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EQUITY AND SHARE-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2013
EQUITY AND SHARE-BASED COMPENSATION  
Schedule of assumptions used to determine the fair value of options as of the grant date

 

 

 

 

Six months ended
June 30, 2013

 

Six months ended
June 30, 2012

 

 

 

Black-Scholes

 

Binomial

 

Black-Scholes

 

Binomial

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

1.02%1.13%

 

0.01%2.02%

 

0.97% 1.17%

 

0.08% 2.04%

 

Expected stock price volatility

 

36.35%36.76%

 

36.40%36.80%

 

34.22% 34.65%

 

34.20% 34.60%

 

Expected dividend yield

 

 

 

 

 

Expected option life (in years)

 

6.25

 

 

6.25

 

 

Contractual life (in years)

 

 

14

 

 

14

 

 

 

 

 

 

 

 

 

 

 

Fair value

 

$31.33$35.77

 

$16.12$31.15

 

$19.25 $22.80

 

$11.65 $17.27

 

Summary of the weighted-average fair value of stock options granted, the total intrinsic value of stock options exercised and the fair value of options vested

 

 

 

 

Six months ended June 30,

 

(in thousands, except per share amounts)

 

2013

 

2012

 

 

 

 

 

 

 

Weighted-average fair value at grant date per share

 

$

25.83

 

$

16.86

 

Intrinsic value of options exercised

 

9,625

 

8,339

 

Fair value of options vested

 

1,475

 

973

 

Summary of the activity of the entity's stock options

 

 

 

 

Number of
options

 

Weighted
average
exercise
price

 

Weighted
average
contractual
term
(in years)

 

Aggregate
intrinsic value
(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2012

 

3,058,309

 

$

17.69

 

6.1

 

$

211,072

 

Granted

 

45,000

 

90.75

 

 

 

 

 

Exercised

 

(142,977

)

20.38

 

 

 

 

 

Forfeited

 

(102,875

)

62.27

 

 

 

 

 

Outstanding at June 30, 2013

 

2,857,457

 

17.09

 

5.5

 

220,622

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2013

 

2,320,557

 

11.89

 

5.1

 

191,243