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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2013
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 Assumptions
 
Nine Months Ended
 
September 30, 2013
Weighted-average grant-date fair value of awards granted during the period
$
15.16

Weighted-average risk-free interest rate
1.00
%
Weighted-average expected price volatility
58.3
%
Expected dividend yield
0.27
%
Expected term in years at the date of grant
5.5
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, 2012
1,697,471

 
$
25.23

 
 
 
 
Granted
330,592

 
30.06

 
 
 
 
Exercised
(209,500
)
 
9.60

 
 
 
 

Forfeited
—

 
—

 
 
 
 
Outstanding at September 30, 2013
1,818,563

 
$
27.90

 
3.9
 
$
3.6

Options Exercisable at September 30, 2013
1,236,211

 
$
26.36

 
3.0
 
$
3.6

Unvested Options at September 30, 2013
582,352

 
$
31.18

 
5.9
 
$
—
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 nine months ended September 30, 2013 and 2012, was $18.4 million and $16.6 million, respectively. The Company realized $0.4 million and $0.2 million of income tax expense for the nine months ended September 30, 2013 and 2012, respectively, with $0.1 million impact to the Company's APIC pool as of September 30, 2013. The weighted average grant-date fair value of restricted stock was $30.03 per share and $30.59 per share for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, $23.5 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 2.2 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, 2012
1,300,588

 
$
31.78

Granted
850,824

 
30.03

Vested
(620,065
)
 
31.42

Forfeited
(75,442
)
 
30.82

Unvested balance at September 30, 2013
1,455,905

 
$
30.96

 
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 was $30.12 per share and $30.90 per share for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, $8.5 million of unrecognized compensation cost, representing the fair market value of performance shares granted under the CIP, is expected to be recognized over a weighted-average vesting period of 2.0 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, 2012
283,484

 
$
34.01

Granted
223,844

 
30.12

Vested
—

 
—

Forfeited
(1,163
)
 
30.12

Unvested balance at September 30, 2013
506,165

 
$
32.30