9.	Common and Preferred Stock

On October 22, 2012, the Company’s Board of Directors approved an increase in the authorized level for repurchases of common stock by $200.0 million. Repurchases under the program was funded with future cash flow generation. During 2012, the Company purchased a total of 2.2 million shares at a cost of $89.6 million. No shares were purchased in 2011.

At December 31, 2012 and 2011, the Company had 150 million shares of authorized common stock, with a par value of $.01 per share and 5 million shares of authorized preferred stock with a par value of $.01 per share. No preferred stock was issued as of December 31, 2012 and 2011.