Equity

9 Months Ended

Sep. 30, 2012

Equity

9. Equity

The following table summarizes the Company’s equity activity for the nine months ended September 30, 2012:

	RR Donnelley Shareholders’ Equity			Noncontrolling Interest			Total Equity
Balance at December 31, 2011	$	1,042.7		$	19.5		$	1,062.2
Net earnings		197.6			0.5			198.1
Other comprehensive income		24.3			0.1			24.4
Share-based compensation		18.6			—			18.6
Issuance of share-based awards, net of withholdings		(11.7	)		—			(11.7	)
Cash dividends paid		(140.2	)		—			(140.2	)
Distributions to noncontrolling interests		—			(1.2	)		(1.2	)
Balance at September 30, 2012	$	1,131.3		$	18.9		$	1,150.2

The following table summarizes the Company’s equity activity for the nine months ended September 30, 2011:

	RR Donnelley Shareholders’ Equity			Noncontrolling Interest			Total Equity
Balance at December 31, 2010	$	2,224.3		$	21.1		$	2,245.4
Net earnings		204.1			1.4			205.5
Other comprehensive income		16.3			0.3			16.6
Share-based compensation		22.5			—			22.5
Issuance of share-based awards, net of withholdings		(6.4	)		—			(6.4	)
Acquisition of common stock		(500.0	)		—			(500.0	)
Cash dividends paid		(156.5	)		—			(156.5	)
Distributions to noncontrolling interests		—			(3.2	)		(3.2	)
Balance at September 30, 2011	$	1,804.3		$	19.6		$	1,823.9

On May 3, 2011, the Board of Directors of the Company approved a program that authorizes the repurchase of up to $1.0 billion of the Company’s common stock through December 31, 2012. Share repurchases under the program may be made from time to time through a variety of methods as determined by the Company’s management. The repurchase authorizations do not obligate the Company to acquire any particular amount of common stock or adopt any particular method of repurchase and may be modified, suspended or terminated at any time at the Company’s discretion.

As part of the share repurchase program, the Company entered into an accelerated share repurchase agreement (“ASR”) in 2011 with an investment bank under which the Company repurchased $500.0 million of its common stock, receiving an initial delivery of 19.9 million shares on May 10, 2011 and an additional 9.3 million shares on November 17, 2011.