XML 55 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Indebtedness | 12 Months Ended
--- | ---
Dec. 31, 2011
Indebtedness |
Indebtedness |
6. Indebtedness At December 31, 2011 and 2010, our indebtedness was as follows:
|  | As of December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Senior Notes, due 2012 at 6.85% |  | $ | 100,829 |  | $ | 100,829 |
Senior Notes, due 2013 at 6.75% |  |  | 287,000 |  |  | 287,000 |
Senior Notes, due 2014 at 7.875% |  |  | 300,000 |  |  | 300,000 |
Senior Notes, due 2015 at 5.125% |  |  | 280,000 |  |  | 280,000 |
Senior Notes, due 2016 at 6.3% |  |  | 275,000 |  |  | 275,000 |
Senior Notes, due 2017 at 5.625% |  |  | 300,000 |  |  | 300,000 |
Senior Notes, due 2018 at 6.7% |  |  | 350,000 |  |  | 350,000 |
Convertible Senior Notes, due 2027 at 3.8% |  |  | 79,054 |  |  | 79,054 |
Unamortized discounts |  |  | (5,169 | ) |  | (8,043 | )
Total unsecured senior notes |  |  | 1,966,714 |  |  | 1,963,840 |
Unsecured revolving credit facility |  |  | 149,000 |  |  | 144,000 |
Mortgage Note, due 2011 at 8.3% |  |  | — |  |  | 3,383 |
|  | $ | 2,115,714 |  | $ | 2,111,223 |
All of our senior notes are prepayable at any time prior to their maturity date at par plus accrued interest plus a premium equal to a make whole amount, as defined, generally designed to preserve a stated yield to the noteholder. Interest on all of our senior notes is payable semi-annually in arrears. We have $79,054 of 3.8% convertible senior notes due 2027 still outstanding. The convertible senior notes are convertible if certain conditions are met (including certain changes in control) into cash equal to the principal amount of the notes and, to the extent the market price of our common shares exceeds the initial exchange price of $50.50 per share, subject to adjustment, either cash or our common shares at our option with a value based on such excess amount. Holders of our convertible senior notes may require us to repurchase all or a portion of the notes on March 20, 2012, March 15, 2017, and March 15, 2022, or upon the occurrence of certain change in control events. We separately account for the liability (debt) and equity (conversion option) components of our 3.8% convertible senior notes due 2027 to reflect the fair value of the liability component based on our non-convertible borrowing cost at the issuance date. We measured the fair value of the debt components of the notes at issuance based on an estimated effective interest rate of 6.06% and are amortizing the resulting discount as an increase to interest expense over the expected life of the debt (assuming holders of the notes exercise in full their option to require us to repurchase the notes on March 20, 2012). • The net carrying amount of our 3.8% convertible senior notes due 2027 was $78,823 and $77,484 as of December 31, 2011 and December 31, 2010, respectively. • The unamortized discount on the notes was $231 and $1,570 as of December 31, 2011 and December 31, 2010, respectively. We expect to amortize the discount through March 20, 2012, the first date on which the holders of our convertible notes may require that we repurchase them. • Interest expense for the years ended December 31, 2011, 2010 and 2009 includes non-cash amortization of $1,605, or $0.01 per share, $2,602, or $0.02 per share, and $6,864, or $0.06 per share, respectively. • The amount allocated as the equity component of the convertible senior notes was $37,710 as of December 31, 2011 and is included in additional paid in capital in our consolidated balance sheet. On January 3, 2011, we repaid without penalty our 8.3% mortgage payable, which had a principal balance of $3,383. On September 8, 2011, we entered a new $750,000 unsecured revolving credit facility that we use for acquisitions, working capital and general business purposes. The new facility replaced our previous $750,000 unsecured revolving credit facility, which had a maturity date of October 24, 2011. The maturity date of the new facility is September 7, 2015, and subject to the payment of an extension fee and meeting certain other conditions, includes an option for us to extend the facility for one year to September 7, 2016. Interest paid under the new facility is set at LIBOR plus 130 basis points, subject to adjustments based on our senior unsecured debt ratings. As of December 31, 2011, we had $149,000 outstanding under our revolving credit facility and $601,000 available for borrowings. During 2011, 2010 and 2009, the weighted average interest rate on the amounts outstanding under our revolving credit facility was 1.59%, 0.9% and 1.0%, respectively. Our revolving credit facility agreement and note indenture and its supplements contain financial covenants which, among other things, restrict our ability to incur indebtedness and require us to maintain financial ratios and a minimum net worth. We believe we were in compliance with these covenants during the periods presented. The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2011, are as follows:
2012 |  | $ | 100,829 |
2013 |  |  | 287,000 |
2014 |  |  | 300,000 |
2015 |  |  | 429,000 | (1)
2016 |  |  | 275,000 |
Thereafter |  |  | 729,054 | (2)
|  | $ | 2,120,883 |
(1) Includes the $149,000 outstanding on our $750 million revolving credit facility at December 31, 2011. (2) Includes our $79,054 convertible senior notes due 2027. Holders of our convertible senior notes may require us to repurchase all or a portion of the notes on March 20, 2012, March 15, 2017 and March 15, 2022, or upon the occurrence of certain change in control events prior to March 20, 2012.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration