Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
Components of Share-Based Compensation Expense |
The components
of share-based compensation expense related to the awards to
Company employees and directors who are not employees of the
Company of restricted stock units and restricted stock awards
(representing shares of common stock) and options to purchase
shares of common stock, as applicable, are presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended |
|
(in thousands) |
|
December 31,
2013 |
|
|
December 31,
2012 |
|
|
December 31,
2011 |
|
|
|
|
|
Deferred stock
|
|
$ |
23,910 |
|
|
$ |
23,198 |
|
|
$ |
27,067 |
|
Stock options
|
|
|
1,643 |
|
|
|
2,398 |
|
|
|
4,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
25,553 |
|
|
$ |
25,596 |
|
|
$ |
31,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Vested and Unvested Deferred Stock Awards Activity |
The following
table sets forth activity concerning the Company’s vested and
unvested deferred stock awards applicable to its
employees:
|
|
|
|
|
|
|
|
|
For the Year
Ended December 31, 2013
|
|
Number of
Shares
(in thousands) |
|
|
Weighted
Average
Grant
Date Fair
Value |
|
Vested and unvested
deferred stock awards at December 31, 2012
|
|
|
1,440 |
|
|
$ |
32.47 |
|
Granted
|
|
|
797 |
|
|
$ |
34.06 |
|
Conversion to common
stock
|
|
|
(847 |
) |
|
$ |
32.30 |
|
Canceled
|
|
|
(153 |
) |
|
$ |
30.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and unvested
deferred stock awards at December 31, 2013 (1)
|
|
|
1,237 |
|
|
$ |
33.84 |
|
|
|
|
|
|
|
|
|
|
(1) |
As of December 31, 2013, 1,212 restricted stock units and
restricted stock awards, with a weighted average price of $33.84,
were vested or expected to vest.
|
|
Summary of Unvested Deferred Stock Awards Activity |
The following
table sets forth activity concerning the Company’s unvested
deferred stock awards related to its employees:
|
|
|
|
|
|
|
|
|
For the Year
Ended December 31, 2013
|
|
Number of
Shares
(in thousands) |
|
|
Weighted
Average
Grant
Date Fair
Value |
|
Unvested deferred stock
awards at December 31, 2012(1)
|
|
|
1,136 |
|
|
$ |
32.16 |
|
Granted
|
|
|
599 |
|
|
$ |
34.01 |
|
Vested
|
|
|
(688 |
) |
|
$ |
31.91 |
|
Canceled
|
|
|
(153 |
) |
|
$ |
30.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested deferred stock
awards at December 31, 2013
|
|
|
894 |
|
|
$ |
33.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested deferred stock
awards expected to vest
|
|
|
868 |
|
|
$ |
33.85 |
|
|
|
|
|
|
|
|
|
|
(1) |
Unvested deferred stock awards represent awards where
recipients have yet to satisfy either the explicit vesting terms or
retirement-eligibility requirements.
|
|
Weighted Average Fair Value of Stock Options Assumed |
The weighted
average fair value of MSCI stock options issued by the Company in
the year ended December 31, 2013 was $19.18, utilizing the
following assumptions:
|
|
|
|
|
|
|
Assumptions |
|
Risk free interest
rate
|
|
|
1.87 |
% |
Expected option life in
years
|
|
|
6.50 |
|
Expected stock price
volatility
|
|
|
46.07 |
% |
Expected dividend
yield
|
|
|
— |
|
|
Summary of Stock Options Activity |
The following
table sets forth activity concerning MSCI stock options granted to
the Company’s employees for the year ended December 31,
2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended December 31, 2013
|
|
Number of
Options
(in
thousands) |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Life
(Years) |
|
|
Aggregated
Intrinsic
Value
(in thousands) |
|
Options outstanding at
December 31, 2012
|
|
|
2,607 |
|
|
$ |
19.62 |
|
|
|
5.82 |
|
|
|
N/A |
|
Granted or
assumed
|
|
|
104 |
|
|
$ |
40.23 |
|
|
|
N/A |
|
|
|
N/A |
|
Forfeited
|
|
|
(20 |
) |
|
$ |
18.99 |
|
|
|
N/A |
|
|
|
N/A |
|
Conversion to common
stock
|
|
|
(705 |
) |
|
$ |
16.43 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at
December 31, 2013
|
|
|
1,986 |
|
|
$ |
21.85 |
|
|
|
4.55 |
|
|
$ |
43,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at
December 31, 2013
|
|
|
1,729 |
|
|
$ |
19.42 |
|
|
|
4.02 |
|
|
$ |
42,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested or expected
to vest
|
|
|
1,986 |
|
|
$ |
21.85 |
|
|
|
4.55 |
|
|
$ |
43,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Stock Options Outstanding by Exercise Price Range |
The following
table presents information relating to the Company’s
outstanding stock options as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
December 31, 2013
|
|
Options
Outstanding |
|
Range of Exercise
Prices |
|
Number
Outstanding
(in thousands) |
|
|
Weighted
Average
Exercise
Price |
|
|
Average
Remaining
Life (Years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
$2.76 to $16.48
|
|
|
204 |
|
|
$ |
11.95 |
|
|
|
3.20 |
|
|
$ |
6,481 |
|
$18.00
|
|
|
961 |
|
|
$ |
18.00 |
|
|
|
3.86 |
|
|
$ |
24,706 |
|
$20.45 to $25.64
|
|
|
509 |
|
|
$ |
23.23 |
|
|
|
4.32 |
|
|
$ |
10,433 |
|
$36.70 to $40.23
|
|
|
312 |
|
|
$ |
37.88 |
|
|
|
7.88 |
|
|
$ |
1,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,986 |
|
|
|
|
|
|
|
|
|
|
$ |
43,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Stock Options Exercisable by Exercise Price Range |
The following
table presents information relating to the Company’s
exercisable stock options as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
December 31, 2013
|
|
Options
Exercisable |
|
Range of Exercise
Prices |
|
Number
Outstanding
(in thousands) |
|
|
Weighted
Average
Exercise
Price |
|
|
Average
Remaining
Life (Years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
$2.76 to $16.48
|
|
|
204 |
|
|
$ |
11.95 |
|
|
|
3.20 |
|
|
$ |
6,481 |
|
$18.00
|
|
|
961 |
|
|
$ |
18.00 |
|
|
|
3.86 |
|
|
$ |
24,706 |
|
$20.45 to $25.64
|
|
|
509 |
|
|
$ |
23.23 |
|
|
|
4.32 |
|
|
$ |
10,433 |
|
$36.70 to $40.23
|
|
|
55 |
|
|
$ |
36.70 |
|
|
|
6.95 |
|
|
$ |
385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,729 |
|
|
|
|
|
|
|
|
|
|
$ |
42,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|