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Share-Based Compensation
 9 Months Ended
Sep. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION
The Company’s share-based compensation payments to employees are recognized in the statement of income based on their grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is recognized as a component of selling and administrative expense. Total share-based compensation expense was $4,154 and $3,889 for the three months ended September 30, 2012 and 2011, respectively, and $9,858 and $10,506 for the nine months ended September 30, 2012 and 2011, respectively.

Options outstanding and exercisable as of September 30, 2012 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of April 13, 2009) and changes during the nine months ended September 30, 2012, were as follows:
 
 
Number of
Shares
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value (1)
 
 
(in thousands)
 
(per share)
 
(in years)
 
 
Outstanding at January 1, 2012
 
3,201

 
$
36.70

 
 
 
 
Expired or forfeited
 
(449
)
 
37.26

 
 
 
 
Exercised
 
(553
)
 
30.12

 
 
 
 
Granted
 
576

 
34.98

 
 
 
 
Outstanding at September 30, 2012
 
2,775

 
$
37.56

 
5
 
$
4,798

Options exercisable at September 30, 2012
 
1,665

 
$
40.83

 
3
 
$
2,869

Options vested and expected to vest (2) at September 30, 2012
 
2,744

 
$
37.62

 
5
 
$
4,738

(1)
The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the third quarter of 2012 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on September 30, 2012. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.
(2)
The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options.

The following table summarizes information on non-vested RSUs, performance shares and deferred shares for the nine months ended September 30, 2012:
 
 
Number of
Shares
 
Weighted-Average
Grant-Date Fair
Value
 
 
(in thousands)
 
 
RSUs:
 
 
 
 
Non-Vested at January 1, 2012
 
717

 
$
30.69

Forfeited
 
(55
)
 
30.61

Vested
 
(130
)
 
24.96

Granted
 
246

 
35.24

Non-Vested at September 30, 2012
 
778

 
$
33.09

Performance Shares (1):
 
 
 
 
Non-Vested at January 1, 2012
 
727

 
$
34.70

Forfeited
 
(216
)
 
31.01

Vested
 
(86
)
 
29.25

Granted
 
303

 
44.25

Non-Vested at September 30, 2012
 
728

 
$
40.42

Director Deferred Shares:
 
 
 
 
Non-Vested at January 1, 2012
 
19

 
$
33.98

Vested
 
(19
)
 
33.98

Granted
 
28

 
40.54

Non-Vested at September 30, 2012
 
28

 
$
40.54

Vested at September 30, 2012
 
107

 
$
33.87

Outstanding at September 30, 2012
 
135

 
$
35.27

(1)
Non-vested performance shares are based on a maximum potential payout. Actual shares granted at the end of the performance period may be less than the maximum potential payout level depending on achievement of performance share objectives.