XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.19.2

Shareholders’ Equity | 6 Months Ended
--- | ---
Jun. 30, 2019
Stockholders' Equity Note [Abstract] |
Shareholders’ Equity | Shareholders’ Equity Common Stock As of June 30, 2019 and December 31, 2018, we had 195,000,000 shares of common stock, $0.01 par value per share, authorized under our Restated Certificate of Incorporation, of which 96,080,288 shares were issued and 88,893,767 shares were outstanding at June 30, 2019; 95,289,961 shares were issued and 88,103,440 shares were outstanding at December 31, 2018. 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. Preferred Stock As of June 30, 2019 and December 31, 2018, we had 5,000,000 shares of preferred stock, $0.01 par value per share, authorized under our Restated Certificate of Incorporation. In 2008, we issued 160,000 shares of our Series A Convertible Preferred Stock. At June 30, 2019 and December 31, 2018, there were 68,575 and 71,967 shares of Series A Convertible Preferred Stock outstanding, respectively, and 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. The conversion of preferred to common shares is 100 shares of common stock for each share of preferred stock. The Common and Preferred Stock table below contains additional information about preferred stock conversions during the six months ended June 30, 2019 and 2018.
| Preferred stock |  | Common stock
Common and Preferred Stock Activity (in shares): | Series A convertible |  | Treasury |  | Outstanding
Beginning balance as of December 31, 2018 | 71,967 |  |  | 7,186,521 |  |  | 88,103,440 |
Conversion of convertible preferred stock | (3,392 | ) |  | — |  |  | 339,166 |
Issuance for share-based compensation plans | — |  |  | — |  |  | 451,161 |
Ending balance as of June 30, 2019 | 68,575 |  |  | 7,186,521 |  |  | 88,893,767 |
Beginning balance as of December 31, 2017 | 74,364 |  |  | 7,186,521 |  |  | 87,544,777 |
Conversion of convertible preferred stock | (241 | ) |  | — |  |  | 24,167 |
Issuance for share-based compensation plans | — |  |  | — |  |  | 32,147 |
Ending balance as of June 30, 2018 | 74,123 |  |  | 7,186,521 |  |  | 87,601,091 |
Stock Repurchase Program In 2011, our Board of Directors authorized a $60.0 million common stock repurchase program and during the first quarter of 2015, our Board of Directors increased the size of the program by $70.0 million. Under the program, Century is authorized to repurchase up to $130.0 million 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 our common stock and other factors. The stock 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. Through June 30, 2019, we had repurchased 7,186,521 shares of common stock for an aggregate purchase price of $86.3 million. We have made no share repurchases since April 2015 and we have $43.7 million remaining under the repurchase program authorization as of June 30, 2019.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration