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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY [Text Block]
a)
Common Shares

The following table presents our common shares issued and outstanding:
 
  
Three months ended June 30,
 
Six months ended June 30,
 
 
  
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Shares issued, balance at beginning of period
173,595

 
171,408

 
171,867

 
170,159

 
 
Shares issued
311

 
60

 
2,039

 
1,309

 
 
Total shares issued at end of period
173,906

 
171,468

 
173,906

 
171,468

 
 
 
 
 
 
 
 
 
 
 
 
Treasury shares, balance at beginning of period
(57,289
)
 
(46,043
)
 
(53,947
)
 
(44,571
)
 
 
Shares repurchased
(5,122
)
 
(2,652
)
 
(8,491
)
 
(4,124
)
 
 
Shares reissued from treasury
93

 
—

 
120

 
—

 
 
Total treasury shares at end of period
(62,318
)
 
(48,695
)
 
(62,318
)
 
(48,695
)
 
 
 
 
 
 
 
 
 
 
 
 
Total shares outstanding
111,588

 
122,773

 
111,588

 
122,773

 
 
 
 
 
 
 
 
 
 
 


Treasury Shares

The following table presents our share repurchases:
 
  
Three months ended June 30,
 
Six months ended June 30,
 
 
  
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
In the open market:
 
 
 
 
 
 
 
 
 
Total shares
5,048

 
2,643

 
5,048

 
3,840

 
 
Total cost
$
225,000

 
$
89,967

 
$
225,000

 
$
128,723

 
 
Average price per share(1)
$
44.57

 
$
34.04

 
$
44.57

 
$
33.52

 
 
 
 
 
 
 
 
 
 
 
 
From employees:
 
 
 
 
 
 
 
 
 
Total shares
74

 
9

 
443

 
284

 
 
Total cost
$
3,256

 
$
292

 
$
17,925

 
$
9,247

 
 
Average price per share(1)
$
44.10

 
$
33.23

 
$
40.47

 
$
32.54

 
 
 
 
 
 
 
 
 
 
 
 
From founding shareholder:(2)
 
 
 
 
 
 
 
 
 
Total shares
—

 
—

 
3,000

 
—

 
 
Total cost
$
—

 
$
—

 
$
116,100

 
$
—

 
 
Average price per share(1)
$
—

 
$
—

 
$
38.70

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Total shares repurchased:
 
 
 
 
 
 
 
 
 
Total shares
5,122

 
2,652

 
8,491

 
4,124

 
 
Total cost
$
228,256

 
$
90,259

 
$
359,025

 
$
137,970

 
 
Average price per share(1)
$
44.57

 
$
34.03

 
$
42.28

 
$
33.45

 
 
 
 
 
 
 
 
 
 
 
(1)
Calculated using whole figures.
(2) During the first quarter of 2013, we privately negotiated repurchase of 3,000,000 common shares held by Trident II, L.P. and affiliated entities.

b)
Preferred Shares

Series A Preferred Shares

During March 2012 and concurrent with the issuance of our 6.875% Series C preferred shares, we issued an irrevocable notice of redemption for 6,000,000 of our 7.25% Series A preferred shares, representing an aggregate liquidation preference of $150 million. In connection with this notice, we recognized a $5 million loss on redemption (calculated as the difference between the redemption price and the carrying value, the latter of which is net of original issue costs) as a reduction in determining our net income available to common shareholders.

During May 2013 and concurrent with the issuance of our Series D preferred shares (see below), we issued an irrevocable notice of redemption for the 4,000,000 Series A preferred shares outstanding, representing an aggregate liquidation preference of $100 million. In connection with this notice, we recognized a $3 million loss on redemption.

Series B Preferred Shares

During April 2012, we closed a cash tender offer for any and all of our outstanding 7.50% Series B preferred shares at a purchase price of $102.81 per share. As a result, we purchased 2,471,570 Series B preferred shares for $254 million. In connection with this tender offer, we recognized a $9 million loss on repurchase.

Series D Preferred Shares

During May 2013, we issued $225 million of 5.50% Series D preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. We may redeem the Series D preferred shares on or after June 1, 2018 at a redemption price of $25.00 per share. Dividends on the Series D preferred shares are non-cumulative. Consequently, if the Board of Directors does not authorize and declare a dividend for any period, holders of the Series D preferred shares will not be entitled to receive a dividend for such period, and such undeclared dividend will not accumulate and be payable. Holders of the Series D preferred shares will be entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the first day of March, June, September and December of each year, commencing on September 1, 2013, without accumulation of any undeclared dividends. To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum.

The holders of the Series D preferred shares, as well as our previously issued preferred shares, have no voting rights other than the right to elect a specified number of directors if preferred share dividends are not declared and paid for a specified period.