Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Shares of our common stock outstanding and activity for the years ended December 31, 2012, 2011 and 2010 are presented below:

	Years Ended December 31,
	2012		2011		2010
	(In thousands)
Common shares outstanding at January 1	209,332,646		106,529,376		106,132,538
Common shares issued in connection with merger with Frontier	—		103,270,002		—
Issuance of common shares upon exercise of stock options	—		—		80,400
Issuance of restricted stock, excluding restricted stock with performance feature	691,207		512,880		282,886
Vesting of performance units	869,231		233,134		140,286
Vesting of restricted stock with performance feature	146,400		124,332		12,300
Forfeitures of restricted stock	(3,975	)	(3,730	)	(30,084	)
Purchase of treasury stock (1)	(7,484,013	)	(1,333,348	)	(88,950	)
Common shares outstanding at December 31	203,551,496		209,332,646		106,529,376

(1) Includes 560,484, 747,225 and 88,950 shares, respectively, withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

In January 2012, our Board of Directors approved a $350 million stock repurchase program, and in June 2012, approved an additional $350 million repurchase program that authorizes us to repurchase common stock in the open market or through privately negotiated transactions. The timing and amount of stock repurchases will depend on market conditions, corporate, regulatory and other relevant considerations. These programs may be discontinued at any time by the Board of Directors. As of December 31, 2012, we have repurchased 6,775,729 shares at a cost of $205.6 million under these stock repurchase programs.

In May 2012, we entered into a structured share repurchase arrangement with a financial institution under which we provided an up-front cash payment of $100.0 million and, depending on market conditions, would either receive shares of our common stock or cash at the expiration of the agreement. The agreement expired in September 2012 at which time we received our up-front payment plus an additional $8.6 million in cash that was recorded as additional capital.

During the years ended December 31, 2012, 2011 and 2010, we withheld shares of our common stock from certain employees in the amounts of $22.4 million, $24.9 million and $1.2 million, respectively. These withholdings were made under the terms of restricted stock and performance share unit agreements, and we concurrently made cash payments to fund payroll and income taxes due at the vesting of restricted and performance shares in the case of officers and employees who elected to have shares withheld from vested amounts to pay such taxes. The amounts withheld in 2011 also reflect withholdings associated with “change in control” instant vesting provisions of the legacy Frontier stock awards.