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Convertible Securities | 9 Months Ended
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Sep. 30, 2012
Convertible Securities |
Convertible Securities |
4. Convertible Securities At September 30, 2012, the Company has one senior convertible security outstanding ("2008 senior convertible notes") and two junior convertible trust preferred securities outstanding, one issued in 2006 (the "2006 junior convertible trust preferred securities") and a second issued in 2007 (the "2007 junior convertible trust preferred securities"). The carrying values of the Company's convertible securities are as follows:
|  | December 31, 2011 |  | September 30, 2012 |
--- | --- | --- | --- | --- | ---
|  | Carrying Value |  | Principal amount at maturity |  | Carrying Value |  | Principal amount at maturity |
Senior convertible securities: |  |  |  |  |  |  |  |  |  |  |  |  |
2008 senior convertible notes(1) |  | $ | 435.6 |  | $ | 460.0 |  | $ | 446.5 |  | $ | 460.0 |
Junior convertible trust preferred securities: |  |  |  |  |  |  |  |  |  |  |  |  |
2007 junior convertible trust preferred securities(1) |  | $ | 297.8 |  | $ | 430.8 |  | $ | 299.1 |  | $ | 430.8 |
2006 junior convertible trust preferred securities(1) |  |  | 214.8 |  |  | 300.0 |  |  | 215.7 |  |  | 300.0 |
Total junior convertible securities |  | $ | 512.6 |  | $ | 730.8 |  | $ | 514.8 |  | $ | 730.8 |
(1) Carrying value is accreted to the principal amount at maturity over an expected life of five years for the 2008 senior convertible notes and 30 years for each of the junior convertible trust preferred securities. The principal terms of these securities are summarized below.
|  | 2008 Senior Convertible Notes(1) |  | 2007 Junior Convertible Trust Preferred Securities(2) |  | 2006 Junior Convertible Trust Preferred Securities(3) |
--- | --- | --- | --- | --- | --- | --- | ---
Issue date |  |  | August 2008 |  |  | October 2007 |  |  | April 2006 |
Maturity date |  |  | August 2038 |  |  | October 2037 |  |  | April 2036 |
Next potential put date |  |  | August 2013 |  |  | N/A |  |  | N/A |
Denomination |  | $ | 1,000 |  | $ | 50 |  | $ | 50 |
Current conversion rate |  |  | 7.959 |  |  | 0.250 |  |  | 0.333 |
Current conversion price |  | $ | 125.65 |  | $ | 200.00 |  | $ | 150.00 |
Stated coupon |  |  | 3.95 | % |  | 5.15 | % |  | 5.10 | %
Coupon frequency |  |  | Semi-annually |  |  | Quarterly |  |  | Quarterly |
Tax deduction rate(4) |  |  | 9.38 | % |  | 8.00 | % |  | 7.50 | %
(1) The Company may redeem the notes (subject to the holders' rights to convert) at any time on or after August 15, 2013. The holders may require the Company to repurchase the notes in August of 2013, 2018, 2023, 2028 and 2033. Should either of these events occur, the Company intends to satisfy its obligations with borrowings under its credit facility. (2) The Company may redeem the 2007 junior convertible trust preferred securities if the closing price of the Company's common stock exceeds $260 per share for a specified period of time. (3) The Company may redeem the 2006 junior convertible trust preferred securities if the closing price of the Company's common stock exceeds $195 per share for a specified period of time. (4) These convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported Interest expense. These deductions will result in deferred tax liabilities of approximately $24.5 million in 2012. These deferred tax liabilities will be reclassified directly to stockholders' equity if the Company's common stock is trading above certain thresholds at the time of the conversion of the securities.

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- Definition Information about convertible debt arrangements, which may include amounts of borrowings, the underlying arrangements, repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, and other matters important to users of the financial statements. + References No definition available. + Details
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- Details
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