Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

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
	March 31,
(In millions)	2012		2011
Stock compensation expense	$	1.9	$	1.8

We have stock-based compensation awards outstanding under five plans (collectively, the Stock Plans) consisting of stock options and restricted stock. As of March 31, 2012 there were 3,707,896 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, 2011	5,679,579		$	19.87
Granted	89,832		6.19
Exercised	—		—
Cancelled	(162,406	)	25.39
Forfeited	(47,831	)	10.20
Outstanding March 31, 2012	5,559,174		$	19.51
Exercisable as of March 31, 2012	3,223,507		$	26.25

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 three months ended March 31, 2012 was $2.71. The following table summarizes our weighted average assumptions used in the valuation of options:

	2012
Volatility	45.9	%
Risk-free interest rate	1.1	%
Expected life (months)	70
Dividend yield	—	%

As of March 31, 2012 there was $6.2 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 2.1 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, 2011	795,046		$	10.02
Granted	7,110		6.13
Vested	(2,967	)	12.08
Forfeited	(17,847	)	10.52
Nonvested as of March 31, 2012	781,342		$	9.96

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 March 31, 2012 there was $4.8 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 2.1 years.