Note 13. Share Capital and Share Repurchases

Our authorized share capital consists of 50,000,000 common shares with a par value of $0.10 per share and 1,000,000 preferred shares with a par value of $0.10 per share. The Company has not issued any preferred shares as of December 31, 2011.

The following table represents changes in the Company’s issued and outstanding common shares for the periods indicated:

		September 30,			September 30,			September 30,
	Year Ended December 31,
In thousands	2011			2010			2009
Beginning balance		15,742			16,846			16,856
Vested stock grants		178			109			74
Employee stock purchase plan		19			22			17
Stock options exercised		52			29			41
Treasury shares purchased		(1,979	)		(1,264	)		(142	)

Ending balance		14,012			15,742			16,846

In May 2011, the Parent Company’s Board of Directors authorized an additional $50 million under the existing share repurchase program of the Company’s common stock, which increased the size of the program to $150 million. This repurchase program was initially authorized in November 2009. The share repurchase program as originally approved was scheduled to expire on December 31, 2010, however, prior to its expiration, the Parent Company’s Board of Directors approved an extension to December 31, 2011.

Purchases were permitted from time to time at prevailing prices in open market or privately negotiated transactions through December 31, 2011. The timing and amount of purchases under the program depend on a variety of factors, including the trading price of the stock, market conditions and corporate and regulatory considerations.

The following presents our share repurchases under the aforementioned programs for the periods indicated:

		September 30,		September 30,
	Total
	Number of		Average
	Shares		Cost Paid
	Purchased		Per Share
Fourth quarter 2009 activity		141,576	$	47.72

Total 2009 activity		141,576	$	47.72


First quarter 2010 activity		573,600	$	41.27
Second quarter 2010 activity		558,003		40.32
Third quarter 2010 activity		97,115		42.25
Fourth quarter 2010 activity		35,566		48.04

Total 2010 activity		1,264,284	$	41.11


First quarter 2011 activity		256,094	$	50.96
Second quarter 2011 activity		597,026		47.55
Third quarter 2011 activity		749,076		43.03
Fourth quarter 2011 activity		376,911		45.61

Total 2011 activity		1,979,107	$	45.91