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Stock Repurchase Program
9 Months Ended
Sep. 30, 2012
Stock Repurchase Program

13. Stock Repurchase Program

On February 22, 2011, PCA announced that its Board of Directors had authorized the repurchase of $100.0 million of the Company’s outstanding common stock, which it completed in the first quarter of 2012. Through March 31, 2012, the Company repurchased 3,996,118 shares of common stock, with 35,563 shares repurchased for $1.0 million, or $29.40 per share, during the first quarter of 2012. All repurchased shares were retired prior to March 31, 2012.

 

On December 14, 2011, the Company announced that its Board of Directors had authorized the repurchase of an additional $150.0 million of the Company’s outstanding common stock. During the first nine months of 2012, the Company repurchased 1,369,196 shares of common stock for $40.5 million, or $29.56 per share, under this authorization. All repurchased shares were retired prior to September 30, 2012. As of September 30, 2012, $109.5 million of the $150.0 million authorization remained available for repurchase of the Company’s common stock.