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Shareholders' Equity
 12 Months Ended
Dec. 31, 2012
Shareholders' Equity

NOTE 9 — SHAREHOLDERS’ EQUITY

The Company’s Board of Directors has the authority to issue 90.0 million shares of common stock at a par value of $1 per share. The holders of common stock (i) may receive dividends subject to all of the rights of the holders of preference stock; (ii) shall be entitled to share ratably upon any liquidation of the Company in the assets of the Company, if any, remaining after payment in full to the holders of preference stock; and (iii) receive one vote for each common share held and shall vote together share for share with the holders of voting shares of preference stock as one class for the election of directors and for all other purposes. The Company has 63.4 million and 63.1 million common shares issued as of December 31, 2012 and 2011, respectively. Of those amounts, 62.4 million and 62.2 million common shares were outstanding as of December 31, 2012 and 2011, respectively.

The Company’s Board of Directors is also authorized to provide for the issuance of 0.8 million shares of preference stock at a par value of $1 per share. The authority of the Board of Directors includes, but is not limited to, the determination of the dividend rate, voting rights, conversion and redemption features, and liquidation preferences. The Company has not designated or issued any preference stock as of December 31, 2012.

In May 2010, the Company issued 12.1 million shares of common stock at a price of $6.25 per share for total gross proceeds of $75.6 million. After deducting direct fees, net proceeds to the Company totaled $71.2 million. Proceeds from the equity offering were used to pay down debt.

The change in accumulated other comprehensive loss for each of the three years ended December 31 was as follows ($ in millions):

 

     2012     2011     2010  

Beginning balance

    $ (76.4 )    $ (41.6 )    $ (39.3 ) 

Foreign currency translation adjustment

      11.1        (4.3 )      (4.5 ) 

Unrealized net gain (loss) on derivatives, net of tax expense of $0.2, $0.1 and $0.0, respectively

      0.7        (0.7 )      0.8   

Change in unrecognized gains (losses) related to pension benefit plans, net of tax benefit (expense) of $0.3, $1.6 and $0.0, respectively

      (15.5 )      (29.8 )      1.4   
  

 

 

    

 

 

    

 

 

  

Ending balance

    $ (80.1 )    $ (76.4 )    $ (41.6 ) 
  

 

 

    

 

 

    

 

 

  

 

As of December 31, 2012 and 2011, the ending balance of accumulated other comprehensive loss consisted of cumulative translation adjustment income (loss) of $10.8 million and ($0.3) million, unrealized gain (loss) on derivatives of $0.1 million and ($0.6) million, and unrecognized pension benefit plan costs of ($91.0) million and ($75.5) million, respectively.