Shareowners' Deficit

12 Months Ended

Dec. 31, 2012

Shareowners' Deficit [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareowners’ Deficit

Common Shares

The par value of the Company’s common shares is $0.01 per share. At December 31, 2012 and 2011, common shares outstanding were 202,468,710 and 195,721,796, respectively.

In 2010, the Board of Directors approved a plan for repurchase of up to $150 million of the Company's common shares. In 2012, no shares were repurchased under this plan and the Company retired 0.1 million shares of common stock. In 2011, we purchased 3.4 million shares at a cost of $10.8 million and retired 3.3 million shares. In 2010, we purchased and retired 4.0 million shares at a cost of $10.0 million. As of December 31, 2012, the Company has the authority to repurchase $129.2 million of its common stock.

At December 31, 2012 and 2011, treasury shares of common stock held under certain management deferred compensation arrangements were 0.5 million, with a total cost of $2.0 million.

Preferred Shares

The Company is authorized to issue 1,357,299 shares of voting preferred stock without par value and 1,000,000 shares of nonvoting preferred stock without par value. The Company issued 155,250 voting shares of 6 ³/₄% cumulative convertible preferred stock at stated value. These shares were subsequently deposited into a trust in which the underlying 155,250 shares are equivalent to 3,105,000 depositary shares. Shares of this preferred stock can be converted at any time at the option of the holder into common stock of the Company at a conversion rate of 1.44 shares of the Company common stock per depositary share of 6 ³/₄% convertible preferred stock. Annual dividends of $67.50 per share (or $3.3752 per depositary share) on the outstanding 6 ³/₄% convertible preferred stock are payable quarterly in arrears in cash, or in common stock in certain circumstances if cash payment is not legally permitted. The liquidation preference on the 6 ³/₄% preferred stock is $1,000 per share (or $50 per depositary share). The Company paid $10.4 million in preferred stock dividends in 2012, 2011, and 2010.

Warrants

In March 2003, the Company entered into a series of recapitalization transactions which included the issuance of 17.5 million warrants that expire on March 26, 2013. Each warrant allows the holder to purchase one share of Cincinnati Bell common stock at an exercise price of $3.00 each. During 2012, warrant holders elected to exercise a total of 3.2 million warrants, primarily on a cashless basis, and received a total of 1.5 million shares of common stock. Cash proceeds received upon exercise were $0.1 million. As of December 31, 2012, there were 14.3 million warrants still outstanding. There were no warrants exercised during 2011 or 2010.

Accumulated Other Comprehensive Loss

Shareowners’ deficit includes an accumulated other comprehensive loss that is comprised of pension and postretirement unrecognized prior service cost and unrecognized actuarial losses, and foreign currency translation losses. At December 31, 2012 and 2011, pension and postretirement unrecognized prior service cost and unrecognized actuarial losses, net of taxes, were $209.6 million and $208.8 million, respectively. Accumulated foreign currency translation loss was $0.1 million at December 31, 2012 and December 31, 2011.