Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
Schedule of WRL Stock Plan Nonvested Shares |
A summary of
the status of the WRL Stock Plan’s nonvested shares as of
December 31, 2012 and changes during the year then ended is
presented below:
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Shares |
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|
Weighted
Average
Grant Date
Fair Value |
|
Nonvested at January 1,
2012
|
|
|
794,500 |
|
|
$ |
98.08 |
|
Granted
|
|
|
41,500 |
|
|
|
110.04 |
|
Vested
|
|
|
(153,000 |
) |
|
|
76.93 |
|
Canceled
|
|
|
(31,500 |
) |
|
|
109.34 |
|
|
|
|
|
|
|
|
|
|
Nonvested at December 31,
2012
|
|
|
651,500 |
|
|
$ |
103.27 |
|
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Summary of Nonvested Stock of WRL Stock Plan |
The following
information is provided for nonvested stock of the WRL Stock Plan
(amounts in thousands, except weighted average grant date fair
value):
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Years Ended
December 31, |
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2012 |
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|
2011 |
|
|
2010 |
|
Weighted average grant date
fair value
|
|
$ |
110.04 |
|
|
$ |
129.55 |
|
|
$ |
107.03 |
|
|
|
|
|
|
|
|
|
|
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|
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Fair value of shares
vested
|
|
$ |
15,653 |
|
|
$ |
24,865 |
|
|
$ |
2,833 |
|
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|
|
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|
|
|
|
|
|
|
|
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|
Summary Of Total Compensation Cost For WRL And WML Stock Plan |
The total
compensation cost for both the WRL Stock Plan and the WML Stock
Plan is allocated as follows (amounts in thousands):
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Years Ended
December 31, |
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
Casino
|
|
$ |
4,794 |
|
|
$ |
8,997 |
|
|
$ |
10,497 |
|
Rooms
|
|
|
313 |
|
|
|
383 |
|
|
|
455 |
|
Food and
beverage
|
|
|
178 |
|
|
|
429 |
|
|
|
301 |
|
Entertainment, retail and
other
|
|
|
43 |
|
|
|
24 |
|
|
|
87 |
|
General and
administrative
|
|
|
14,320 |
|
|
|
14,048 |
|
|
|
15,828 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total stock-based
compensation expense
|
|
|
19,648 |
|
|
|
23,881 |
|
|
|
27,168 |
|
Total stock-based
compensation capitalized
|
|
|
195 |
|
|
|
886 |
|
|
|
617 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total stock-based
compensation costs
|
|
$ |
19,843 |
|
|
$ |
24,767 |
|
|
$ |
27,785 |
|
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|
WRL Stock Plan
|
|
Summary of Option Activity |
A summary of
option activity under the WRL Stock Plan as of December 31,
2012, and the changes during the year then ended is presented
below:
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Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding at
January 1, 2012
|
|
|
2,729,124 |
|
|
$ |
63.49 |
|
|
|
|
|
|
|
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|
Granted
|
|
|
173,830 |
|
|
$ |
101.60 |
|
|
|
|
|
|
|
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Exercised
|
|
|
(332,576 |
) |
|
$ |
46.86 |
|
|
|
|
|
|
|
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Canceled/Expired
|
|
|
(172,558 |
) |
|
$ |
86.65 |
|
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Outstanding at
December 31, 2012
|
|
|
2,397,820 |
|
|
$ |
66.89 |
|
|
|
6.08 |
|
|
$ |
110,155,465 |
|
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|
|
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Fully vested and expected
to vest at December 31, 2012
|
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|
2,285,904 |
|
|
$ |
66.60 |
|
|
|
6.07 |
|
|
$ |
105,717,827 |
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Exercisable at
December 31, 2012
|
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|
311,290 |
|
|
$ |
63.00 |
|
|
|
3.96 |
|
|
$ |
15,907,396 |
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|
Schedule Of Stock Option Information |
The following
information is provided for stock options of the WRL Stock Plan
(amounts in thousands, except weighted average grant date fair
value):
|
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|
|
|
|
|
|
|
|
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|
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|
Years Ended
December 31, |
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
Weighted average grant date
fair value
|
|
$ |
33.03 |
|
|
$ |
48.31 |
|
|
$ |
40.32 |
|
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|
Intrinsic value of stock
options exercised
|
|
$ |
22,416 |
|
|
$ |
36,776 |
|
|
$ |
63,095 |
|
|
|
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|
|
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|
Net cash proceeds from the
exercise of stock options
|
|
$ |
15,583 |
|
|
$ |
23,789 |
|
|
$ |
66,186 |
|
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Tax benefits realized from
the exercise of stock options and vesting of restricted
stock
|
|
$ |
5,537 |
|
|
$ |
11,176 |
|
|
$ |
10,480 |
|
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|
Summary Of Fair Value Per Option Estimated On Date Of Grant |
The fair value
of stock options granted under the WRL Stock Plan was estimated on
the date of grant using the following weighted-average
assumptions:
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|
Years Ended December 31, |
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
Expected dividend
yield
|
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
1.23 |
% |
Expected stock price
volatility
|
|
|
48.8 |
% |
|
|
49.7 |
% |
|
|
60.9 |
% |
Risk-free interest
rate
|
|
|
1.18 |
% |
|
|
2.4 |
% |
|
|
3.1 |
% |
Expected average life of
options (years)
|
|
|
7.0 |
|
|
|
6.5 |
|
|
|
6.9 |
|
|
WML Stock Plan
|
|
Summary of Option Activity |
A summary of
option activity under the WML Stock Plan as of December 31,
2012, and the changes during the year then ended is presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding at
January 1, 2012
|
|
|
1,350,000 |
|
|
$ |
1.98 |
|
|
|
|
|
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Granted
|
|
|
760,000 |
|
|
|
2.46 |
|
|
|
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Exercised
|
|
|
— |
|
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|
— |
|
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Outstanding at
December 31, 2012
|
|
|
2,110,000 |
|
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|
2.15 |
|
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|
8.3 |
|
|
$ |
1,416,513 |
|
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|
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|
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Fully vested and expected
to vest at December 31, 2012
|
|
|
2,110,000 |
|
|
|
2.15 |
|
|
|
8.3 |
|
|
$ |
1,416,513 |
|
|
|
|
|
|
|
|
|
|
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|
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|
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Exercisable at
December 31, 2012
|
|
|
430,000 |
|
|
|
1.77 |
|
|
|
7.5 |
|
|
$ |
452,880 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Schedule Of Stock Option Information |
The following
information is provided for stock options of the WML Stock Plan
(amounts in thousands, except weighted average grant date fair
value):
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2012 |
|
|
2011 |
|
Weighted average grant date
fair value
|
|
$ |
0.78 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
Intrinsic value of stock
options exercised
|
|
$ |
— |
|
|
$ |
99.2 |
|
|
|
|
|
|
|
|
|
|
Net cash proceeds from the
exercise of stock options
|
|
$ |
— |
|
|
$ |
70.2 |
|
|
|
|
|
|
|
|
|
|
|
Summary Of Fair Value Per Option Estimated On Date Of Grant |
The fair value
of stock options granted under the WML Stock Plan was estimated on
the date of grant using the following assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
Expected dividend
yield
|
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
— |
% |
Expected stock price
volatility
|
|
|
49.0 |
% |
|
|
37.8 |
% |
|
|
40.8 |
% |
Risk-free interest
rate
|
|
|
0.67 |
% |
|
|
2.1 |
% |
|
|
2.4 |
% |
Expected average life of
options (years)
|
|
|
6.5 |
|
|
|
6.5 |
|
|
|
6.5 |
|
|