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Debt, Credit Arrangements and Preferred Stock (Tables)
9 Months Ended
Sep. 30, 2011
Debt, Credit Arrangements and Preferred Stock [Abstract] 
Summary of Carrying Amounts and Fair Values of Long-term Debt
A summary of the carrying amounts and fair values of our long-term debt is listed below.
 
Effective
Interest Rate
 
September 30,
2011
 
December 31,
2010
Book
Value
 
Fair
Value 2
 
Book
Value
 
Fair
Value 2
7.25% Senior Unsecured Notes due 2011
7.25
%
1 
$
0.0

 
$
0.0

 
$
36.3

 
$
37.0

6.25% Unsecured Notes due 2014 (less unamortized
discount of $0.3)
6.29
%
1 
354.6

 
370.1

 
353.3

 
378.0

10.00% Senior Unsecured Notes due 2017 (less unamortized
discount of $9.7)
10.38
%
 
590.3

 
681.0

 
589.4

 
705.0

4.75% Convertible Senior Notes due 2023 (plus unamortized
premium of $3.3)
3.50
%
 
203.3

 
213.8

 
205.0

 
235.0

4.25% Convertible Senior Notes due 2023 (plus unamortized
    premium of $6.6)
0.58
%
 
406.6

 
404.5

 
417.4

 
444.4

Other notes payable and capitalized leases
 
 
19.9

 
 
 
20.8

 
 
Total long-term debt
 
 
1,574.7

 
 
 
1,622.2

 
 
Less: current portion 3
 
 
408.5

 
 
 
38.9

 
 
Long-term debt, excluding current portion
 
 
$
1,166.2

 
 
 
$
1,583.3

 
 
 
1 
Excludes the effect of related interest rate swaps.
2 
Fair values are derived from trading quotes by institutions making a market in the securities and estimations of value by those institutions using proprietary models.
3 
On March 15, 2012, holders of our 4.25% Convertible Senior Notes due 2023 (the “4.25% Notes”) may require us to repurchase their notes for cash at par and as such, we included these notes in the current portion of long-term debt on our September 30, 2011 unaudited Consolidated Balance Sheet. Any 4.25% Notes not repurchased on March 15, 2012 will be reclassified to long-term debt.
Summary of Financial Covenants in Credit Agreement
The table below sets forth the financial covenants in effect as of September 30, 2011 and thereafter.
 
 
Q3 2011
 
Q4 2011
& Thereafter
Interest coverage ratio (not less than): 1
 
5.00x
 
5.00x
Leverage ratio (not greater than): 2
 
3.00x
 
2.75x
 
1 
The interest coverage ratio is defined as EBITDA, as defined in the Credit Agreement, to net interest expense plus cash dividends on convertible preferred stock for the four quarters then ended.
2 
The leverage ratio is defined as debt as of the last day of such fiscal quarter to EBITDA, as defined in the Credit Agreement, for the four quarters then ended.