Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

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

Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan

Options outstanding and exercisable as of June 30, 2014 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of April 13, 2009) (the 1991 Plan) and changes during the six months ended June 30, 2014, 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, 2014	1,954		$	39.63
Expired or forfeited	(329	)	51.83
Exercised	(431	)	33.05
Granted	446		34.13
Outstanding at June 30, 2014	1,640		37.19		6	$	8,703
Options exercisable at June 30, 2014	909		40.18		4	3,798
Options vested and expected to vest at June 30, 2014 (2)	1,613		37.26		6	8,505

(1)

The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the second quarter of 2014 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 June 30, 2014. 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.

Summarized information on unvested restricted stock units (RSUs), performance shares and deferred shares

The following table summarizes information on non-vested RSUs and performance shares for the six months ended June 30, 2014:



	Number of Shares		Weighted-Average Grant-Date Fair Value
	(in thousands)
RSUs:
Non-Vested at January 1, 2014	499		$	32.28
Forfeited	(40	)	32.99
Vested	(131	)	32.77
Granted (1)	299		34.98
Non-Vested at June 30, 2014	627		33.42
Performance Shares (2):
Non-Vested at January 1, 2014	542		$	37.10
Forfeited	(171	)	39.67
Granted (3)	746		38.09
Non-Vested at June 30, 2014	1,117		37.38


(1)	The RSUs granted during the six months ended June 30, 2014 include 35 thousand one-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $39.35.


(2)	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. Performance shares are based on certain annual management objectives, as determined by the Board of Directors.


(3)	The maximum performance shares granted during the six months ended June 30, 2014 include 455 thousand which vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.35.

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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