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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2013
Black-Scholes-Merton Option Pricing Model

There were no options granted during the three months ended March 31, 2013. The Company granted 1,221,000 stock options, with a grant date fair market value of $2.96, during the three months ended March 31, 2012. The fair market value of each stock option award was estimated based on the assumptions below as of the grant date using the Black-Scholes-Merton option pricing model. The assumptions used to determine the fair market value of the stock options granted during the three months ended March 31, 2012 were as follows:

 

 

 

 

2012

Expected volatility

 

 

39.71%

Risk-free interest rate

 

 

1.18%

Expected life (years)

 

 

6.25

Expected dividend yield

 

 

5.06%

 
Summary of Stock Option Activity

 Stock option awards as of December 31, 2012 and March 31, 2013, and changes during the three months ended March 31, 2013, were as follows:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Weighted

 

Remaining

 

Aggregate

 

 

 

 

Average

 

Contractual

 

Intrinsic

 

 

Shares Under Option

 

Exercise

 

Term

 

Value

 

 

(thousands)

 

Price

 

(years)

 

(millions)

Outstanding at December 31, 2012

 

4,726

 

$

18.90

 

6.2

 

$

2.1

Cancelled/forfeited/expired

 

(345)

 

 

18.42

 

 

 

 

 

Outstanding at March 31, 2013

 

4,381

 

 

18.93

 

6.4

 

 

5.4

Vested and expected to vest at March 31, 2013

 

4,332

 

 

19.00

 

6.4

 

 

5.4

Exercisable at March 31, 2013

 

1,093

 

$

7.09

 

5.9

 

$

5.4

 
Nonvested Restricted Stock Unit Awards

Nonvested restricted stock unit awards as of December 31, 2012 and March 31, 2013, and changes during the three months ended March 31, 2013, were as follows:

 

 

 

Shares

 

Weighted Average Grant

 

 

(thousands)

 

Date Fair Value

Nonvested at December 31, 2012

 

3,246

 

$

11.85

Granted

 

1,175

 

 

9.08

Vested

 

(1,706)

 

 

9.69

Forfeited

 

(34)

 

 

11.88

Nonvested at March 31, 2013

 

2,681

 

$

12.00

 
Nonvested Performance Share Unit Awards

Nonvested performance share unit awards as of December 31, 2012 and March 31, 2013, and changes during the three months ended March 31, 2013, were as follows:

 

 

 

 

 

 

 

 

 

 

  

Shares
(thousands)

 

 

Weighted Average
Grant Date
Fair Value

Nonvested at December 31, 2012

 

 

468

 

$

12.84

Granted

 

 

485

 

 

8.85

Nonvested at March 31, 2013

 

 

953

 

$

10.81