Shareholders' Equity

9 Months Ended

Sep. 30, 2012

Shareholders' Equity

11. Shareholders’ Equity

The following table summarizes the components of our shareholders’ equity and the changes therein as of and for the nine months endedSeptember 30, 2012 and 2011:

	As of December 31, 2011			Net Loss			Dividends Paid ($0.1125 per share)			All Other Changes			As of September 30, 2012
Common stock	$	270		$	—		$	—		$	1		$	271
Paid-in capital	690,131			—			—			4,228			694,359
Retained earnings	157,242			(50,148		)	(5,176		)	—			101,918
Deferred compensation obligation	3,620			—			—			(548		)	3,072
Accumulated other comprehensive loss	(1,084		)	—			—			69			(1,015		)
Treasury stock	(3,870		)	—			—			547			(3,323		)
Total shareholders' equity	$	846,309		$	(50,148	)	$	(5,176	)	$	4,297		$	795,282

	As of December 31, 2010			Net Loss			Dividends Paid ($0.16875 per share)			All Other Changes			As of September 30, 2011
Common stock	$	267		$	—		$	—		$	2		$	269
Paid-in capital	680,981			—			—			6,571			687,552
Retained earnings	300,473			(104,976		)	(7,736		)	—			187,761
Deferred compensation obligation	2,743			—			—			685			3,428
Accumulated other comprehensive loss	(938		)	—			—			102			(836		)
Treasury stock	(3,250		)	—			—			(561		)	(3,811		)
Total shareholders' equity	$	980,276		$	(104,976	)	$	(7,736	)	$	6,799		$	874,363

In October 2012, we completed a registered offering of 9.2 million shares of our common stock that provided approximately $44 million of net proceeds before issuance costs. Concurrently, we completed a registered offering of 1,150,000 depositary shares each representing 1/100th interest in a share of our 6% Series A Convertible Perpetual Preferred Stock (“6% Preferred Stock”), that provided approximately $111 million of net proceeds before issuance costs. The proceeds from the combined offerings were used to repay outstanding borrowings under our Revolver and for general corporate purposes.

Each depositary share of the 6% Preferred Stock has a liquidation preference of $100.00 per share and is entitled to an annual dividend of $6.00 payable quarterly in cash, common stock or a combination thereof. Each depositary share of the 6% Preferred Stock is convertible at the option of the holder at an initial conversion rate of 16.6667 shares of our common stock per depositary share, or $6.00 per share of common stock. The conversion price represents a premium of 20 percent relative to the common stock offering price of $5.00 per share. The 6% Preferred Stock is not redeemable by us at any time. On or after October 15, 2017, we may cause all or a portion of the depositary shares of the 6% Preferred Stock to be automatically converted into shares of our common stock at the then-applicable conversion rate if certain conditions are met.