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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2012
Stock Based Compensation Expense

The following table discloses the amount of stock-based compensation expense:

 

     Stock Based Compensation  
     2010      2011      2012  

Stock options

   $ 1,414       $ 2,553       $ 3,388   

Stock awards

     —           —           67   

Restricted stock units

     745         1,214         1,169   

Performance stock units

     4,686         366         3,412   
  

 

 

    

 

 

    

 

 

 

Total stock-based compensation

   $ 6,845       $ 4,133       $ 8,036   
  

 

 

    

 

 

    

 

 

 
Weighted-Average Assumptions

The fair value of these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:

 

     2010     2011     2012  

Risk-free interest rate

     2.8     2.7     1.2

Dividend yield

     2.2     1.8     2.7

Expected volatility of the Company’s common stock

     0.604        0.615        0.644   

Expected life in years

     6.0        6.0        6.0   
Details of Stock Option Activity

The weighted average fair value of options granted in 2010, 2011 and 2012 was $9.01, $11.57 and $7.33 respectively. Compensation expense for these options is recorded over the vesting period.

Summarized information for the plans follows:

 

     Number of
Shares
    Weighted
Average
Exercise
Price (per share)
     Aggregate
Intrinsic
Value
(thousands)
 

Outstanding at January 1, 2012

     1,737,881      $ 13.95      

Granted

     589,934        15.63      

Exercised

     (798,967     20.97      

Expired

     (32,800     17.16      

Cancelled

     (9,697     21.93      
  

 

 

      

Outstanding at December 31, 2012

     1,486,351        17.63       $ 11,503   
  

 

 

      

Exercisable at December 31, 2012

     600,144        17.54         4,693   
  

 

 

      

Available for Grant at December 31, 2012

     2,516,117        
  

 

 

      

 

     Year ended December 31  
     2010      2011      2012  

Weighted average grant-date fair value of options granted (per share)

   $ 9.01       $ 11.57       $ 7.33   
  

 

 

    

 

 

    

 

 

 

Aggregate intrinsic value of options exercised (thousands)

   $ 5,279       $ 3,515       $ 10,256   
  

 

 

    

 

 

    

 

 

 

Total fair value of shares vested (thousands)

   $ 899       $ 1,655       $ 2,641   
  

 

 

    

 

 

    

 

 

 
Segregated Disclosure of Options Outstanding

Segregated disclosure of options outstanding at December 31, 2012 was as follows:

 

     Range of Exercise Prices  
     Less than or
equal to $15.63
     Greater than $15.63  

Options outstanding

     745,875         740,476   

Weighted average exercise price

   $ 14.28       $ 20.99   

Remaining contractual life

     8.2         6.2   

Options exercisable

     158,206         441,938   

Weighted average exercise price

   $ 9.29       $ 20.50   
Details of Restricted Stock Unit Activity

The following table provides details of the nonvested RSUs for 2012:

 

     Number of
Restricted
Units
    Weighted
Average
Grant-Date
Fair Value
(per share)
 

Nonvested at January 1, 2012

     186,805      $ 20.70   

Granted

     6,000        15.54   

Vested

     (80,347     18.61   

Cancelled

     (5,067     18.71   

Accrued dividend equivalents

     3,480        17.36   
  

 

 

   

Nonvested at December 31, 2012

     110,871      $ 21.93   
  

 

 

   

 

     Year ended December 31  
     2010      2011      2012  

Weighted average grant-date fair value of restricted shares granted (per share)

   $ —          $ 23.68       $ 15.54   
  

 

 

    

 

 

    

 

 

 

Total fair value of shares vested (thousands)

   $ 5,117       $ 811       $ 1,495   
  

 

 

    

 

 

    

 

 

 
Performance Based Units Earned Under Long-Term Incentive Plan

The following table provides details of the nonvested PSUs earned under the Company’s Long-Term Incentive Plan:

 

     Number of
Restricted
Units
    Weighted
Average
Grant-Date
Fair Value
(per share)
 

Nonvested at January 1, 2012

     61,450      $ 18.60   

Earned

     307,813        15.63   

Vested

     (154,129     16.84   

Accrued dividend equivalents

     1,489        17.74   
  

 

 

   

Nonvested at December 31, 2012

     216,623      $ 15.63