Stock Repurchases

9 Months Ended

Sep. 30, 2011

Stock Repurchases [Abstract]

Treasury Stock

Stock repurchases

On April 19, 2011, ACI purchased 26,150,000 shares of its common stock held by the Estate of Craig H. Neilsen (the “Estate”) at $17.50 per share, for a total of $457.6 million. The purchase was made pursuant to a definitive Stock Purchase Agreement (the “Purchase Agreement”) entered into by ACI and the Estate on March 25, 2011, following the execution of a binding letter agreement entered into on February 27, 2011. The shares purchased represented approximately 45% of ACI’s outstanding shares and 83% of the Estate’s holdings in the Company at the time of the purchase.

On September 15, 2011, ACI’s Board of Directors approved the repurchase of up to $75 million of ACI’s common stock in a stock repurchase program. The program provides that the shares may be repurchased by the Company through September 30, 2014 in open market transactions or privately negotiated transactions at the Company’s discretion, subject to market conditions and other factors. The Company expects to fund repurchases using available cash and its existing senior credit facility. The Company is not obligated to purchase any shares under the stock repurchase program, and purchases may be discontinued, or the stock repurchase program may be modified or terminated, at any time. During the quarter ended September 30, 2011, the Company repurchased 0.2 million shares under the stock repurchase program for $2.7 million at an average price of $16.49 per share, exclusive of commissions paid.