TREASURY STOCK PURCHASE

12 Months Ended

Dec. 31, 2011

TREASURY STOCK PURCHASE

TREASURY STOCK PURCHASE

11.TREASURY STOCK PURCHASE

October 12, 2011, the Company’s Board of Directors authorized a new share repurchase program for the repurchase of up to $250.0 million of the Company’s outstanding common stock (the “2011 Repurchase Plan”). No shares were repurchased under the 2011 Repurchase Plan during the year ended December 31, 2011.

On March 11, 2010, the Company’s Board of Directors authorized the repurchase of up to $200.0 million of the Company’s common stock (the “2010 Repurchase Plan”). Under the 2010 Repurchase Plan, the Company purchased 5.0 million shares of common stock at an average purchase price of $35.63 per share, as adjusted for the stock split, for a total amount of $176.4 million, during the year ended December 31, 2011, which the Company holds in treasury. This repurchase exhausted the availability under the 2010 Repurchase Plan.

Under the 2010 Repurchase Plan, the Company purchased 1.2 million shares of the Company’s common stock at an average purchase price of $18.84 per share, as adjusted for the stock split, for a total amount of $23.5 million during the year ended December 31, 2010, which the Company holds in treasury.