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Shareholders' Equity
9 Months Ended
Sep. 30, 2011
Shareholders' Equity [Abstract] 
Shareholders' Equity
5.
Shareholders’ equity
 
Common Stock
 
Under our Restated Certificate of Incorporation, as amended, our Board of Directors is authorized to issue up to 195,000,000 shares of our common stock.
 
The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock which are currently outstanding, including our Series A Convertible Preferred Stock, or any series which we may designate and issue in the future.
 
 
Treasury Stock
 
In August 2011, our Board of Directors approved a $60,000 stock repurchase program.  Under the program,  we may repurchase up to $60,000 of our outstanding shares of common stock from time to time on the open market at prevailing market prices, in block trades or otherwise. The timing and amount of any shares repurchased will be determined by our management based on its evaluation of market conditions, the trading price of the stock and other factors. The repurchase program may be suspended or discontinued at any time.
 
 
Shares of common stock repurchased are recorded at cost as treasury stock and result in a reduction of shareholders’ equity in the consolidated balance sheets. From time to time, treasury shares may be reissued as contributions to our employee benefit plans and for the conversion of convertible preferred stock. When shares are reissued, we use an average cost method for determining cost. The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital.
 
 
From August 11, 2011 through September 30, 2011, we repurchased 3,625,218 shares of common stock at an aggregate purchase price of $38,806.  We had approximately $21,194 remaining under the repurchase program authorization as of September 30, 2011.

 
Series A Convertible Preferred Stock conversions
 
All shares of Series A Convertible Preferred Stock are held by Glencore.  The issuance of common stock under our stock incentive programs, debt exchange transactions and any stock offering that excludes Glencore participation triggers anti-dilution provisions of the preferred stock agreement and results in the automatic conversion of Series A Convertible Preferred Stock shares into shares of common stock.

Series A Convertible Preferred Stock:
 
2011
 
     
Shares outstanding at December 31, 2010
  82,515 
Automatic conversions during the nine months ended September 30, 2011
  (1,785)
Shares outstanding at September 30, 2011
  80,730