XML 49 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Equity and Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2012
Equity [Abstract]  
Assumptions used to estimate the fair value of the stock options and their results
In 2012, there were no stock option grants. In 2011 and 2010, the Company computed the value of all stock options granted using the Black-Scholes option pricing model with the following assumptions and results:
 
 
2011
 
2010
Assumptions
 
 
 
Risk-free interest rate
2.37
%
 
2.63
%
Assumed dividend yield
2.95
%
 
5.50
%
Assumed lives of option awards (in years)
5.3

 
5.4

Assumed volatility
0.653

 
0.642

Results
 
 
 
Weighted average fair value of options granted
$
3.90

 
$
2.68
Stock options activity
The following is a summary of stock option activity for the year ended December 31, 2012:
 
 
Number of
Options
(000s)
 
Weighted Average
Exercise Price Per Option
Outstanding, beginning of year
5,960

 
$
20.83

Exercised
(6
)
 
$
7.51

Forfeited/Expired
(1,525
)
 
$
18.16

Outstanding, end of year
4,429

 
$
21.76

Options exercisable at end of year
4,201

 
$
22.51
Summary of restricted stock activity
The following table summarizes restricted stock activity during 2012:

 
Number of
Shares
(000s)
 
Weighted-Average Grant Date
Fair Value
Non-vested restricted stock at beginning of year
439

 
$
7.83

Granted
470

 
$
7.45

Vested
(138
)
 
$
8.39

Forfeited
(130
)
 
$
7.48

Non-vested restricted stock at end of year
641

 
$
7.50
Summary of regular RSU activity
The following table summarizes Regular RSU activity for 2012 (in thousands):
 
Outstanding at beginning of year
143

Vested
(37
)
Forfeited
(15
)
Outstanding at end of year
91
Summary of all performance-based RSU activity
The following table summarizes the combined performance-based RSU activity for 2012 (in thousands):
 
Outstanding at beginning of year
344

Granted
546

Forfeited
(111
)
Outstanding at end of year
779
Summary of distribution of taxable income
The following reconciles dividends paid and dividends applied in 2012, 2011 and 2010 to meet REIT distribution requirements (in thousands):
 
 
2012
 
2011
 
2010
Common and preferred dividends paid
$
31,655

 
$
31,557

 
$
49,365

Dividends treated as taxable compensation
(147
)
 
(71
)
 
(79
)
Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements
—

 
(304
)
 
(1,606
)
Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements
1,563

 
(10
)
 
304

Dividends applied to meet current year REIT distribution requirements
$
33,071

 
$
31,172

 
$
47,984
Summary of components of the taxability of the Company's dividends
The following summarizes the components of the taxability of the Company’s dividends for the years ended December 31, 2012, 2011 and 2010:
 
 
Total Dividends
Per Share
 
Ordinary
Dividends
 
Long-Term
Capital Gain
 
Unrecaptured
Section 1250
Gain (A)
Common:
 
 
 
 
 
 
 
2012
$
0.180000

 
$
0.124724

 
$
0.055276

 
$
0.055276

2011
$
0.180000

 
$
0.067853

 
$
0.112147

 
$
0.042574

2010
$
0.360000

 
$
0.059447

 
$
0.300553

 
$
0.073937

Series A Preferred:
 
 
 
 
 
 
 
2012
$
1.937500

 
$
1.342220

 
$
0.595280

 
$
0.595280

2011
$
1.937500

 
$
0.730053

 
$
1.207447

 
$
0.458393

2010
$
1.937500

 
$
0.315868

 
$
1.621632

 
$
0.399714

Series B Preferred:
 
 
 
 
 
 
 
2012
$
1.875000

 
$
1.298222

 
$
0.576078

 
$
0.576078

2011
$
1.875000

 
$
0.706502

 
$
1.168498

 
$
0.443606

2010
$
1.875000

 
$
0.305678

 
$
1.569322

 
$
0.386819

 
(A)
Represents a portion of the dividend allocated to long-term capital gain.