Equity

9 Months Ended

Sep. 30, 2011

Equity

Equity

Note 4— Equity

Equity-based Compensation

Equity-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over each employee’s requisite service period. The following compensation expense was included in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2011 and 2010 (in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2011		2010		2011		2010
Equity-based compensation expense	$	2,951	$	2,356	$	9,472	$	6,222

As a result of the discontinuance of our CIGS solar systems business, equity-based compensation expense related to Solar employees totaling $0.1 million and $0.7 million, and $0.3 million and $0.8 million has been classified as discontinued operations in determining the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2011 and 2010, respectively.

As a result of the sale of our Metrology segment to Bruker, equity-based compensation expense related to Metrology employees totaling $4.9 million and $5.6 million has been classified as discontinued operations in determining the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2010, respectively.

As of September 30, 2011, the total unrecognized compensation costs related to nonvested stock and stock option awards was $17.0 million and $14.8 million, respectively. The related weighted average period over which we expect that such unrecognized compensation costs will be recognized is approximately 3.2 years for nonvested stock awards and 2.0 years for option awards.

Stock Option and Restricted Stock Activity

A summary of our restricted stock awards including restricted stock units for the nine months ended September 30, 2011, is presented below:

	Shares (000’s)		Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2010	616		$	19.06
Granted	279		51.11
Vested	(173	)	14.33
Forfeited (including cancelled awards)	(87	)	26.83
Nonvested at September 30, 2011	635		$	33.36

A summary of our stock option awards for the nine months ended September 30, 2011, is presented below:

	Shares (000s)		Weighted- Average Exercise Price		Aggregate Intrinsic Value (000s)		Weighted- Average Remaining Contractual Life (in years)
Outstanding at December 31, 2010	2,569		$	19.71
Granted	368		50.65
Exercised	(638	)	15.63
Forfeited (including cancelled options)	(141	)	29.17
Outstanding at September 30, 2011	2,158		$	25.56	$	19,273	6.1
Options exercisable at September 30, 2011	1,006		$	17.92	$	12,482	4.6

Treasury Stock

On August 24, 2010, our Board of Directors authorized the repurchase of up to $200 million of our common stock. This repurchase program was completed by August 19, 2011. Repurchases were made from time to time on the open market in accordance with applicable federal securities laws. During the three months ended September 30, 2011, we purchased 3,994,940 shares for $154.3 million (including transaction costs) under the program at an average cost of $38.63 per share. During the nine months ended September 30, 2011, we purchased 4,160,228 shares for $162.1 million (including transaction costs) under the program at an average cost of $38.96 per share. These stock repurchases are included as a reduction to Equity in the Condensed Consolidated Balance Sheet.