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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2012
Stockholders' Equity Note [Abstract]  
Preferred Stock and Common Shareholders' Equity
PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company’s treasury shares are recorded at aggregate cost. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of March 31, 2012.
 
The changes in common shares issued and held in treasury are summarized below:

 
Issued
 
Held in
Treasury
 
Outstanding
Common shares at December 31, 2011
120.0

 
(22.2
)
 
97.8

Common stock issued under employee stock plans
0.8

 
—

 
0.8

Common stock issued upon conversion of zero-coupon subordinated notes
—

 
—

 
—

Surrender of restricted stock and performance share awards
—

 
(0.1
)
 
(0.1
)
Retirement of common stock
(1.4
)
 
—

 
(1.4
)
Common shares at March 31, 2012
119.4

 
(22.3
)
 
97.1


 
Share Repurchase Program

As of December 31, 2011, the Company had outstanding authorization from the Board of Directors to purchase approximately $84.4 of Company common stock. On February 10, 2012, the Company announced the Board of Directors authorized the purchase of $500.0 of additional shares of the Company’s common stock. During the three months ended March 31, 2012, the Company purchased 1.4 shares of its common stock at a total cost of $122.3. As of March 31, 2012, the Company had outstanding authorization from the Board of Directors to purchase $462.1 of Company common stock.