ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

Capital Stock

v2.3.0.15
Capital Stock
9 Months Ended
Sep. 30, 2011
Capital Stock [Abstract] Ìý
Capital Stock

NOTE 14 – CAPITAL STOCK

Share Repurchase Plan

On August 15, 2011, our Board of Directors approved a new share repurchase plan that authorizes us to purchase up toÌýfour million of our outstanding common shares. The new share repurchase plan replaces the previously existing share repurchase plan and allows for the purchase of common shares from time to time in open market purchases or privately negotiated transactions. During the third quarter, the number of common shares purchased was approximatelyÌýthree million shares at a cost of approximately $222 million, or an average price of approximately $74 per share. As of September 30, 2011, there were approximatelyÌýone million shares yet to be repurchased. The new share repurchase plan expires on December 31, 2012.

Ìý

Public Offering

On June 13, 2011, we completed a public offering of our common shares. The total number of shares sold wasÌý10.35 million, comprised of theÌý9.0 million share offering and the exercise of an underwriters' over-allotment option to purchase an additionalÌý1.35 million shares. The offering resulted in an increase in the number of our common shares issued and outstanding as of September 30, 2011. We received net proceeds of approximately $853.7 million at a closing price of $85.63 per share.

Dividends

On May 11, 2010, our Board of Directors increased our quarterly common share dividend from $0.0875 to $0.14 per share. The increased cash dividend was paid on June 1, 2010, September 1, 2010, and December 1, 2010 to shareholders on record as of May 14, 2010, August 13, 2010, and November 19, 2010, respectively. In addition, the increased cash dividend was paid on March 1, 2011 and June 1, 2011 to shareholders on record as of February 15, 2011 and April 29, 2011, respectively. On July 12, 2011, our Board of Directors increased the quarterly common share dividend byÌý100 percent to $0.28 per share. The increased cash dividend was paid on September 1, 2011 to shareholders on record as of the close of business on August 15, 2011.

Amendment to the Second Amended Articles of Incorporation

On May 25, 2011, our shareholders approved an amendment to our Second Amended Articles of Incorporation to increase the number of authorized Common Shares fromÌý224,000,000 to 400,000,000, which resulted in an increase in the total number of authorized shares fromÌý231,000,000 to 407,000,000. The total number of authorized shares includesÌý3,000,000 andÌý4,000,000 shares, respectively, of Class A and Class B preferred stock, none of which are issued and outstanding.