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Employee Retirement and Postretirement Benefits
9 Months Ended
Sep. 30, 2014
Text Block [Abstract]  
Employee Retirement and Postretirement Benefits

15. Employee Retirement and Postretirement Benefits

Share-Based Compensation—We have two share-based employee compensation plans as of September 30, 2014. See Note 12, “Share-Based Compensation,” in our 2013 10-K for further information regarding these plans. For the nine month period ended September 30, 2014, options to purchase 1,701,551 shares of common stock were granted, options to purchase 134,252 shares of common stock were forfeited, options to purchase 28,021 shares of common stock expired, and options to purchase 270,878 shares of common stock were exercised.

 

For the nine month period ended September 30, 2014, 531,485 restricted share units were granted.

For the nine month period ended September 30, 2014, 182,461 shares of restricted stock were granted, which vest in equal annual increments over a four-year period. These shares are deemed issued as of the date of grant, but not outstanding until they vest.

In June 2013 the Board of Directors approved the Employee Stock Purchase Plan (the “ESPP”). The ESPP allows eligible employees to purchase our common stock through payroll deductions at a price equal to 90% of the lower of the fair market value of the stock as of the beginning or the end of three-month offering periods. Under the ESPP, 424,594 shares were reserved for issuance. The three and nine month periods ended September 30, 2014 reflect the issuance of 14,388 shares of common stock under the ESPP following the first offering period.

Share-based compensation totaled $2.9 million and $6.7 million for the three and nine month periods ended September 30, 2014, respectively, and $1.4 million and $3.2 million, respectively, for the comparable prior year periods.

401(k) Plan—Under our 401(k) plan, all employees who are eligible to participate are entitled to make tax-deferred contributions, subject to Internal Revenue Service limitations. We match 100% of the employee’s first 4% of contributions made, subject to annual limitations. Our matching contributions were $0.6 million and $1.8 million for the three and nine month periods ended September 30, 2014, respectively, and $0.5 million and $1.6 million, respectively, for the comparable prior year periods.

Director Compensation—Our compensation plan for non-employee directors provides for annual compensation of $225,000 for the non-employee Chairman of the Board and $150,000 for all other non-employee directors. Such compensation is paid 1/3 in cash, 1/3 in stock options and 1/3 in deferred share units (“DSUs”). The plan also provides for additional annual cash compensation of $20,000 to the chair of the Audit Committee, $10,000 to the chair of the Compensation Committee and $5,000 to the chair of the Nominating and Corporate Governance Committee. The members of our Board of Directors have the option to elect to have their cash payments paid in DSUs if they elect. The plan provides for quarterly payments. For the nine month period ended September 30, 2014, 19,064 DSUs were granted to our Board of Directors.