Repurchases Of Common Stock

9 Months Ended

Sep. 30, 2011

Repurchases Of Common Stock [Abstract]

Repurchases Of Common Stock

NOTE 7: REPURCHASES OF COMMON STOCK

The following table presents a summary of our stock repurchases during 2011:

Dollars in thousands		Board   Authorization
Authorized repurchase - as of January 1, 2011	$		74,486
Board Authorization			250,000
Proceeds from the exercise of options			2,182
Repurchase from open market			(13,349	)
Repurchase from Accelerated Stock Repurchase Agreement ("ASR Agreement")			(50,000	)
Authorized repurchase - as of September 30, 2011	$		263,319

Repurchased shares become a part of treasury stock.

Board Authorization

On July 19, 2011, our Board of Directors authorized the additional repurchase of $250.0 million of our common stock plus the cash proceeds received from the exercise of stock options by our employees, officers, and directors under our equity compensation plans.

Credit Facility

On July 15, 2011, we entered into a Second Amended and Restated Credit Agreement (the "New Credit Facility"), which replaced our prior credit facility. Under the New Credit Facility, we are permitted to repurchase shares of our common stock without limitation, provided that we are in compliance with certain covenants required under the terms of the New Credit Facility. See Note 12: Debt and Other Long-Term Liabilities for additional information about the terms of the New Credit Facility.

Accelerated Stock Repurchase Program

On February 15, 2011, we entered into an accelerated share repurchase agreement (the "ASR Agreement") with Morgan Stanley & Co at a notional amount of $50.0 million. The ASR Agreement was settled on May 19, 2011. The total number of shares received under the ASR Agreement was determined based on a discount to the daily volume weighted average price of our common stock over the term of the ASR Agreement.

Repurchase amounts in thousands	Shares     Delivered			Average     Price			Repurchase     Amount
Shares received on 2/15/2011 when ASR Agreement was executed		377,660	$		47.32	$		17,869
Shares received on 5/19/2011 when ASR Agreement was settled		679,078			47.32			32,131
		1,056,738				$		50,000

During the first quarter of 2011, the ASR Agreement was accounted for as an initial treasury stock transaction, and a forward stock purchase contract, which was classified as an equity instrument under the FASB accounting guidance for "Contracts in an Entity's Own Equity," and its effect on diluted net income per share, if any, was calculated under the reverse treasury method. As the ASR Agreement was concluded, the additional shares received were recorded as treasury shares resulting in a reduction of shares for our earnings per share calculations.