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

Note 12 — Shareholders’ equity

The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years.

On June 14, 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of outstanding Company common stock. Repurchases of Company stock under the Board authorization may be made from time to time in the open market and may include privately-negotiated transactions as market conditions warrant and subject to regulatory considerations. The stock repurchase program has no expiration date, and the Company’s ability to execute on the program will depend on, among other factors, cash requirements for acquisitions, cash generation from operations, debt repayment obligations, market conditions and regulatory requirements. In addition, under the Company’s senior credit and Senior Note agreements, the Company is subject to certain restrictions relating to its ability to repurchase shares in the event the Company’s consolidated leverage ratio exceeds certain levels, which may further limit the Company’s ability to repurchase shares under this Board authorization. Through December 31, 2012, no shares have been purchased under this Board authorization.

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased for dilutive securities. The difference between basic and diluted weighted average common shares results from the assumption that dilutive stock options were exercised. A reconciliation of basic to diluted weighted average shares outstanding is as follows:

 

     2012      2011      2010  
     (Shares in thousands)  

Basic shares

      40,859         40,501         39,906   

Dilutive shares assumed issued

      —         300         374   
  

 

 

     

 

 

     

 

 

  

Diluted shares

      40,859         40,801         40,280   
  

 

 

     

 

 

     

 

 

  

Weighted average stock options having 9,041 thousand, 8,825 thousand and 4,391 thousand underlying shares for 2012, 2011 and 2010, respectively, were antidilutive and therefore not included in the calculation of earnings per share.

 

Changes in accumulated other comprehensive income (loss) for 2012 and 2011 are as follows:

 

     Cash Flow
Hedges		     Pension and
Other
Postretirement
Benefit Plans		     Foreign
Currency
Translation
Adjustment		     Accumulated
Other
Comprehensive
Income (Loss)		  
     (Dollars in thousands)  

Balance at December 31, 2010

    $ (15,262 )    $ (95,746 )    $ 59,128      $ (51,880 ) 

Current-period other comprehensive income (loss)

      8,070        (47,878 )      (52,989 )      (92,797 ) 

Divestiture of businesses

      —        9,076        (23,687 )      (14,611 ) 

Discontinued operations

      (65 )      —        —        (65 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance at December 31, 2011

      (7,257 )      (134,548 )      (17,548 )      (159,353 ) 

Current-period other comprehensive income

      6,876        7,291        13,138        27,305   
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance at December 31, 2012

    $ (381 )    $ (127,257 )    $ (4,410 )    $ (132,048 )