Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2012

Shareholders' Equity [Abstract]

Issued share capital

	September 30,		December 31,
	2012		2011
Common shares issued and fully paid, 2012: CHF 12.98 per share; 2011: CHF 14.03 per share		37,083,742		40,003,642
Share capital at end of period	$	477,246	$	557,153

Schedule of common stock outstanding roll forward

	Nine Months
	Ended
	September 30,
	2012
Shares issued at beginning of period	40,003,642
Shares cancelled	(2,919,900)
Total shares issued at end of period	37,083,742
Treasury shares issued at beginning of period	2,261,511
Shares repurchased	2,942,085
Shares issued out of treasury	(602,512)
Shares cancelled	(2,919,900)
Total treasury shares at end of period	1,681,184
Total shares outstanding at end of period	35,402,558

Share repurchases

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Common shares repurchased		605,898		0		2,942,085		969,163
Total cost of shares repurchased	$	47,590	$	0	$	207,048	$	60,000
Average price per share	$	78.54	$	0.00	$	70.37	$	61.91

Dividends paid

	Partial
	Par Value		Dividend		Total
	Reduction		Per		Amount
Dividend Paid	Per Share		Share		Paid
September 25, 2012(1)	CHF	0.35	$	0.375	$	13,324
August 6, 2012(1)	CHF	0.36	$	0.375	$	13,394
April 6, 2012(2)	CHF	0.34	$	0.375	$	13,795
January 6, 2012(2)	CHF	0.35	$	0.375	$	14,302

____________

• On May 3, 2012, the shareholders approved the Company's proposal to pay cash dividends in the form of a distribution by way of par value reductions. The aggregate reduction amount is expected to be paid to shareholders in four installments of $0.375 per share, with the third installment expected to be paid in December 2012 and the final installment expected to be paid in March 2013.
• On May 5, 2011, the shareholders approved the Company's proposal to pay cash dividends in the form of a distribution by way of par valuereductions. The aggregate reduction amount waspaid to shareholders in quarterly installments of $0.375 per share, with the last of such quarterly dividend payments being made on April 6, 2012.