XML 93 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK REPURCHASE PROGRAM
12 Months Ended
Dec. 31, 2012
STOCK REPURCHASE PROGRAM
11. STOCK REPURCHASE PROGRAM

On February 22, 2011, PCA announced that its Board of Directors had authorized the repurchase of $100.0 million of the Company’s outstanding common stock, which it completed in the first quarter of 2012. Through March 31, 2012, the Company repurchased 3,996,118 shares of common stock, with 35,563 shares repurchased for $1.0 million, or $29.40 per share, during the first quarter of 2012. All repurchased shares were retired prior to March 31, 2012.

 

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. During 2012, the Company repurchased 1,472,096 shares of common stock for $44.1 million, or $29.97 per share, under this authorization. All repurchased shares were retired prior to December 31, 2012. As of December 31, 2012, $105.9 million of the $150.0 million authorization remained available for repurchase of the Company’s common stock.