Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock Based Compensation [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

Stock compensation expense consisted of the following:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2011		2010		2011		2010
Stock compensation expense	$	1.9	$	1.9	$	5.5	$	5.1

The 2011 Stock Incentive Plan was approved and adopted by our shareholders on May 4, 2011 and became effective immediately. The 2011 Stock Incentive Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, performance awards, stock awards and other stock-based awards. The aggregate number of shares of our common stock that may be issued under all stock-based awards made under the 2011 Stock Incentive Plan is 4.5 million and the maximum number of shares that may be awarded pursuant to grants of awards other than options and stock appreciation rights is 1.1 million. The number of shares available for awards, as well as the terms of outstanding awards, is subject to adjustments as provided in the 2011 Stock Incentive Plan for stock splits, stock dividends, recapitalization and other similar events. Awards may be granted under the 2011 Stock Incentive Plan until the earlier to occur of May 3, 2021 or the date on which all shares available for awards under the 2011 Stock Incentive Plan have been purchased or acquired; provided, however, that incentive stock options may not be granted after February 10, 2021. As a result of the approval and adoption of the 2011 Stock Incentive Plan, no further shares are available for grant under the 2008 Stock Incentive Plan.

As of September 30, 2011 we had stock-based compensation awards outstanding under five plans (collectively, the Stock Plans) consisting of stock options, restricted stock and restricted stock units. As of September 30, 2011 there were 3,909,678 shares available for grant under our 2011 Stock Incentive Plan. No further shares were available for grant under any other Stock Plan.

Stock Options

The following table summarizes our stock option activity:

	Stock Options		Weighted Average Exercise Price
Outstanding December 31, 2010	4,916,088		$	24.10
Granted	1,319,627		9.59
Exercised	(45,429	)	10.13
Cancelled	(444,788	)	35.37
Forfeited	(105,699	)	14.61
Outstanding September 30, 2011	5,639,799		$	20.10
Exercisable as of September 30, 2011	3,369,681		$	26.43

The outstanding options are non-qualified and generally have a term of ten years. For employees, the options granted prior to May 2011 generally become exercisable and vest 25 percent per year beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. Grants during and after May 2011 become exercisable and vest 33 percent per year beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. For directors, the options generally become exercisable in full on the first anniversary of the grant date.

The weighted average grant date fair value of options that were granted for the nine months ended September 30, 2011 was $4.23.

The following table summarizes our weighted average assumptions used in the valuation of options:

	2011
Volatility	44.0	%
Risk-free interest rate	2.2	%
Expected life (months)	70
Dividend yield	—	%

As of September 30, 2011 there was $8.1 million of total unrecognized compensation expense related to non-vested stock options granted under our Stock Plans. That expense is expected to be recognized over a weighted average period of 2.4 years.

Restricted Stock

The following table summarizes our restricted stock activity:

	Restricted Stock		Weighted Average Grant Date Fair Value Per Share
Nonvested as of December 31, 2010	739,196		$	11.34
Granted	352,040		9.54
Vested	(269,378	)	12.21
Forfeited	(53,227	)	12.08
Nonvested as of September 30, 2011	768,631		$	10.16

The cost of the awards is determined using the fair value of the Company’s common stock on the date of the grant and compensation is recognized on a straight-line basis over the requisite vesting period. For employees, the restricted shares granted prior to May 2011 generally vest 25 percent per year beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. Grants during and after May 2011 become exercisable and vest 33 percent per year beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. For directors, the restricted shares generally vest in full on the first anniversary of the grant date.

As of September 30, 2011 there was $6.4 million of total unrecognized compensation expense related to non-vested restricted stock granted under our Stock Plans. That expense is expected to be recognized over a weighted average period of 2.4 years.