Stock-Based Compensation

9 Months Ended

Sep. 30, 2012

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

Stock-Based Compensation

Stock-Based Compensation

Stock compensation consisted of the following:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2012		2011		2012		2011
Stock compensation expense	$	1.9	$	1.9	$	5.5	$	5.5

We have stock-based compensation awards consisting of stock options and restricted stock outstanding under four plans (collectively, the Stock Plans) which are described in detail in our 2011 Annual Report on Form 10-K. As of September 30, 2012 there were 2,021,857 shares available for grant under our 2011 Stock Incentive Plan. No further shares were available for grant under any other stock incentive 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	1,158,882		5.82
Exercised	—		—
Canceled	(521,772	)	26.85
Forfeited	(199,406	)	9.84
Outstanding September 30, 2012	6,117,283		$	16.84
Exercisable as of September 30, 2012	3,742,221		$	22.60

The outstanding options are non-qualified and generally have a term of ten years. The weighted average grant date fair value of options that were granted for the nine months ended September 30, 2012 was $2.54 per award. The following table summarizes our weighted average assumptions used in the valuation of options:

	2012
Volatility	45.1	%
Risk-free interest rate	1.1	%
Expected life (months)	71
Dividend yield	—

As of September 30, 2012, there was $6.5 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 2.0 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	657,916		5.79
Vested	(305,509	)	10.45
Forfeited	(88,806	)	10.24
Nonvested as of September 30, 2012	1,058,647		$	7.24

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.

As of September 30, 2012, there was $5.9 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 1.9 years.