Stock Incentive Plan

12 Months Ended

Dec. 31, 2011

Stock Incentive Plan [Abstract]

Stock Incentive Plan

Stock Incentive Plan

The Company has not issued any stock options under its stock incentive plan since 2004. All outstanding options are vested and exercisable. The following table summarizes stock option information:

	2011			2010			2009
	Shares	Price(1)		Shares	Price(1)		Shares	Price(1)
Outstanding at beginning of year	3,503,384	$	10.42	5,700,552	$	9.53	6,566,377	$	9.06
Exercised	2,185,952	10.05		2,191,260	8.11		860,074	5.93
Cancelled	3,375	10.07		5,908	10.07		5,751	10.85
Outstanding at year end	1,314,057	$	11.04	3,503,384	$	10.42	5,700,552	$	9.53

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(1) Weighted average exercise price.

The following table summarizes information about stock options outstanding at December 31, 2011:

	Options Outstanding and Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Remaining Contractual Life (in years)	Weighted Average Price
$0 to $10.00	412,078	0.60	$	10.07
$10.01 to $17.62	901,979	0.32	11.48
Total	1,314,057	0.41	$	11.04

Pursuant to the stock incentive plan, the Company may also issue restricted stock units (RSUs) to officers of the Company and its subsidiaries. The RSUs generally vest five years from the award date and are subject to other vesting and forfeiture provisions contained in the award agreement. The following table summarizes RSU information for the three years ended December 31, 2011:

(Dollars in thousands)	2011		2010		2009
RSUs granted and unvested at beginning of period:	4,945,375		3,713,025		4,971,231
Granted	107,500		2,310,650		119,500
Vested	(576,050	)	(916,750	)	(1,287,943	)
Cancelled	(105,850	)	(161,550	)	(89,763	)
RSUs granted and unvested at end of period:	4,370,975		4,945,375		3,713,025

Upon vesting, shares of the Company’s common stock equal to the number of vested RSUs are issued or deferred to a later date, depending on the terms of the specific award agreement. As of December 31, 2011, 2,641,177 shares related to vested RSUs had been deferred.

The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2011:

(Dollars in thousands)	2011			2010			2009
Unearned compensation at beginning of year	$	76,139		$	46,801		$	68,503
RSUs granted, net of cancellations	2,832			58,462			2,783
RSUs expensed	(27,566		)	(27,035		)	(24,988		)
RSUs forfeiture adjustment	5,910			(2,089		)	503
Unearned compensation at end of year	$	57,315		$	76,139		$	46,801