Equity

3 Months Ended

Mar. 31, 2012

Equity

Equity

Note 3— 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 months ended March 31, 2012 and 2011 (in thousands):

	Three months ended
	March 31,
	2012		2011
Equity-based compensation expense	$	3,130	$	2,800

As a result of the discontinuance of our CIGS solar systems business, equity-based compensation expense related to the business totaling $0.3 million has been classified as discontinued operations in determining the Condensed Consolidated Statements of Income for the three months ended March 31, 2011.

As of March 31, 2012, the total unrecognized compensation costs related to nonvested stock and stock option awards was $13.8 million and $10.5 million, respectively. The related weighted average period over which we expect that such unrecognized compensation costs will be recognized is approximately 2.9 years for nonvested stock awards and 1.7 years for option awards.

Stock Option and Restricted Stock Activity

A summary of our restricted stock awards including restricted stock units for the three months ended March 31, 2012, is presented below:

	Shares (000’s)		Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2011	618		$	33.61
Granted	9		25.87
Vested	(10	)	30.88
Forfeited (including cancelled awards)	(25	)	31.54
Nonvested at March 31, 2012	592		$	33.63

A summary of our stock option awards for the three months ended March 31, 2012, is presented below:

	Shares (000s)		Weighted- Average Exercise Price		Aggregate Intrinsic Value (000s)		Weighted- Average Remaining Contractual Life (in years)
Outstanding at December 31, 2011	2,106		$	25.58
Granted	10		23.58
Exercised	(38	)	14.11
Forfeited (including cancelled options)	(40	)	29.42
Outstanding at March 31, 2012	2,038		$	25.71	$	16,662	5.8
Options exercisable at March 31, 2012	967		$	18.47	$	10,841	4.3

Treasury Stock

On August 24, 2010, our Board of Directors authorized the repurchase of up to $200 million of our common stock. The Company had no share repurchase activity for the three months ended March 31, 2011. All funds for this repurchase program were exhausted as of August 19, 2011. Repurchases were made from time to time on the open market in accordance with applicable federal securities laws.