Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

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

Stock-Based Compensation

Stock-Based Compensation

Stock compensation consisted of the following:

	Three Months Ended
	March 31,
(In millions)	2013		2012
Stock compensation expense	$	1.8	$	1.9

We have stock-based compensation awards consisting of stock options and restricted stock outstanding under five plans (collectively, the Stock Plans) which are described in detail in our 2012 Annual Report on Form 10-K. As of March 31, 2013 there were 1,293,247 shares available for grant under our 2011 Stock Incentive Plan (2011 Incentive Plan). On May 8, 2013, at the Company's 2013 Annual Meeting of Shareholders, the Company's shareholders approved various amendments to 2011 Incentive Plan including increasing the number of shares of our common stock that may be issued pursuant to stock-based awards made under the 2011 Incentive Plan by 1,543,000 shares to a total of 6,043,000 shares. 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, 2012	5,818,472		$	16.57
Granted	882,602		3.86
Exercised	—		—
Canceled	(201,772	)	24.53
Forfeited	(121,738	)	7.39
Outstanding March 31, 2013	6,377,564		$	14.73
Exercisable as of March 31, 2013	3,385,768		$	21.90

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 three months ended March 31, 2013 was $1.61 per award. The following table summarizes our weighted average assumptions used in the valuation of options:

	2013
Volatility	42.9	%
Risk-free interest rate	1.1	%
Expected life (months)	71
Dividend yield	—

As of March 31, 2013, there was $5.5 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 1.9 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, 2012	1,025,804		$	7.12
Granted	4,967		3.48
Vested	(6,150	)	8.16
Forfeited	(56,452	)	7.36
Nonvested as of March 31, 2013	968,169		$	7.09

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 March 31, 2013, there was $3.5 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 1.6 years.