Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Stock-based compensation expense totaled $2 million for each of the quarters ended March 31, 2013 and 2012. Stock-based compensation expense relates primarily to the company's performance-based long-term incentive program ("LTIP"), stock options and time-vested restricted stock unit ("RSU") awards. LTIP awards cover three-year performance cycles and are measured partly on performance criteria (cumulative earnings per share and/or cumulative free cash flow generation) and partly on market criteria (total shareholder return relative to a peer group of companies). The fair value of LTIP awards containing performance criteria are based on the company's expectations of performance achievement and the closing stock price on the measurement date. The fair value of LTIP awards based on market criteria are measured using a Monte-Carlo simulation using publicly available data.

The company's LTIP awards are liability-classified awards. All other stock-based compensation is equity-classified, and therefore affects "Capital surplus." Changes in "Capital surplus" are primarily a result of stock compensation:



	Quarter ended March 31,
(In thousands)	2013			2012
Stock-based compensation	$	1,952		$	2,654
Shares withheld for taxes	(330		)	(128		)
Capital surplus increase	$	1,622		$	2,526

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

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+ Details