Earnings Per Share And Shareholders' Equity Transactions

12 Months Ended

Dec. 31, 2011

Earnings Per Share And Shareholders' Equity Transactions [Abstract]

Earnings Per Share And Shareholders' Equity Transactions

11. EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY TRANSACTIONS

The following table provides weighted average share information used in the calculation of the Company's basic and diluted earnings per share:

DECEMBER 31	2011			2010			2009
(in millions, except per share data)
Basic shares used in the calculation of earnings per share		45.2			45.6			50.6
Dilutive effect of securities:
Employee stock options		0.2			0.3			0.2
Non-vested stock grants		0.4			0.4			0.3
Diluted shares used in the calculation of earnings per share		45.8			46.3			51.1
Per share effect of dilutive securities on income from continuing operations	$	(0.01	)	$	(0.05	)	$	(0.03	)
Per share effect of dilutive securities on net income	$	(0.01	)	$	(0.05	)	$	(0.04	)

Diluted earnings per share during 2011, 2010 and 2009 excludes 1.6 million, 1.4 million and 2.1 million, respectively, of common shares issuable under the Company's stock compensation plans, because their effect would be antidilutive.

During 2011, the Company paid three quarterly dividends of 27.5 cents ($0.275) and one quarterly dividend of 30 cents ($0.30) per share each to its shareholders, totaling $50.9 million.

Since October 2007 and through December 2011, the Company's Board of Directors has authorized aggregate repurchases of the Company's common stock of up to $500 million. As of December 31, 2011, the Company has $135.2 million available for repurchases under these repurchase authorizations. The Company may repurchase its common stock from time to time, in amounts and prices and at such times as deemed appropriate, subject to market conditions and other considerations. The Company's repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. During 2011, the Company repurchased 0.6 million shares of the Company's common stock through open market purchases at a cost of $21.7 million. On March 30, 2010 and December 8, 2009, the Company entered into accelerated share repurchase agreements for the immediate repurchase of 2.3 million and 2.4 million shares, respectively, of the Company's common stock at a cost of $105.0 million and $105.2 million, respectively. Total repurchases under this program as of December 31, 2011 were 8.6 million shares at a cost of $364.8 million.