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SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2011
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

On February 15, 2012, the board of directors declared a two-for-one split of the Company's common stock to be accomplished by means of a stock distribution. The additional shares will be distributed on March 16, 2012, to the shareholders of record on March 2, 2012. The stock split will increase the Company's outstanding shares from approximately 35.5 million shares to about 71.0 million shares. Our historical outstanding shares will be recast upon the distribution.
Below is an estimate of the pro forma affects of the stock split on the Company's Shareholders' equity.
(in millions)
December 31, 2011
(Audited)
 
Adjustment
(Unaudited)
 
December 31, 2011
(Pro forma)
(Unaudited)
Shareholders' Equity
 
 
 
 
 
Preferred stock, $1 par value Authorized: 5,000,000 shares, none issued or outstanding
$
—

 
 
 
$
—

Common stock, $1 par value(a)  Authorized: 100,000,000 shares, Issued(b): 2011 - 37,866,522 shares; 2010 - 37,010,140 shares
37.9

 
 
 
37.9

Capital in excess of par value
840.0

 
 
 
840.0

Treasury stock (common), at cost(c): 2011 - 2,391,747 shares; 2010 - 1,086,172 shares
(125.3
)
 
 
 
(125.3
)
Accumulated other comprehensive loss
(390.0
)
 
 
 
(390.0
)
Retained earnings
810.6

 
 
 
810.6

 
$
1,173.2

 
 
 
$
1,173.2

(a) 
Par is reduced to $0.50
(b) 
Shares issued increase as follows: 2011 - 75,733,044; 2010 - 74,020,280
(c) 
Treasury shares increase as follows: 2011 - 4,783,494; 2010 - 2,172,344

Below is an estimate of the pro forma affects of the stock split on the Company's EPS.
(in millions, except per share amounts)
December 31, 2011
(Audited)
 
Adjustment
(Unaudited)
 
December 31, 2011
(Pro forma)
(Unaudited)
Net Income
$
244.5

 
—

 
$
244.5

 
 
 
 
 
 
Basic  Earnings Per Share:
$
6.81

 
(3.40
)
 
$
3.41

Diluted Earnings Per Share:
$
6.66

 
(3.33
)
 
$
3.33

Shares used for computation:
 
 
 
 
 
Basic
35.878

 
35.878

 
71.756

Diluted
36.710

 
36.710

 
73.420


Additionally, the board of directors approved a stock repurchase program authorizing the Company to purchase up to $50 million of its common stock with available cash on hand.
Furthermore, the board of directors authorized Horizon to purchase two Q400 aircraft in April and June 2012 and sell two Q400 aircraft in the fall of 2012.