PREFERRED AND PREFERENCE STOCK

12 Months Ended

Dec. 31, 2011

PREFERRED AND PREFERENCE STOCK

PREFERRED AND PREFERENCE STOCK

5.     Preferred and Preference Stock

        We have 2.5 million shares of preference stock authorized, including 0.5 million shares of Series A Participating Preference Stock, none of which have been issued. We have 5 million shares of $10.00 par value cumulative preferred stock authorized. There was no preferred stock issued and outstanding at December 31, 2011 or 2010.

Preference Stock Purchase Rights

        Our shareholder rights plan provided each of the common stockholders one Preference Stock Purchase Right (Right) for each share of common stock owned. The shareholder rights plan, dated as of July 26, 2000, expired on July 25, 2010, pursuant to its terms. As a result of the expiration, no rights were outstanding at December 31, 2011 or 2010.