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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2012

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

Schedule of Share-based Payment Award, Restricted Stock Units, Valuation Assumptions

The grant date fair value of these market measure-based RSUs was $4.3 million and was calculated using a Monte Carlo simulation pricing model based on the assumptions in the table below. The grant date fair value is allocated among each of the seven annual vesting tranches for these market measure-based RSUs and compensation expense will be recognized over the service vesting period using the accelerated expense attribution method.



	March 2012 Market Measure-based RSU Grant
Grant date fair value per share	$41.20
Expected share price volatility	31.00%
Risk-free interest rate	1.60%
Dividend yield	3.80%
Expected life	7 years

Summary of Restricted Stock Units

A summary of our time-based RSU activity from January 1, 2012 through March 31, 2012 is presented below:



	Nonvested RSUs				Vested RSUs		Total RSUs
	Amount		Weighted-Average Grant Date Fair Value Per Share		Vested RSUs		Total RSUs
Outstanding at January 1, 2012	147,961		$	32.18	694,714		842,675
Granted ⁽¹⁾	196,033		44.29		—		196,033
Vested	(48,864	)	36.20		48,864		—
Issuance of dividend equivalents ⁽²⁾					7,552		7,552
Canceled ⁽³⁾					(4,181	)	(4,181	)
Outstanding as of March 31, 2012	295,130		$	39.56	746,949		1,042,079

________________________


(1)	Includes 103,239 RSUs issued to the Company's Chief Executive Officer, as described above.


(2)	RSUs issued as dividend equivalents are vested upon issuance.


(3)	We accept the return of RSUs, at the current quoted closing share price of the Company's common stock, to satisfy minimum statutory tax-withholding requirements related to either RSUs that have vested or RSU dividend equivalents in accordance with the terms of the 2006 Plan.

Summary of Nonvested and Vested Restricted Stock Units

A summary of our time-based RSU activity for the three months ended March 31, 2012 and 2011 is presented below:



	RSUs Granted			RSUs Vested
Three Months Ended March 31,	Non-Vested RSUs Issued	Weighted-Average Grant Date Fair Value Per Share		Vested RSUs		Total Vest-Date Fair Value ⁽¹⁾ (in thousands)
2012	196,033	$	44.29	(48,864	)	$	1,961
2011	97,597	37.76		(10,079	)	382

_______________________


(1)	Total fair value of RSUs vested was calculated based on the quoted closing share price of the Company's common stock on the NYSE on the day of vesting.

Summary of nonvested shares

A summary of our nonvested shares activity from January 1, 2012 through March 31, 2012 is presented below:



Nonvested Shares	Shares		Weighted-Average Grant Date Fair Value Per Share
Outstanding at January 1, 2012	83,966		$	39.83
Granted	59,938		41.71
Vested ⁽¹⁾	(33,104	)	37.76
Outstanding as of March 31, 2012	110,800		$	41.46

________________________


(1)	The total shares vested include 22,312 shares that were tendered in accordance with the terms of the 2006 Plan to satisfy minimum statutory tax withholding requirements related to the restricted shares that have vested. We accept the return of shares at the current quoted closing share price of the Company's common stock to satisfy tax obligations.

Summary of nonvested and vested shares

A summary of our nonvested and vested shares activity for the three months ended March 31, 2012 and 2011 is presented below:



	Shares Granted			Shares Vested
Three Months Ended March 31,	Non-Vested Shares Issued	Weighted-Average Grant Date Fair Value Per Share		Vested Shares		Total Fair Value at Vest Date⁽¹⁾ (in thousands)
2012	59,938	$	41.71	(33,104	)	$	1,274
2011	66,208	37.76		(5,985	)	232

_______________________


(1)	Total fair value of shares vested was calculated based on the quoted closing share price of the Company's common stock on the NYSE on the day of vesting.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on the following assumptions for the February 2012 grant.



	February 2012 Option Grant
Fair value of options granted per share	$9.20
Expected stock price volatility	33.00%
Risk-free interest rate	1.35%
Dividend yield	3.80%
Expected life of option	6.5 years

Schedule of Share-based Compensation, Stock Options, Activity

A summary of our stock option activity from January 1, 2012 through March 31, 2012 is presented below:



	Number of Options		Exercise Price	Remaining Contractual Term (years)
Outstanding at January 1, 2012 ⁽¹⁾	5,000		$25.77
Granted	1,550,000		42.61
Exercised	(5,000	)	25.77
Forfeited	—		—
Outstanding at March 31, 2012 ⁽²⁾⁽³⁾	1,550,000		$42.61	9.9

________________________


(1)	Stock options outstanding as of December 31, 2011 were granted in 2002 and exercised in 2012 prior to expiration. No stock options were granted during 2003 through 2011.


(2)	As of March 31, 2012, none of the outstanding stock options were exercisable.


(3)	The total intrinsic value of options outstanding at March 31, 2012 was $6.2 million