Stock Repurchase Program

6 Months Ended

Jun. 30, 2011

14.

Stock Repurchase Program

On October 17, 2007, PCA announced that its Board of Directors authorized a $150.0 million common stock repurchase program, which it completed in the second quarter of 2011. Through June 30, 2011, the Company repurchased 6,422,587 shares of common stock, with 245,230 shares repurchased for $6.9 million, or $28.08 per share, during the second quarter of 2011. All repurchased shares were retired prior to June 30, 2011.

On February 22, 2011, PCA announced that its Board of Directors had authorized the repurchase of an additional $100.0 million of the Company's outstanding common stock. During the second quarter of 2011, the Company repurchased 689,940 shares of common stock for $19.3 million, or $28.00 per share, under this authorization. All repurchased shares were retired prior to June 30, 2011. As of June 30, 2011, $80.7 million of the $100.0 million authorization remained available for repurchase of the Company's common stock.