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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2012
Share-based Compensation [Abstract]  
Schedule of calculated fair value of options granted and major assumptions used
The calculated fair value of options granted and major assumptions used in the model at the date of grant are listed below:
 
 
Stock Option Variables
 
Nine Months Ended
 
September 30, 2012
Fair value of options at grant date
$
14.29

Risk-free interest rate
0.81
%
Expected price volatility
55.9
%
Expected dividend yield
0.26
%
Expected life in years
5.0
Summary of stock option transactions under the terms of LTSIP
Stock option transactions under the terms of the LTSIP are summarized below:
 
 
Options
Outstanding
 
Weighted-
Average Price
 
Weighted-Average
Remaining
Contractual Term
 
Aggregate
Intrinsic Value
 
 
 
(per share)
 
(in years)
 
(in millions)
Outstanding at December 31, 2011
2,003,694

 
$
21.23

 
 
 
 
Granted
301,035

 
30.76

 
 
 
 
Exercised
(336,675
)
 
9.21

 
 

 
 

Forfeited
—

 
—

 
—

 
 
Outstanding at September 30, 2012
1,968,054

 
$
24.74

 
3.4

 
$
15.1

Options Exercisable at September 30, 2012
1,505,051

 
$
22.38

 
2.6

 
$
14.6

Unvested Options at September 30, 2012
463,003

 
$
32.43

 
5.9

 
$
0.2
Restricted Shares and Performance Share Units Activity
Restricted Shares
 
Restricted share grants typically vest in equal installments over a three or four-year period from the grant date. The total fair value of restricted stock that vested during the nine months ended September 30, 2012 and 2011, was $16.6 million and $11.5 million, respectively. The weighted average grant-date fair value of restricted stock was $30.59 per share and $39.26 per share for the nine months ended September 30, 2012 and 2011, respectively. As of September 30, 2012, $21.1 million of unrecognized compensation cost related to restricted shares granted under the LTSIP is expected to be recognized over a weighted-average vesting period of 2.2 years.
 
Transactions involving restricted shares under the terms of the LTSIP are summarized below:
 
 
Restricted Shares
Outstanding
 
Weighted-
Average Price
 
 
 
(per share)
Unvested balance at December 31, 2011
1,099,752

 
$
32.80

Granted
778,780

 
30.59

Vested
(538,668
)
 
31.88

Forfeited
(61,502
)
 
32.70

Unvested balance at September 30, 2012
1,278,362

 
$
31.85

 
Performance Share Units
 
Cash payouts are dependent upon the Company’s total shareholder return compared to a group of its peers over a three-year period. The awards are denominated in share units but delivered in cash at the end of the performance period. The weighted average grant-date fair value of the performance share units was $30.90 per share and $39.07 per share for the nine months ended September 30, 2012 and 2011, respectively. As of September 30, 2012, $6.2 million of unrecognized compensation cost, or the fair market value, related to performance shares granted under the CIP is expected to be recognized over a weighted-average vesting period of 2.1 years.
 
Transactions involving performance share units under the terms of the CIP are summarized below:
 
 
Performance Share
Units Outstanding
 
Weighted-
Average Price
Unvested balance at December 31, 2011
115,274

 
$
39.07

Granted
179,304

 
30.90

Vested
—

 
—

Forfeited
(12,713
)
 
35.69

Unvested balance at September 30, 2012
281,865

 
$
34.03