18. Capital Stock

Common Stock:

The Company is authorized to issue 800,000,000 shares of common stock of $.01 par value. There were 230.5 million and 235.5 million common shares outstanding as of December 31, 2011 and 2010, respectively.

During 2011, the Company repurchased 6.2 million shares of its common stock at a weighted-average price of $36. The repurchases were made pursuant to the following authorizations (in millions of shares):


	Shares Repurchased						Authorization Remaining at December 31, 2011
Board of Directors' Authorization	2011		2010		2009		Authorization Remaining at December 31, 2011
1997 Authorization		6.2		0.1		0.1		1.9
2007 Authorization		—		—		—		16.7

Total		6.2		0.1		0.1		18.6

1997 Authorization – The Company has an authorization from its Board of Directors (originally adopted December 1997) to repurchase shares of its outstanding common stock under which the cumulative number of shares repurchased, at the time of any repurchase, shall not exceed the sum of (1) the number of shares issued in connection with the exercise of stock options occurring on or after January 1, 2004, plus (2) 1% of the issued and outstanding common stock of the Company on January 1 of the current year, adjusted for any stock split. There are 1.9 million shares remaining under this authorization at December 31, 2011.

2007 Authorization – In December 2007, the Company's Board of Directors separately authorized the Company to buy back up to 20.0 million shares of its common stock with no dollar limit or expiration date. There are 16.7 million shares remaining under this authorization at December 31, 2011.

Preferred Stock:

The Company is authorized to issue 2,000,000 shares of preferred stock of $1.00 par value. The Company has designated 500,000 of the 2,000,000 authorized shares of preferred stock as Series A Junior Participating preferred stock (Preferred Stock). Each share of Preferred Stock, none of which is outstanding, is entitled to 10,000 votes per share (subject to adjustment) and other rights such that the value of a one ten-thousandth interest in a share of Preferred Stock should approximate the value of one share of common stock. Prior to August 20, 2010, Preferred Stock was reserved for issuance in connection with the Company's outstanding Preferred Stock purchase rights (Rights). The Rights expired at the close of business on August 20, 2010.