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Equity
 6 Months Ended
Jun. 30, 2013
Equity  
Equity

8.  Equity

 

Common Stock

 

During the six months ended June 30, 2013, we issued 878,167 shares of common stock in connection with the exercise of employee stock options for total proceeds of approximately $42.4 million.

 

Dividends

 

On July 23, 2013, our Board of Directors declared the 2013 third quarter cash dividend of $0.33 per share, an increase of 10% compared to the 2013 second quarter cash dividend. The dividend is payable on September 13, 2013 to shareholders of record as of August 16, 2013.

 

During the six-months ended June 30, 2013 we declared and paid quarterly dividends of $0.30 per share, or $46.0 million in total, compared to quarterly dividend of $0.15 per share, or $22.5 million in total, in the same period in 2012.

 

Share-Based Compensation

 

On May 15, 2013, pursuant to the May 2011 Directors Equity Plan, which has been approved by the shareholders, 12,418 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 $67.63 per share, the closing price of our common stock on the grant date.

 

On February 26, 2013, we granted 324,780 restricted stock units (“RSUs”) to key employees pursuant to the Amended and Restated Stock Option and Restricted Stock Plan. Each RSU 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.  Each 2013 RSU granted has a service condition and cliff vests at December 31, 2015, if the recipient is an employee on that date. In addition to the service criteria, 134,725 of the RSUs granted in 2013 also have performance goals and vest only upon the satisfaction of the service and performance criteria.  The fair value of the 2013 RSUs granted was $65.73 per share, the closing price of our common stock on the grant date.

 

Share Repurchase Program

 

As of June 30, 2013, 7,883,033 shares of common stock remain authorized for repurchase under our stock repurchase program. No shares were repurchased in 2013 or 2012. Repurchased shares are redeemed and treated as authorized but unissued shares.

 

Accumulated Other Comprehensive Loss

 

Accumulated other comprehensive loss included the following:

 

 

 

Foreign Currency
Translation Gain

 

Unrealized Loss
on Investments,
Net of Tax

 

Minimum Pension
Liability, Net of
Tax

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2012

 

 

$

21.0

 

 

 

$

(0.2

)

 

 

$

(22.3

)

 

 

$

(1.5

)

Current-period change

 

 

(19.9

)

 

 

0.2

 

 

 

—

 

 

 

(19.7

)

Balance as of June 30, 2013

 

 

$

1.1

 

 

 

$

—

 

 

 

$

(22.3

)

 

 

$

(21.2

)

 

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 $13.4 million, respectively, as of June 30, 2013 and December 31, 2012.