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Equity
 6 Months Ended
Jun. 30, 2012
Equity  
Equity

 

 

8.  Equity

 

Common Stock

 

During the six months ended June 30, 2012, we issued 253,919 shares of common stock in connection with the exercise of stock options for total proceeds of approximately $9.7 million.

 

On May 16, 2012, our shareholders approved an amendment to our Restated Articles of Incorporation to increase the number of authorized shares of common stock from 100,000,000 to 200,000,000.

 

Share Based Compensation

 

On May 16, 2012, pursuant to the May 2011 Directors Equity Plan, which has been approved by the shareholders, 16,842 shares of restricted stock were automatically granted to the non-employee members of the Board of Directors. The awards include dividend rights and vest immediately upon grant.  The recipients are restricted from trading the restricted stock for one year from date of grant.  The fair value of the restricted stock granted was $49.87 per share, determined based on the closing price of the Company’s common stock on the grant date.

 

On March 16, 2012, we granted 391,050 restricted stock units (“RSUs”) to key employees pursuant to the Amended and Restated Stock Option and Restricted Stock Plan. Each RSU has a service condition and cliff vests at December 31, 2014 and consists of the right to receive one share of our common stock and dividend equivalent rights, subject to forfeiture, equal to the accrued cash or stock dividends where the record date for such dividends is after the grant date but before the shares vest.  In addition to the service criteria, 138,700 of the 391,050 RSUs also have performance goals and vest only upon the satisfaction of the service and performance criteria.  The fair value of the restricted stock units granted was $57.42 per share, determined based on the closing price of our common stock on the grant date.

 

Share Repurchase Program

 

As of June 30, 2012, 7,883,033 shares of common stock remain authorized for repurchase under our stock repurchase program. No shares were repurchased in 2012 or 2011. Repurchased shares are redeemed and treated as authorized but unissued shares.

 

Accumulated Other Comprehensive Loss

 

Accumulated other comprehensive loss included the following:

 

 

 

 

June 30,

 

December 31,

 

 

 

 

2012

 

2011

 

 

 

 

(in millions)

 

Foreign currency translation gain

 

 

$

8.8

 

 

$

10.4

 

 

Unrealized loss on investments, net of tax

 

 

 

(0.4

)

 

 

(0.4

)

 

Minimum pension liability, net of tax

 

 

 

(18.8

)

 

 

(18.8

)

 

Total accumulated other comprehensive loss

 

 

$

(10.4

)

 

$

(8.8

)

 

 

Foreign currency translation adjustments are not generally adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. Unrealized loss on investments and minimum pension liability are net of taxes of $0.1 million and $11.5 million, respectively, as of June 30, 2012 and December 31, 2011.