Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

In March 2014, our named executive officers were granted a total of 356,292 restricted shares with service, market, and performance conditions. In the event the vesting conditions are not achieved, the awards will lapse. As of June 30, 2014, we expect the performance conditions to be met in full.

Charged to general and administrative expenses, total stock-based compensation expense was as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(In thousands)
Restricted stock and performance awards	$	4,214	$	7,111	$	8,822	$	10,959
Employee stock purchase plan and stock options	646		618		1,634		1,191
	$	4,860	$	7,729	$	10,456	$	12,150

As of June 30, 2014, there was $33.3 million of total unrecognized compensation expense related to unvested restricted stock awards, including those with performance conditions, which we expect to recognize over a remaining weighted-average period of 2.2 years. Also as of June 30, 2014, there was $0.4 million of total unrecognized compensation expense related to unvested stock options, which we expect to recognize over a weighted-average period of 1.6 years.

Restricted and performance stock activity for the six months ended June 30, 2014 is summarized below:



	Shares		Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2013	1,299,852		$	29.03
Granted	643,852		36.49
Vested	(574,708	)	27.35
Forfeited	(37,594	)	30.18
Unvested balance as of June 30, 2014	1,331,402		33.33

The total fair value of restricted and performance awards granted during the six months ended June 30, 2014 and 2013 was $23.5 million and $33.1 million, respectively. The total fair value of restricted awards, including those with performance and market conditions, vested during the six months ended June 30, 2014 and 2013 was $21.5 million and $16.2 million, respectively.

Stock option activity for the six months ended June 30, 2014 is summarized below:



	Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual term
					(In thousands)		(Years)
Outstanding as of December 31, 2013	379,221		$	24.14
Exercised	(81,300	)	23.37
Outstanding as of June 30, 2014	297,921		24.35		$	6,041	3.4
Stock options exercisable and expected to vest as of June 30, 2014	297,921		24.35		$	6,041	3.4
Exercisable as of June 30, 2014	262,921		23.16		$	5,644	2.8

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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