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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:

 

     Shares     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   
  

 

 

   

 

 

 
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):

 

     Years Ended December 31,  
     2012      2011      2010  

Weighted average grant date fair value

   $ 110.04       $ 129.55       $ 107.03   
  

 

 

    

 

 

    

 

 

 

Fair value of shares vested

   $ 15,653       $ 24,865       $ 2,833   
  

 

 

    

 

 

    

 

 

 
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):

 

     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   
  

 

 

    

 

 

    

 

 

 

Total stock-based compensation expense

     19,648         23,881         27,168   

Total stock-based compensation capitalized

     195         886         617   
  

 

 

    

 

 

    

 

 

 

Total stock-based compensation costs

   $ 19,843       $ 24,767       $ 27,785   
  

 

 

    

 

 

    

 

 

 
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:

 

     Options     Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term
     Aggregate
Intrinsic
Value
 

Outstanding at January 1, 2012

     2,729,124      $ 63.49         

Granted

     173,830      $ 101.60         

Exercised

     (332,576   $ 46.86         

Canceled/Expired

     (172,558   $ 86.65         
  

 

 

         

Outstanding at December 31, 2012

     2,397,820      $ 66.89         6.08       $ 110,155,465   
  

 

 

         

Fully vested and expected to vest at December 31, 2012

     2,285,904      $ 66.60         6.07       $ 105,717,827   
  

 

 

         

Exercisable at December 31, 2012

     311,290      $ 63.00         3.96       $ 15,907,396   
  

 

 

         
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):

 

     Years Ended December 31,  
     2012      2011      2010  

Weighted average grant date fair value

   $ 33.03       $ 48.31       $ 40.32   
  

 

 

    

 

 

    

 

 

 

Intrinsic value of stock options exercised

   $ 22,416       $ 36,776       $ 63,095   
  

 

 

    

 

 

    

 

 

 

Net cash proceeds from the exercise of stock options

   $ 15,583       $ 23,789       $ 66,186   
  

 

 

    

 

 

    

 

 

 

Tax benefits realized from the exercise of stock options and vesting of restricted stock

   $ 5,537       $ 11,176       $ 10,480   
  

 

 

    

 

 

    

 

 

 
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:

 

     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:

 

    Options     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term
    Aggregate
Intrinsic
Value
 

Outstanding at January 1, 2012

    1,350,000      $ 1.98       

Granted

    760,000        2.46       

Exercised

    —          —         
 

 

 

       

Outstanding at December 31, 2012

    2,110,000        2.15        8.3      $ 1,416,513   
 

 

 

       

Fully vested and expected to vest at December 31, 2012

    2,110,000        2.15        8.3      $ 1,416,513   
 

 

 

       

Exercisable at December 31, 2012

    430,000        1.77        7.5      $ 452,880   
 

 

 

       
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