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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2012
Stock-Based Compensation  
Stock-based compensation expense

 

 

Three Months Ended March 31,

 

 

 

2012 

 

2011

 

Stock options

 

$

1.7

 

$

1.6

 

Restricted stock

 

0.2

 

0.2

 

Total stock-based compensation, pre-tax

 

1.9

 

 1.8

 

Tax benefit

 

0.3

 

0.3

 

Total stock-based compensation, net of tax

 

$

1.6

 

$

 1.5

 

Assumptions regarding volatility, expected life, dividend yield and risk free interest

 

 

2012 

 

2011

 

Risk-free interest rates

 

1.24% -1.78%

 

2.56% -3.12%

 

Expected life

 

6.5 years

 

6.5 years

 

Volatility

 

55.9%

 

57.2%

 

Expected dividend yield

 

0.0%

 

0.0%

Schedule of stock option activity

 

 

Shares
Subject to
Options

 

Weighted
Average
Option Price

 

Weighted
Average
Remaining
Contractual
Term (Yrs)

 

Aggregate
Intrinsic Value
(in millions) (b)

 

Outstanding at December 31, 2011

 

5,096,253

 

$

10.64

 

 

 

 

 

Granted

 

113,500

 

14.21

 

 

 

 

 

Exercised

 

(220,991

)

8.20

 

 

 

$

1.7

 

Forfeited

 

(99,865

)

13.81

 

 

 

 

 

Outstanding at March 31, 2012

 

4,888,897

 

$

10.77

 

6.4

 

$

22.7

 

 

 

 

 

 

 

 

 

 

 

Exercisable at March 31, 2012

 

2,615,065

 

$

8.90

 

5.0

 

$

16.8

 

 

 

 

 

 

 

 

 

 

 

Exercisable and expected to vest at March 31, 2012 (a)

 

4,759,289

 

$

10.71

 

6.3

 

$

22.4

 

 

(a)         In addition to the options that are exercisable at March 31, 2012, the Company expects a portion of the unvested options to become exercisable in the future. Options expected to vest in the future are determined by applying an estimated forfeiture rate to the options that are unvested as of March 31, 2012.

(b)        The aggregate intrinsic value is based on the positive difference between the fair value of the Company’s common stock price of $15.31 on March 31, 2012, or the date of exercises, as appropriate, and the exercise price of the underlying stock options.

Schedule of restricted stock activity

 

 

Shares
Subject to
Restriction

 

Weighted
Average Grant
Date Fair
Value

 

Outstanding at December 31, 2011

 

236,232

 

$

17.76

 

Vested

 

(24,210

)

10.01

 

Outstanding at March 31, 2012

 

212,022

 

$

18.64