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Common Stock
 12 Months Ended
Dec. 31, 2011
Disclosure Common Stock [Abstract]  
Common Stock Text Block

5.       Common Stock

 

Common Stock

 

As of December 31, 2011 and 2010, our common shares authorized were 100,000,000. As of December 31, 2011, we had reserved for issuances 155,955 shares of common stock under the Employee Stock Purchase Plan (ESPP), 293,246 shares under our Dividend Reinvestment and Direct Stock Purchase Plan and 1,159,875 shares under our Restated Stock Option Plan (Restated SOP).

Stock Repurchase Program

We have a share repurchase program for our common stock under which we purchase shares on the open market or through privately negotiated transactions.  We currently have Board authorization through May 2012 to repurchase up to an aggregate of 2.8 million shares, or up to $100 million. No shares of common stock were repurchased pursuant to this program in 2011, 2010 or 2009.  Since inception in 2000, a total of 2.1 million shares have been repurchased at a total cost of $83.3 million.

Summary of Changes in Common Stock

The following table shows the changes in the number of shares of our common stock issued and outstanding for the years 2011, 2010 and 2009:

ThousandsShares
Balance, December 31, 2008 26,501
 Sales to employees under ESPP 9
 Exercise of stock options under Restated SOP - net 23
Balance, December 31, 2009 26,533
 Sales to employees under ESPP 24
 Exercise of stock options under Restated SOP - net 111
Balance, December 31, 2010 26,668
 Sales to employees under ESPP 15
 Exercise of stock options under Restated SOP - net 24
 Sales to shareholders under DRPP 49
Balance, December 31, 2011 26,756