Stock Repurchase Program

9 Months Ended

Sep. 30, 2011

Stock Repurchase Program

Stock Repurchase Program

14. Stock Repurchase Program

On October 17, 2007, PCA announced that its Board of Directors authorized a $150.0 million common stock repurchase program, which it completed in the second quarter of 2011. Through June 30, 2011, the Company repurchased 6,422,587 shares of common stock at $23.36 per share. All repurchased shares were retired prior to June 30, 2011.

On February 22, 2011, PCA announced that its Board of Directors had authorized the repurchase of an additional $100.0 million of the Company's outstanding common stock. During the third quarter of 2011, the Company repurchased 2,000,000 shares of common stock for $48.0 million, or $24.02 per share, under this authorization. All repurchased shares were retired prior to September 30, 2011. As of September 30, 2011, $32.6 million of the $100.0 million authorization remained available for repurchase of the Company's common stock.