Time has picked its "Person of the Year." This year's person is once again President Obama.

President Obama won the distinction of person of the year once before in 2008 after winning the Presidential Election. The announcement was made today on NBC’s “Today” show. The magazine’s Managing Editor, Richard Stengal made the announcement. He stated that it was remarkable that the president was able to win two terms with over 50% of the vote as a Democrat.

Stengal wrote on the why for this year’s selection. He said, “For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is TIME‘s 2012 Person of the Year.”

The runners-up for the honor for Time‘s “Person of the Year” were the Pakistani woman who was shot in the head and neck by the Taliban, she survived the incident; the CEO of Apple, Tim Cook; The new president of Egypt, President Mohamed Morsi; and scientist Fabiola Gianotti.

President Obama said during an interview with Time, “It was easy to think that maybe 2008 was the anomaly.” He went on to say, “And I think 2012 was an indication that, no, this is not an anomaly. We’ve gone through a very difficult time. The American people have rightly been frustrated at the pace of change, and the economy is still struggling, and this president we elected is imperfect. And yet despite all that, this is who we want to be. That’s a good thing.”

This newest edition is only the fourth time in Time magazine’s history that it has gone without the trademark red cover. This edition was bordered in silver.

Last years winner of Time‘s “Person of the Year” was the protester.