Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

Stock-Based Compensation [Abstract]

Stock-Based Compensation

3. Stock-Based Compensation

Stock-based compensation is accounted for in accordance with ASC Topic 718, Compensation – Stock Compensation ("ASC Topic 718"). Under this method, the Company recognizes share-based compensation ratably using the straight-line attribution method over the requisite service period. In addition, pursuant to ASC Topic 718, the Company is required to estimate the amount of expected forfeitures when calculating share-based compensation, instead of accounting for forfeitures as they occur. 

Stock Award Plans

The Company made various award grants under the 2009 Long-Term Incentive Plan prior to May 2012.  In May 2012, the Company's stockholders approved the 2012 Long-Term Incentive Plan (the "Incentive Plan"), which had been previously approved by the Company's Board of Directors.  The Incentive Plan allows for the granting of various types of stock awards, not to exceed a total of 2.5 million shares, to eligible individuals.  The Compensation Committee of the Board of Directors administers the Incentive Plan and determines the terms of all stock awards made under the Incentive Plan.

Stock-based compensation cost recognized for the three and six months ended June 30, 2013 was approximately $2.8 million and $5.4 million, respectively, which included $0.4 and $0.8 million, respectively, of expense for retirement savings plan contributions.  The associated current and future income tax benefits recognized were $0.9 million and $1.7 million for the three and six months ended June 30, 2013, respectively.  Stock-based compensation cost recognized for the three and six months ended June 30, 2012 was approximately $2.3 million and $4.5 million, respectively, which included $0.3 and $0.7 million, respectively, of expense for retirement savings plan contributions.  The associated current and future income tax benefits recognized were $0.7 million and $1.4 million for the three and six months ended June 30, 2012, respectively. As of June 30, 2013, there was $15.2 million of total unrecognized compensation cost related to non-vested share-based awards. This cost is expected to be recognized over a weighted-average period of two years.

Stock option activity for the six months ended June 30, 2013 was as follows (shares in thousands):

	Shares			Weighted-Average Exercise Price
Options outstanding at December 31, 2012		303		$	5.08
Options exercised		(30	)		2.18
Options canceled		(10	)		0.63
Options outstanding at June 30, 2013		263			5.58
Options vested at June 30, 2013		263		$	5.58

Restricted stock activity for the six months ended June 30, 2013 was as follows (shares in thousands):

	Shares			Weighted- Average Grant Date Fair Value
Restricted stock awards outstanding at December 31, 2012		1,939		$	9.93
Awards granted		371			11.64
Awards vested		(282	)		10.82
Awards forfeited		(59	)		9.83
Restricted stock awards outstanding at June 30, 2013		1,969		$	10.12