Note 12. 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, 2013.

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


	Year Ended December 31,
In thousands	2013		2012		2011
Beginning balance		14,047		13,956		15,742
Vested stock grants		50		60		122
Employee stock purchase plan		17		16		19
Stock options exercised		84		15		52
Treasury shares purchased		—		—		(1,979	)

Ending balance		14,198		14,047		13,956

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. The share repurchase program expired on December 31, 2011 and was not renewed.

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


	Total Number of Shares Purchased		Average Cost Paid 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