Stock Repurchase Program

12 Months Ended

Dec. 31, 2011

12.

STOCK REPURCHASE PROGRAM

On October 17, 2007, PCA announced that its Board of Directors had authorized a $150.0 million common stock repurchase program, which it completed in the second quarter of 2011. The Company repurchased 863,466 shares of common stock at an average of $27.94 per share under this authorization in 2011. All repurchased shares were retired prior to June 30, 2011.

On February 22, 2011, PCA announced that its Board of Directors had authorized the repurchase of an additional $100.0 million of the Company's outstanding common stock. Through December 31, 2011, the Company repurchased 3,960,555 shares of common stock for $99.0 million, or an average of $24.99 per share, under this authorization. All but 2,355 repurchased shares were retired prior to December 31, 2011. As of December 31, 2011, $1.0 million of the $100.0 million authorization remained available for repurchase of the Company's common stock.

On December 14, 2011, the Company announced that its Board of Directors had authorized the repurchase of an additional $150.0 million of the Company's outstanding common stock. The full amount of the authorization remained available for repurchase of PCA's common stock at December 31, 2011.

- Definition

Tabular disclosure of an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's board of directors, the number of shares repurchased, the cost of the shares repurchased, the remaining maximum dollar value of shares available for repurchase under the program, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation.

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