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Equity
 12 Months Ended
Dec. 31, 2011
Equity  
Equity

Note 12. Equity

Common Stock

        The Company is authorized to issue 100,000,000 shares of common stock, no par value per share. The Company paid regular quarterly cash dividends on its common stock in 2011. The Company's Board of Directors increased the quarterly dividend to $0.12 per share of common stock in February 2011 from $0.10 per share and increased it again in February 2012 to $0.15 per share from $0.12. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of shareholders; however, under California law, for the election of members to the Board of Directors shareholders are entitled to cumulative voting rights.

Share Repurchase Program

        In May 2005, our Board of Directors amended and restated our stock repurchase program authorizing the repurchase of up to an additional 12,000,000 shares of our common stock, of which 7,883,033 shares remain available for repurchase as of December 31, 2011. No shares were repurchased during 2011, 2010 and 2009. Repurchased shares are redeemed and treated as authorized but unissued shares.

Preferred Stock

        The Company is authorized to issue 5,000,000 shares of preferred stock, no par value per share. No shares of the Company's preferred stock are issued and outstanding. The Company's restated articles of incorporation provide that shares of preferred stock may be issued from time to time in one or more series by the Board. The Board can fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of each series of preferred stock. The rights of preferred shareholders may supersede the rights of common shareholders.

Other Comprehensive (Loss) Income

        Other comprehensive (loss) income included the following:

 
   Year Ended December 31,  
 
   2011   2010   2009  
 
   (in millions)
  

Net income

   $ 349.2   $ 197.9   $ 149.2  

Other comprehensive (loss) income:

                    

Foreign currency translation (loss) gain

     (9.9 )   9.7     25.9  

Unrealized (loss) gain on investments, net of tax

     (0.2 )   0.2     0.5  

Minimum pension liability, net of tax

     (9.0 )   1.9     4.1  
               

Total other comprehensive (loss) income

     (19.1 )   11.8     30.5  
               

Comprehensive income

     330.1     209.7     179.7  

Less: comprehensive income attributable to noncontrolling interests

     (5.4 )   (3.5 )   (1.0 )
               

Comprehensive income attributable to Reliance

   $ 324.7   $ 206.2   $ 178.7  
               

Accumulated Other Comprehensive (Loss) Income

        Accumulated other comprehensive (loss) income included the following:

 
   December 31,  
 
   2011   2010  
 
   (in millions)
  

Foreign currency translation gain

   $ 10.4   $ 20.3  

Unrealized loss on investments, net of tax

     (0.4 )   (0.2 )

Minimum pension liability, net of tax

     (18.8 )   (9.8 )
           

Total accumulated other comprehensive (loss) income

   $ (8.8 ) $ 10.3  
           

        Foreign currency translation adjustments generally are not adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. The adjustments to unrealized loss on investments and minimum pension liability are net of taxes of $0.1 million and $11.5 million, respectively, as of December 31, 2011 and $0.1 million and $6.6 million, respectively, as of December 31, 2010.