Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

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Shareholders' Equity
12 Months Ended
Dec. 31, 2011
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
During the fourth quarter of 2009, we entered into a sales agency financing agreement with BNY Mellon Capital Markets, LLC relating to the issuance and sale of up to $250.0 million of our common shares from time to time over a period of no more than 36 months, replacing a previous agreement made during the third quarter of 2008. Sales of our common shares are made at market prices prevailing at the time of sale. Net proceeds for the sale of common shares under this program are used for the repayment of borrowings under our lines of credit, acquisitions, and general corporate purposes. We did not issue any shares under this program during 2011. We executed issuances under this program during 2010 and 2009 as follows (in millions, except for weighted average issue price):
 
 
 
2010
 
2009
Common shares issued
 
5.6

 
2.0

Weighted average issue price
 
$
30.34

 
$
27.37

Net proceeds
 
$
168.9

 
$
53.8


We have a dividend reinvestment program, whereby shareholders may use their dividends and optional cash payments to purchase common shares. The common shares sold under this program may either be common shares issued by us or common shares purchased in the open market. Net proceeds under this program are used for general corporate purposes. We executed issuances under this program as follows (in millions, except for weighted average issue price):
 
 
2011
 
2010
 
2009
Common shares issued
 
0.2

 
0.2

 
0.1

Weighted average issue price
 
$
29.97

 
$
30.36

 
$
28.34

Net proceeds
 
$
5.0

 
$
5.3

 
$
2.5