Preferred And Common Stock

6 Months Ended

Jun. 30, 2011

Preferred And Common Stock

Preferred And Common Stock

Note 8—Preferred and Common Stock

As of June 30, 2011, the total number of shares of capital stock which the Company has authority to issue is 1,375.0 million shares, consisting of 1,250.0 million shares of voting economic common stock, par value $0.01 per share and 125.0 million shares of preferred stock, par value $0.01 per share. The holders of common stock shall be entitled to one vote per share on all matters to be voted on by the stockholders of the Company. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, holders of common stock shall receive a pro-rata distribution of any remaining assets after payment of or provision for liabilities and the liquidation preference on preferred stock, if any.

During the six months ended June 30, 2011, we paid approximately $0.9 million to purchase 16,060 shares of our outstanding common stock from former employees. Such shares were recorded as treasury shares as of June 30, 2011.

The Company has no shares of preferred stock outstanding at June 30, 2011 and December 31, 2010.