Common and Preferred Stock

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Common and Preferred Stock

Common and Preferred Stock

On October 22, 2012, the Company’s Board of Directors approved a $200.0 million increase in the authorized level for repurchases of common stock. Repurchases under the program will be funded with future cash flow generation or cash available under the Revolving Facility. During the first nine months of 2013, the Company purchased a total of 2.5 million shares at a cost of $139.9 million, of which $2.7 million was settled in October 2013. During the first nine months of 2012, the Company purchased 1.9 million shares at a cost of $75.2 million.

At September 30, 2013 and December 31, 2012, 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 outstanding at September 30, 2013 and December 31, 2012.