Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events

13. Subsequent Events

On July 26, 2012, the Company amended its Credit Facility and entered into a $500 million term loan with a syndicate of financial institutions as lenders, or the Term Loan. The Term Loan is in addition to the Company’s current revolving credit facility, and matures on March 9, 2016. The Company used the majority of its proceeds from the Term Loan to pay down its revolving credit facility. The Company will make regular scheduled payments for the Term Loan consisting of both principal and interest components. Based on the Company’s consolidated leverage ratio, the Term Loan bears interest at either LIBOR plus the applicable margin between 1.50% and 2.50% or the base rate plus the applicable margin between 0.50% and 1.50% which are the same terms as the Company’s revolving credit facility as described in Note 4, Long-Term Debt. The Company incurred approximately $4.5 million of debt issuance costs in connection with the Term Loan. The debt issuance costs will be recorded as deferred financing costs on the Company’s consolidated balance sheet and will be amortized over the life of the Term Loan.

On July 27, 2012, the Company completed its current $1 billion share repurchase program. The Company repurchased 3.9 million of its common shares using its remaining $188.9 million under the share repurchase agreement with Merrill Lynch International. The final cumulative discounted volume-weighted average share price was $46.37 per share. See Note 10, Shareholders’ Equity for further description of the Company’s share repurchase program and its share repurchase agreement with Merrill Lynch International.

On July 30, 2012, the Company announced that its board of directors authorized a new $1 billion share repurchase program that will expire on June 30, 2017 and that will allow the Company to repurchase its common shares, at such times and prices as determined by the Company’s management as market conditions warrant.

On July 30, 2012, the Company announced that its board of directors approved a cash dividend of $0.30 per common share, payable on August 30, 2012 to shareholders of record as of August 14, 2012.