisition as described in Note 19.

In March 2010, we issued 1,190,000 shares of common stock to our qualified pension plans (par value of $1 per share) as described in Note 10. This transaction increased equity by $53,864,000 (common stock $1,190,000 and capital in excess of par $52,674,000).

In June 2009, we completed a public offering of common stock (par value of $1 per share) resulting in the issuance of 13,225,000 common shares at a price of $41.00 per share. The total number of shares issued through the offering included 1,725,000 shares issued upon full exercise of the underwriters’ option to purchase additional shares. We received net proceeds of $519,993,000 (net of commissions and transaction costs of $22,232,000) from the sale of the shares. The net proceeds from the offering were used for debt reduction and general corporate purposes. The transaction increased equity by $519,993,000 (common stock $13,225,000 and capital in excess of par $506,768,000).

We periodically issue shares of common stock to the trustee of our 401(k) savings and retirement plan to satisfy the plan participants’ elections to invest in our common stock. The resulting cash proceeds provide a means of improving cash flow, increasing equity and reducing leverage. Under this arrangement, the stock issuances and resulting cash proceeds for the years ended December 31 were as follows:

§ 2011 — issued 110,881 shares for cash proceeds of $4,745,000

§ 2010 — issued 882,131 shares for cash proceeds of $41,734,000

§ 2009 — issued 1,135,510 shares for cash proceeds of $52,691,000

Stock issuances in connection with business acquisitions for the years ended December 31 were as follows:

§ 2011 — issued 372,992 shares (368,527 shares net of acquired cash)

§ 2009 — issued 789,495 shares

There were no shares held in treasury as of December 31, 2011, 2010 and 2009 and no shares purchased during any of these three years. As of December 31, 2011, 3,411,416 shares may be repurchased under the current purchase authorization of our Board of Directors.