Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

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
	Year Ended December 31,
	2012			2011			2010
Weighted-average grant-date fair value of awards granted during the period	$	14.29		$	18.80		$	27.55
Risk-free interest rate range	0.63% - 1.04%			n/a			n/a
Weighted-average risk-free interest rate	0.8		%	2.1		%	2.3		%
Expected price volatility range	55.9% - 56.5%			n/a			n/a
Weighted-average expected price volatility	55.9		%	54.7		%	30.3		%
Expected dividend yield	0.26		%	0.21		%	1.18		%
Expected term in years at the date of grant	5.0			5.0			5.2

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 Exercise 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	304,660		30.75
Exercised	(610,883	)	14.87
Forfeited	—		—		—
Outstanding at December 31, 2012	1,697,471		$	25.23	3.64	$	10.5
Options Exercisable at December 31, 2012	1,230,843		$	22.50	2.88	$	10.3
Unvested Options at December 31, 2012	466,628		$	32.40	5.65	$	0.2

Restricted Shares and Performance Share Units Activity

Restricted Shares

Restricted share grants typically vest in equal installments over a three-year period from the grant date. The grant date fair value is determined based on the closing bid price of the Company's common stock on the grant date. The total fair value of restricted stock that vested during the years ended December 31, 2012 and 2011, was $16.7 million and $11.7 million, respectively, with minimal vestings in 2010. The Company realized $0.3 million income tax expense and $1.0 million income tax benefit for the years ended December 31, 2012 and 2011, respectively, and increased the Company's APIC pool by $0.9 million as of December 31, 2012. The weighted average grant-date fair value of restricted stock granted during the years was $30.54 per share, $38.50 per share and $28.70 per share for the years ended December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, $16.5 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 2.09 years.

Transactions involving restricted shares under the terms of the LTSIP are summarized below:



	Restricted Shares Outstanding		Weighted- Average Grant-Date Fair Value
			(per share)
Unvested balance at December 31, 2011	1,099,752		$	32.80
Granted	827,986		30.54
Vested	(541,230	)	31.90
Forfeited	(85,920	)	32.30
Unvested balance at December 31, 2012	1,300,588		$	31.78

Performance Share Units

The 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 granted during the period was $30.90 per unit and $39.07 per unit for the years ended December 31, 2012 and 2011, respectively. As of December 31, 2012, $3.2 million of unrecognized compensation cost classified as a liability, 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 1.90 years.

Transactions involving performance share units under the terms of the CIP are summarized below:



	Performance Share Units Outstanding		Weighted- Average Grant-Date Fair Value
Unvested balance at December 31, 2011	115,274		$	39.07
Granted	180,923		30.90
Vested	—		—
Forfeited	(12,713	)	35.69
Unvested balance at December 31, 2012	283,484		$	34.01