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Accounting for Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2011
Accounting for Stock-Based Compensation [Abstract]  
Impact of Total Compensation Expense

The following table reflects the impact of total compensation expense related to stock-based equity plans on the reported operating results for the respective periods (in thousands):

 

                         
    Year Ended December 31,  
    2011     2010     2009  

Effect on income from continuing operations before income taxes

  $ (42,542   $ (38,779   $ (44,501
   

 

 

   

 

 

   

 

 

 

Effect on net income

  $ (27,014   $ (24,625   $ (26,986
   

 

 

   

 

 

   

 

 

 
Fair value of stock options

The fair value of stock options was estimated using the Black-Scholes option pricing model with the following assumptions during the years ended December 31, 2011, 2010 and 2009:

 

                         
    Year Ended December 31,  
    2011     2010     2009  

Expected volatility

    33.8     33.7     40.7

Expected dividends

    0       0       0  

Expected term

    4 years       3.1 years       4 years  

Risk-free interest rate

    1.63     1.41     1.64
Options outstanding and exercisable
                                 
    Shares     Weighted -
Average
Exercise
Price
    Weighted -
Average
Remaining
Contractual
Term
    Aggregate
Intrinsic
Value as of
December 31,
2011
 

Outstanding at December 31, 2008

    8,764,084     $ 30.97                  

Granted

    1,313,000       19.43                  

Exercised

    (680,898     18.74                  

Forfeited and cancelled

    (442,105     31.27                  
   

 

 

                         

Outstanding at December 31, 2009

    8,954,081       30.19                  

Granted

    1,447,500       33.89                  

Exercised

    (2,194,862     25.88                  

Forfeited and cancelled

    (372,387     29.80                  
   

 

 

                         

Outstanding at December 31, 2010

    7,834,332       32.08                  

Granted

    1,505,000       35.87                  

Exercised

    (623,341     30.34                  

Forfeited and cancelled

    (326,849     33.69                  
   

 

 

                         

Outstanding at December 31, 2011

    8,389,142     $ 32.83       5.3 years     $ 120  
   

 

 

                         

Exercisable at December 31, 2011

    5,884,262     $ 32.74       3.9 years     $ 74  
   

 

 

                         
Restricted stock outstanding

Restricted stock outstanding under the 2000 Plan and the 2009 Plan as of December 31, 2011, and changes during each of the years in the three-year period ended December 31, 2011 was as follows:

 

                 
    Shares     Weighted -
Average
Grant
Date Fair
Value
 

Unvested at December 31, 2008

    1,684,207     $ 35.57  

Granted

    1,188,814       18.45  

Vested

    (965,478     37.08  

Forfeited

    (10,002     32.52  
   

 

 

         

Unvested at December 31, 2009

    1,897,541       24.09  

Granted

    1,099,000       33.83  

Vested

    (860,749     27.04  

Forfeited

    (10,501     27.84  
   

 

 

         

Unvested at December 31, 2010

    2,125,291       27.92  

Granted

    1,109,949       37.57  

Vested

    (1,009,959     27.40  

Forfeited

    (17,669     35.68  
   

 

 

         

Unvested at December 31, 2011

    2,207,612       32.95  
   

 

 

         
Phantom stock and restricted stock

Phantom stock and RSUs outstanding as of December 31, 2011, and changes during each of the years in the three-year period ended December 31, 2011 were as follows:

 

                 
    Shares     Weighted -
Average
Grant
Date Fair
Value
 

Unvested at December 31, 2008

    —       $ —    

Phantom Stock Granted February 25, 2009

    42,906       18.18  

RSUs Granted May 19, 2009

    7,151       25.27  

Vested

    —         —    

Forfeited

    —         —    
   

 

 

         

Unvested at December 31, 2009

    50,057       19.19  

RSUs Granted February 24, 2010

    24,780       33.90  

Vested

    (21,449     18.97  

Forfeited

    —         —    
   

 

 

         

Unvested at December 31, 2010

    53,388       26.11  

RSUs Granted February 23, 2011

    22,128       37.96  

Vested

    (22,560     24.68  

Forfeited

    —         —    
   

 

 

         

Unvested at December 31, 2011

    52,956       31.67  
   

 

 

         
Deferred Director's Fee
                         
    Year Ended December 31,  
    2011     2010     2009  

Directors’ fees earned and deferred into plan

  $ 220     $ 180     $ 80  
   

 

 

   

 

 

   

 

 

 

Share equivalent units

    9,974       5,207       3,284