Capital Stock

12 Months Ended

Dec. 31, 2011

Capital Stock [Abstract]

Capital Stock

[10] Capital Stock

(a)  Common Stock

On September 8, 2008, the Company's shareholders approved an increase in the number of authorized shares of common stock from 40 million shares to 75 million shares.  On the same day, the Company acquired all of the outstanding shares of Tutor-Saliba in exchange for 22,987,293 shares of the Company's common stock.  These shares are subject to certain liquidation restrictions contained in a shareholders agreement between Mr. Tutor, the Company and other former Tutor-Saliba shareholders.  As of December 31, 2011, Mr. Tutor had beneficial ownership of approximately 10,837,575 million shares of the Company's common stock.

(b)  Common Stock Repurchase Program

On March 19, 2010, the Company's Board of Directors extended the common stock repurchase program put into place on November 13, 2008.  The program allowed the Company to repurchase up to $100 million of its common stock through March 31, 2011, at which time the program expired.

There were no repurchases made during 2011 and 2009. During 2010, the Company repurchased 2,164,840 shares under the program for an aggregate purchase price of $39.4 million. On a cumulative basis during 2008 through 2010, the Company repurchased 4,168,238 shares under the program for an aggregate purchase price of $71.2 million, or an average purchase price per share of $17.08.

(c)  Preferred Stock

The Company is authorized to issue 1,000,000 shares of preferred stock.  At December 31, 2011 and 2010, there were no preferred shares issued and outstanding.