2009 Strategic Initiatives And Assets Held For Sale	12 Months Ended
Dec. 31, 2011
2009 Strategic Initiatives And Assets Held For Sale [Abstract]
2009 Strategic Initiatives And Assets Held For Sale	Note 3 — 2009 Strategic Initiatives and Assets Held for Sale In 2009, we announced our strategic initiatives to enhance shareholder value by: generating significant cash flow, principally from the sale of 175,000 acres of higher and better use timberland; reducing debt by $150,000,000; and repurchasing up to 20 percent of our common stock. In 2011, we sold 57,000 acres of timberland in Georgia, Alabama, and Texas for $87,061,000 in two transactions generating combined net proceeds of $86,018,000, which were principally used to reduce debt, pay taxes and reinvest in our business. These transactions resulted in combined gains of $61,784,000. In addition, we repurchased about 907,000 shares of our common stock for $12,977,000, which are classified as treasury stock. We have completed our strategic initiatives related to the sale of higher and better use timberland and reduction of debt. Since announcing these initiatives, we have sold 176,000 acres of timberland in Georgia, Alabama and Texas for $284,442,000 in 11 transactions. These transactions generated net proceeds of $277,909,000 and resulted in gains of $194,438,000. We used the proceeds principally to reduce debt, pay income taxes, reinvest in our business and repurchase our common stock. At year-end 2011, our total debt was reduced by $154,096,000 since first quarter-end 2009, excluding $26,500,000 in non-recourse borrowings secured by a 401 unit multifamily property we acquired in fourth quarter 2010. In addition, we have repurchased about 1,908,000 shares of our common stock for $28,155,000 since announcing these initiatives.

2009 Strategic Initiatives And Assets Held For Sale

12 Months Ended

Dec. 31, 2011

2009 Strategic Initiatives And Assets Held For Sale [Abstract]

2009 Strategic Initiatives And Assets Held For Sale

Note 3 — 2009 Strategic Initiatives and Assets Held for Sale

In 2009, we announced our strategic initiatives to enhance shareholder value by: generating significant cash flow, principally from the sale of 175,000 acres of higher and better use timberland; reducing debt by $150,000,000; and repurchasing up to 20 percent of our common stock.

In 2011, we sold 57,000 acres of timberland in Georgia, Alabama, and Texas for $87,061,000 in two transactions generating combined net proceeds of $86,018,000, which were principally used to reduce debt, pay taxes and reinvest in our business. These transactions resulted in combined gains of $61,784,000. In addition, we repurchased about 907,000 shares of our common stock for $12,977,000, which are classified as treasury stock.

We have completed our strategic initiatives related to the sale of higher and better use timberland and reduction of debt. Since announcing these initiatives, we have sold 176,000 acres of timberland in Georgia, Alabama and Texas for $284,442,000 in 11 transactions. These transactions generated net proceeds of $277,909,000 and resulted in gains of $194,438,000. We used the proceeds principally to reduce debt, pay income taxes, reinvest in our business and repurchase our common stock. At year-end 2011, our total debt was reduced by $154,096,000 since first quarter-end 2009, excluding $26,500,000 in non-recourse borrowings secured by a 401 unit multifamily property we acquired in fourth quarter 2010. In addition, we have repurchased about 1,908,000 shares of our common stock for $28,155,000 since announcing these initiatives.