Share-Based Compensation (Tables)

3 Months Ended

Mar. 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 Three Months Ended March 31, 2012
Fair value of options at grant date	$	14.49
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		283,029			30.90
Exercised		(313,342	)		8.15
Forfeited		-			-
Outstanding at March 31, 2012		1,973,381		$	24.69		3.8	$	13.3
Options Excercisable at March 31, 2012		1,393,956		$	22.08		3.0	$	12.4
Unvested Options at March 31, 2012		579,425		$	30.97		6.0	$	0.9

Restricted Shares and Performance Share Units Activity

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		659,370			30.89
Vested		(362,743	)		32.85
Forfeited		(31,036	)		32.89
Unvested balance at March 31, 2012		1,365,343		$	31.87

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 three months ended March 31, 2012 and 2011, respectively. As of March 31, 2012, $4.4 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 2.6 years. Transactions involving performance shares 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		168,448			30.90
Vested		-			-
Forfeited		(2,707	)		39.07
Unvested balance at March 31, 2012		281,015		$	34.17