Common Stock Repurchases

12 Months Ended

Dec. 31, 2012

Common Stock Repurchases

Note 5 — Common Stock Repurchases

The Company’s board of directors has authorized the following common stock repurchase programs:

• On August 1, 2012 — up to $500.0 million;

• On March 9, 2011 — up to $750.0 million; and

• On March 17, 2010 — up to $250.0 million.

Future purchases under the 2012 program are expected to be funded with available cash, cash equivalents and short term investments and to be effected in the open market or privately negotiated transactions. As of December 31, 2012, $478.6 million remained available for stock repurchases under the 2012 program. The 2011 and 2010 programs have been completed.

During 2012, the Company repurchased 36.0 million shares for $272.6 million. During 2011, the Company repurchased 72.4 million shares for $498.8 million. During 2010, the Company repurchased 51.4 million shares for $249.9 million. Repurchased shares are retired immediately after the repurchases are completed. Retirement of repurchased shares is recorded as a reduction of common stock and additional paid-in capital.