Stockholders' (Deficit) Equity

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

On July 27, 2010, the Company’s Board of Directors (“Board”) authorized the repurchase of up to approximately $1.1 billion of common stock, in addition to the $393.6 million of its common stock remaining available for repurchase under the previous 2008 Share Buyback Program, for a total repurchase authorization of up to $1.5 billion of its common stock (collectively, the “2010 Share Buyback Program”). The 2010 Share Buyback Program has no expiration date. During the three and six months ended June 30, 2012 the Company repurchased 1.9 million and 3.7 million shares of its common stock, respectively, at an average stock price of $39.88 and $38.64, respectively. The aggregate cost of the repurchases under the 2010 Share Buyback Program in the three and six months ended June 30, 2012 was $76.1 million and $144.5 million, respectively. As of June 30, 2012, $686.9 million remained available for further repurchases under the 2010 Share Buyback Program.

During the six months ended June 30, 2012, the Company placed 0.2 million shares, at an average stock price of $38.19 and for an aggregate cost of $8.3 million, into treasury stock for purposes related to tax withholdings upon vesting of Restricted Stock Units (“RSUs”). The Company placed less than 0.1 million shares into treasury for purposes related to tax withholdings during the three months ended June 30, 2012.

Since inception the Company has repurchased 161.3 million shares of its common stock for an aggregate cost of $4.8 billion, which is presented as a reduction of Additional paid-in capital.