Stockholders' Equity and Equity Compensation Plans

9 Months Ended

Sep. 30, 2012

Stockholders' Equity and Equity Compensation Plans [Abstract]

STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION PLANS

4. STOCKHOLDERS’ EQUITY AND EQUITY COMPENSATION PLANS

Stock Repurchase Program. We currently have a stock repurchase program, approved by our Board of Directors, authorizing us to repurchase our common stock from time-to-time as market and business conditions warrant (the “Stock Repurchase Program”). During the nine months ended September 30, 2012 and 2011, we repurchased 0.8 million shares and 0.6 million shares of our common stock under the Stock Repurchase Program for $13.3 million (weighted-average price of $16.23 per share) and $7.7 million (weighted-average price of $13.25 per share), respectively. As of September 30, 2012, the total remaining number of shares available for repurchase under the Stock Repurchase Program totaled 2.6 million shares.

Stock Repurchases for Tax Withholdings. In addition to the above mentioned stock repurchases, during the nine months ended September 30, 2012 and 2011, we repurchased from our employees and then cancelled 0.2 million shares of common stock for $3.0 million and 0.2 million shares of common stock for $4.2 million, respectively, in connection with minimum tax withholding requirements resulting from the vesting of restricted common stock under our stock incentive plans.

Stock-Based Awards. A summary of our unvested restricted common stock activity during the third quarter and nine months ended September 30, 2012 is as follows:

	Quarter Ended September 30, 2012					Nine Months Ended September 30, 2012
	Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value
Unvested awards, beginning		2,012,463		$	17.50		1,620,394		$	17.87
Awards granted		55,929			19.81		1,052,620			16.58
Awards forfeited/cancelled		—			—		(64,175	)		17.73
Awards vested		(54,023	)		14.08		(594,470	)		16.27
Unvested awards, ending		2,014,369		$	17.66		2,014,369		$	17.66

Included in the awards granted during the nine months ended September 30, 2012, are performance-based awards for 150,313 restricted common stock shares issued to members of executive management, which vest in equal installments over three years upon meeting either pre-established financial performance objectives or pre-established stock price objectives. The performance-based awards become fully vested upon a change in control, as defined, and the subsequent involuntary termination of employment.

All other restricted common stock shares granted during the nine months ended September 30, 2012 are time-based awards, which vest annually over four years with no restrictions other than the passage of time. Certain shares of the restricted common stock become fully vested upon a change in control, as defined, and the subsequent involuntary termination of employment.

We recorded stock-based compensation expense for the third quarters of 2012 and 2011 of $3.5 million and $3.2 million, respectively, and for the nine months ended September 30, 2012 and 2011 of $10.0 million and $9.7 million, respectively.