Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Stockholders' Equity

10. Stockholders’ Equity

In February 2013, the Company’s Board of Directors (the “Board”) authorized an increase in the then available amount under the Company’s existing stock repurchase program (the “Stock Repurchase Program”) to allow for the repurchase of up to $500 in the aggregate of the Company’s common stock.

On February 28, 2013, in conjunction with the increase and pursuant to the Stock Repurchase Program, the Company entered into accelerated stock repurchase agreements (collectively the “ASR Agreement”) to repurchase an aggregate of $250 of its common stock. Pursuant to the ASR Agreement, the Company paid $250 and as of March 31, 2013, approximately 5.5 million shares have been delivered under the ASR Agreement. As of March 31, 2013, the shares delivered were valued at $225 and are included in treasury stock. The remaining balance of $25 was recorded as a reduction of APIC as of March 31, 2013. The specific number of shares that will ultimately be repurchased under the ASR Agreement will be based generally on the average of the daily volume weighted average prices of the Company’s common stock over a defined period, which is expected to be no later than the end of the third quarter of 2013. As additional shares are delivered, an amount equal to the estimated value of those shares will be transferred from APIC to treasury stock. Under certain circumstances, the Company may be required to return a portion of the shares received or, at the Company’s option, make an additional cash payment. At March 31, 2013, the effect of the settlement provisions of the ASR Agreement would have been antidilutive and therefore is excluded from the computation of diluted earnings per share.