Stock Repurchase Plans

3 Months Ended

Mar. 31, 2013

Stock Repurchase Plans

Stock Repurchase Plans

12. Stock Repurchase Plans

On February 24, 2011, Holdings’ Board of Directors approved a stock repurchase program that permitted Holdings to repurchase up to $60.0 million in shares of Holdings’ common stock over a three-year period (the “First Stock Repurchase Plan”).  Under the First Stock Repurchase Plan, during the year ended December 31, 2011, Holdings repurchased an aggregate of 1,617,000 shares at a cumulative price of approximately $60.0 million.  The small amount of remaining shares that were permitted to be repurchased under the First Stock Repurchase Plan was repurchased in January 2012.

On January 3, 2012, Holdings’ Board of Directors approved a new stock repurchase program that permitted Holdings to repurchase up to $250.0 million in shares of Holdings’ common stock over a four-year period (the “Second Stock Repurchase Plan”).  Under the Second Stock Repurchase Plan, during the year ended December 31, 2012, Holdings repurchased an aggregate of 4,249,000 shares at a cumulative price of approximately $232.0 million.

On December 11, 2012, Holdings’ Board of Directors approved a new stock repurchase program that permits Holdings to repurchase up to $500.0 million in shares of Holdings’ common stock over a three-year period (the “Third Stock Repurchase Plan”).  As of April 19, 2013, Holdings had repurchased 5,811,000 shares at a cumulative price of approximately $385.6 million and an average price per share of $66.36 under the Third Stock Repurchase Plan.

The timing of share repurchases are limited by the covenants in our 2011 Credit Facility and our 2021 Notes.  We will continue to evaluate the share repurchase limits per the covenants on an on-going basis to determine our ability to utilize the remaining amount authorized for share repurchases.  See Note 6.