Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 11 — Shareholders' equity

The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years.

On June 14, 2007, the Company's Board of Directors authorized the repurchase of up to $300 million of outstanding Company common stock. Repurchases of Company stock under the Board authorization may be made from time to time in the open market and may include privately-negotiated transactions as market conditions warrant and subject to regulatory considerations. The stock repurchase program has no expiration date, and the Company's ability to execute on the program will depend on, among other factors, cash requirements for acquisitions, cash generation from operations, debt repayment obligations, market conditions and regulatory requirements. In addition, under the Company's senior credit and Senior Note agreements, the Company is subject to certain restrictions relating to its ability to repurchase shares in the event the Company's consolidated leverage ratio exceeds certain levels, which may further limit the Company's ability to repurchase shares under this Board authorization. Through December 31, 2011, no shares have been purchased under this Board authorization.

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased for dilutive securities. The difference between basic and diluted weighted average common shares results from the assumption that dilutive stock options were exercised. A reconciliation of basic to diluted weighted average shares outstanding is as follows:

	2011		2010		2009
	(Shares in thousands)
Basic shares		40,501		39,906		39,718
Dilutive shares assumed issued		300		374		218
Diluted shares		40,801		40,280		39,936

Weighted average stock options having 8,825 thousand, 4,391 thousand and 1,677 thousand underlying shares for 2011, 2010 and 2009, respectively, were antidilutive and therefore not included in the calculation of earnings per share. The increase in weighted average antidilutive shares for 2011 and 2010 reflects the inclusion of the warrants that were issued in connection with hedge transactions entered into in connection with the Company's issuance of convertible notes in August 2010.

Accumulated other comprehensive income at year end consisted of the following:

	2011			2010
	(Dollars in thousands)
Financial instruments marked to market, net of tax	$	(7,257	)	$	(15,262	)
Cumulative translation adjustment		(17,548	)		59,128
Defined benefit pension and postretirement plans, net of tax		(134,548	)		(95,746	)
Accumulated other comprehensive income (loss)	$	(159,353	)	$	(51,880	)