Share-Based Compensation

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company’s share-based compensation payments to employees are recognized 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 $3,100 and $4,156 for the three months ended September 30, 2013 and 2012, respectively, and $14,070 and $9,860 for the nine months ended September 30, 2013 and 2012, respectively. Share-based compensation expense for the nine months ended September 30, 2013 included accelerated expense of $2,982 related to executive severance.

Options outstanding and exercisable as of September 30, 2013 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, 2013, 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, 2013	2,668		$	37.56
Expired or forfeited	(318	)	36.97
Exercised	(386	)	26.56
Granted	338		30.46
Outstanding at September 30, 2013	2,302		$	38.44	5	$	716
Options exercisable at September 30, 2013	1,624		$	41.07	3	$	634
Options vested and expected to vest at September 30, 2013	2,272		$	38.53	5	$	713

(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 2013 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, 2013. 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, 2013:



	Number of Shares		Weighted-Average Grant-Date Fair Value
	(in thousands)
RSUs:
Non-Vested at January 1, 2013	732		$	33.33
Forfeited	(107	)	33.72
Vested	(252	)	32.74
Granted	238		30.10
Non-Vested at September 30, 2013	611		$	32.27
Performance Shares (1):
Non-Vested at January 1, 2013	729		$	40.41
Forfeited	(328	)	38.00
Vested	(31	)	35.49
Granted	277		29.15
Non-Vested at September 30, 2013	647		$	37.04
Director Deferred Shares:
Non-Vested at January 1, 2013	20		$	40.54
Forfeited	(3	)	40.54
Vested	(17	)	40.54
Granted	31		29.73
Non-Vested at September 30, 2013	31		$	29.73
Vested at September 30, 2013	103		$	35.55
Outstanding at September 30, 2013	134		$	34.20


(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.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details