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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2012 is presented below:
 
Nonvested RSUs
 
Vested RSUs
 
Total RSUs
 
Amount
 
Weighted-Average
Grant Date  Fair Value Per Share
 
Outstanding at January 1, 2012
147,961

 
$
32.18

 
694,714

 
842,675

Granted (1)
204,829

 
44.34

 
—

 
204,829

Vested
(58,940
)
 
36.80

 
58,940

 
—

Settled (2)
 
 
 
 
(5,207
)
 
(5,207
)
Issuance of dividend equivalents (3)
 
 
 
 
21,262

 
21,262

Canceled (2)(4)
 
 
 
 
(7,054
)
 
(7,054
)
Outstanding as of September 30, 2012
293,850

 
$
41.57

 
762,655

 
1,056,505

________________________
(1)
Includes 103,239 RSUs issued to the Company's Chief Executive Officer, as described above.
(2)
In August 2012, certain vested RSUs were settled in shares of the Company's common stock.
(3)
RSUs issued as dividend equivalents are vested upon issuance.
(4)
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 the issuance, vesting or settlement of RSUs 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 nine months ended September 30, 2012 and 2011 is presented below:
 
RSUs Granted
 
RSUs Vested
Nine Months Ended September 30,
Non-Vested RSUs Issued
 
Weighted-Average Grant Date Fair Value Per Share
 
Vested RSUs
 
Total Vest-Date Fair Value (1)            (in thousands)
2012
204,829

 
$
44.34

 
(58,940
)
 
$
2,420

2011
107,673

 
37.94

 
(23,035
)
 
897

_______________________
(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 September 30, 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
62,137

 
41.84

Vested (1)
(35,623
)
 
37.90

Outstanding as of September 30, 2012
110,480

 
$
41.64

________________________
(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 share activity for the nine months ended September 30, 2012 and 2011 is presented below:
 
Shares Granted
 
Shares Vested
Nine Months Ended September 30,
Non-Vested Shares Issued
 
Weighted-Average Grant Date Fair Value Per Share
 
Vested Shares
 
Total Fair Value at Vest Date(1)          (in thousands)
2012
62,137

 
$
41.84

 
(35,623
)
 
$
1,388

2011
68,727

 
37.83

 
(9,474
)
 
370

_______________________
(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 date 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 September 30, 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
(10,000
)
 
42.61
 
 
Outstanding at September 30, 2012 (2)(3)
1,540,000

 
$42.61
 
9.4
________________________
(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 September 30, 2012, none of the outstanding stock options were exercisable.
(3)
The total intrinsic value of options outstanding at September 30, 2012 was $3.3 million