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Shareholders' equity
 6 Months Ended
Jun. 30, 2014
Stockholders' Equity Note [Abstract]  
Shareholders' equity
Shareholders’ equity
Common Stock
Under our Restated Certificate of Incorporation, 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 which we may designate and issue in the future.
Stock Repurchase Program
In August 2011, our Board of Directors approved a 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 is 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 June 30, 2014, we repurchased 4,786,521 shares of common stock for an aggregate purchase price of $49,924. We have made no repurchases since March 2012 and had approximately $10,076 remaining under the repurchase program authorization as of June 30, 2014.
Series A Convertible Preferred Stock

Glencore holds all of the issued and outstanding Series A Convertible Preferred Stock. 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. The Common and Preferred Stock Activity table below contains additional information about preferred stock conversions during the six months ended June 30, 2014 and 2013.
Common and Preferred Stock Activity:
Preferred stock
 
Common stock
(in shares)
Series A convertible
 
Treasury
Outstanding
Beginning balance as of December 31, 2013
79,620

 
4,786,521

88,710,277

Conversion of convertible preferred stock
(394
)
 
—

39,455

Issuance for share-based compensation plans
—

 
—

55,029

Ending balance as of June 30, 2014
79,226

 
4,786,521

88,804,761

 
 
 
 
 
Beginning balance as of December 31, 2012
80,283

 
4,786,521

88,548,637

Conversion of convertible preferred stock
(199
)
 
—

19,864

Issuance for share-based compensation plans
—

 
—

34,208

Ending balance as of June 30, 2013
80,084

 
4,786,521

88,602,709