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Capital Stock
12 Months Ended
Dec. 31, 2013
Stockholders' Equity Note [Abstract]  
Capital Stock
CAPITAL STOCK
CAPITAL STOCK
At December 31, 2013, our authorized capital stock consists of 200,000,000 shares of common stock, par value $.01 per share, and 10,000,000 shares of preferred stock, par value $.01 per share.
TREASURY STOCK
In 2011 our Board of Directors authorized the repurchase by us of up to $300.0 million of our common stock, inclusive of prior authorizations, from time to time through and including December 31, 2014. On November 19, 2012, our Board of Directors authorized the repurchase by us of up to an additional $100.0 million of our common stock from time to time through and including December 31, 2014. Pursuant to these authorizations, we repurchased 354,154 shares of our common stock in 2013 at an average price per share of $46.90, for a total purchase price of $16.6 million, 805,346 shares of our common stock in 2012 at an average price per share of $42.33, for a total purchase price of $34.1 million and 441,416 shares of our common stock in 2011 at an average price per share of $35.77, for a total purchase price of $15.8 million. Pursuant to a “modified Dutch auction” tender offer that we commenced at the end of 2012, we repurchased 5,524,861 shares of our common stock from our stockholders on February 8, 2013 at a price of $45.25 per share, for a total purchase price of $250.0 million, exclusive of $1.0 million of fees and expenses. Mr. Horrigan, our Non-Executive Co-Chairman of our Board of Directors, participated in the tender offer, and we purchased 515,806 shares beneficially owned by him at a price of $45.25 per share, for a total purchase price of $23.3 million. At December 31, 2013, we had $83.5 million remaining under these authorizations for the repurchase of our common stock.
In 2013, 2012 and 2011, we issued 149,304, 132,846 and 374,071 treasury shares, respectively, at an average cost of $6.63 per share for restricted stock units that vested during these years. In 2013, 2012 and 2011, we repurchased 58,812, 43,874 and 142,080 shares of our common stock, respectively, at an average cost of $43.55, $42.64 and $36.58 per share, respectively, in accordance with the Plan to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested.
We account for treasury shares using the FIFO cost method. As of December 31, 2013, 24,140,804 shares of our common stock were held in treasury.