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Capital Stock
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements [Abstract]  
Capital stock

Note 16 – Capital Stock

 

Common Stock

At December 31, 2012, we had 100 million shares of common stock authorized and 47.8 million shares issued and outstanding.

Share Purchases

We purchased and retired 1,682,845 shares in 2010 for $33.7 million (average price of $20.03 per share).

 

Shares Contributed to U.S. Pension Plan

On March 6, 2012, we issued 361,446 shares of our common stock and contributed the shares to our primary U.S. pension plan. Sales of these shares by the plan are covered under our shelf registration statement. The common stock was valued for purposes of the contribution at $24.90 per share, or $9 million in the aggregate, which reflected a 2.4% discount from the $25.51 per share closing share price of our common stock on March 5, 2012.

 

Dividends

We paid regular quarterly dividends on our common stock during the last three years. On January 17, 2013, the board declared a regular quarterly dividend of 10 cents per share payable on March 1, 2013. Future dividends are dependent on the earnings, financial condition, shareholder equity levels, cash flow and business requirements, as determined by the board of directors.

 

Shelf Registration of Common Stock

On February 28, 2012, we filed a shelf registration statement under Form S-3ASR with the SEC for $150 million of our common stock. At December 31, 2012, $141.5 million remains available under this shelf registration.

 

Preferred Stock

At December 31, 2012, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share.

 

Shares Used to Calculate Earnings per Share

  Years Ended December 31, 
 (In millions)2012 2011 2010 
           
 Weighted-average shares          
           
 Basic (a) 48.4   47.8   48.2  
 Effect of dilutive stock awards 0.2   0.3   0.2  
 Diluted (a) 48.6   48.1   48.4  
           
 Antidilutive stock awards excluded from denominator 2.4   2.3   2.2  

(a)              We have deferred compensation plans for directors and certain of our employees.  Amounts owed to participants are denominated in common stock units.  Each unit represents one share of common stock.  The number of shares used to calculate basic earnings per share includes the weighted-average units credited to employees and directors under the deferred compensation plans.  Additionally, non-participating restricted stock units are also included in the computation of basic weighted average shares when the requisite service period has been completedAccordingly, basic and diluted shares include weighted-average units of 0.9 million in 2012, 1.1 million in 2011 and 1.0 million in 2010.