COMMON STOCK AND PREFERRED STOCK

12 Months Ended

Dec. 31, 2012

COMMON STOCK AND PREFERRED STOCK

16. COMMON STOCK AND PREFERRED STOCK

We are authorized to issue 150 million shares of common stock with a par value of $.01 per share, of which 44,946,161 shares were outstanding at December 31, 2012. A summary of changes in common stock issued and treasury stock is presented below.

	Common Stock		Treasury Stock
Balance at December 31, 2009		49,316,913		594,134
Issuance pursuant to stock option and stock-SARS plan		121,969		(547,253	)
Awards of restricted stock		—		(14,390	)
Issuance of deferred shares		6,468		(31,724	)
Balance at December 31, 2010		49,445,350		767
Purchase of treasury stock		—		4,280,000
Issuance pursuant to stock option and stock-SARS plan		122,983		(178,352	)
Awards of restricted stock		—		(12,384	)
Issuance of deferred shares		17,865		(12,671	)
Balance at December 31, 2011		49,586,198		4,077,360
Purchase of treasury stock		—		1,455,111
Issuance pursuant to stock option and stock-SARS plan		32,663		(842,746	)
Awards of restricted stock		—		(10,683	)
Issuance of deferred shares		—		(6,342	)
Balance at December 31, 2012		49,618,861		4,672,700

Treasury stock, when reissued, is relieved at the moving average cost of the shares in treasury.

Dividends

During both 2012 and 2011, four quarterly cash dividends of $0.125 per share were declared and paid totaling $22.9 and $24.3, respectively. During 2010, four quarterly cash dividends of $0.0125 per share were declared and paid totaling $2.5.

On January 31, 2013, our Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable on February 25, 2013 to stockholders of record as of February 11, 2013.

Share Repurchases

During 2012, we repurchased 1,455,111 shares of common stock for $99.9 under our stock buyback program. In 2011, we repurchased 4,280,000 shares of our common stock at a total cost of $196.1. As of December 31, 2012, approximately $550.1 remained available from the $650.0 authorization announced on October 9, 2012. Pursuant to our stock buyback program, shares can be repurchased in open market transactions or privately negotiated transactions at our discretion.