Common and Preferred Stock

12 Months Ended

Dec. 31, 2012

Common And Preferred Stock [Abstract]

Note 17 — Common and Preferred Stock

As of December 31, the Company had issued the following shares:

(Shares in thousands)	2012	2011
Common: Par value $0.25
600,000 shares authorized
Outstanding - January 1	285,533	271,880
Issuance of common stock	-	15,200
Issued for stock option and other benefit plans	4,695	3,735
Repurchase of common stock	(4,399)	(5,282)
Outstanding - December 31	285,829	285,533
Treasury stock	80,316	80,612
Issued - December 31	366,145	366,145

On November 16, 2011, the Company issued 15.2 million shares of its common stock at $42.75 per share. Proceeds of $650 million ($629 million net of underwriting discount and fees) were used to partially fund the HealthSpring acquisition in January 2012.

The Company maintains a share repurchase program, which was authorized by its Board of Directors. The decision to repurchase shares depends on market conditions and alternative uses of capital. The Company has, and may continue from time to time, to repurchase shares on the open market through a Rule 10b5-1 plan that permits a company to repurchase its shares at times when it otherwise might be precluded from doing so under insider trading laws or because of self-imposed trading blackout periods.

During 2012, and through February 28, 2013, the Company repurchased 4.4 million shares for $208 million. On February 27, 2013, the Company's Board of Directors increased share repurchase authority by $500 million. Accordingly, the total remaining share repurchase authorization as of February 28, 2013 was $815 million. The Company repurchased 5.3 million shares for $225 million during 2011.

The Company has authorized a total of 25 million shares of $1 par value preferred stock. No shares of preferred stock were outstanding at December 31, 2012 or 2011.