EQUITY

12 Months Ended

Dec. 31, 2012

Equity [Abstract]

EQUITY

EQUITY

        Changes in common shares and treasury stock were as follows:

(In millions)	Common Shares Issued	Treasury Stock	Cost of Treasury Stock
Balance as of January 1, 2010	204.5	—	$	—
Stock-based compensation	0.3	0.1	3.1
Treasury stock purchases	—	—	0.1
Balance as of December 31, 2010	204.8	0.1	$	3.2
Stock-based compensation	0.3	—	4.9
Treasury stock purchases	—	1.3	81.6
Balance as of December 31, 2011	205.1	1.4	$	89.7
Stock-based compensation	0.9	0.2	15.2
Treasury stock purchases	—	1.9	139.7
Balance as of December 31, 2012	206.0	3.5	$	244.6

The Company may use either authorized and unissued shares or treasury shares to meet share requirements resulting from the exercise of stock options and vesting of performance share awards and restricted stock units. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized using the first-in first-out method.

The Company corrected the number of authorized shares of common stock as of December 31, 2011 to properly reflect shares authorized in its second amended and restated certificate of incorporation.

On March 16, 2010, MJN’s board of directors authorized the repurchase of up to $300.0 million of the Company’s stock. From the date of such authorization through December 31, 2012, 3.2 million shares were repurchased at an average cost per share of $69.43. As of December 31, 2012, the Company has $78.7 million available under the authorization.