SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY [Text Block]

9.     SHAREHOLDER'S EQUITY

a) Preferred Shares

During March 2012, we issued $400 million of 6.875% Series C preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. We may redeem the Series C preferred shares on or after April 15, 2017 at a redemption price of $25.00 per share. Dividends on the Series C preferred shares are non-cumulative. Consequently, if the board of directors does not authorize and declare a dividend for any period, holders of the Series C preferred shares will not be entitled to receive a dividend for such period, and such undeclared dividend will not accumulate and be payable. Holders of the Series C preferred shares will be entitled to receive, only when, as and if declared by the board of directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on July 15, 2012, without accumulation of any undeclared dividends. To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 6.875% of the liquidation preference per annum.

The holders of the Series C preferred shares, as well as our previously issued Series A and B preferred shares, have no voting rights other than the right to elect a specified number of directors if preferred share dividends are not declared and paid for a specified period.

Concurrent with the Series C issuance, we redeemed 6,000,000 of our 7.25% Series A preferred shares, representing $150 million in aggregate liquidation preference, at a price equal to the liquidation preference without accumulation of any undeclared dividends. In connection with this redemption, we recognized a $5 million loss on redemption (calculated as the difference between the redemption price and the carrying value of the Series A preferred shares redeemed), which was recognized as a reduction in determining our net income available to common shareholders. Following this redemption, 4,000,000 Series A preferred shares, representing $100 million in aggregate liquidation preference, remain outstanding.

During April 2012, we closed a cash tender offer for any and all of our outstanding 7.50% Series B preferred shares, par value $0.0125 per share, at a purchase price of $102.81 per share. As a result, we purchased 2,471,570 Series B preferred shares, for $254 million. In connection with this tender offer, we recognized a $9 million loss on redemption (calculated as the difference between the redemption price and the carrying value of the Series B preferred shares repurchased), which was recognized as a reduction in determining our net income available to common shareholders. Following the completion of the tender offer, 28,430 Series B preferred shares, representing $3 million in aggregate liquidation preference, remain outstanding. We may redeem these shares on or after December 1, 2015, at a redemption price of $100.00 per share.

b) Common shares

The following table presents our common shares issued and outstanding:

	Three months ended June 30,				Six months ended June 30,
	2012		2011		2012		2011
Shares issued, balance at beginning of period	171,408		156,820		170,159		154,912
Shares issued	60		11,917		1,309		13,825
Total shares issued at end of period	171,468		168,737		171,468		168,737
Treasury shares, balance at beginning of period	(46,043	)	(42,918	)	(44,571	)	(42,519	)
Shares repurchased	(2,652	)	(8	)	(4,124	)	(407	)
Total treasury shares at end of period	(48,695	)	(42,926	)	(48,695	)	(42,926	)
Total shares outstanding	122,773		125,811		122,773		125,811

c) Treasury Shares

The following table presents our share repurchases, which are held in treasury:

	Three months ended June 30,				Six months ended June 30,
	2012		2011		2012		2011
In the open market:
Total shares	2,643		—		3,840		—
Total cost	$	89,967	$	—	$	128,723	$	—
Average price per share(1)	$	34.04	$	—	$	33.52	$	—
From employees:
Total shares	9		8		284		407
Total cost	$	292	$	283	$	9,247	$	14,810
Average price per share(1)	$	33.23	$	34.25	$	32.54	$	36.39
Total:
Total shares	2,652		8		4,124		407
Total cost	$	90,259	$	283	$	137,970	$	14,840
Average price per share(1)	$	34.03	$	34.25	$	33.45	$	36.39

(1) Calculated using whole figures.