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COMMON STOCK (Tables)
 12 Months Ended
Dec. 31, 2012
Information Related to Stock Repurchase Programs

The following schedule provides information related to our stock repurchase programs for each of the three years ended December 31, 2012:

 

     Total
number
of shares
purchased
as part of
publicly
announced
programs		     Total price
paid for
shares
purchased as
part of
publicly
announced
programs
(in thousands)		     Total
number
of shares
purchased
related to
stock-based
compensation
plans (a.)		     Total price
paid for
shares
purchased
related to
stock-based
compensation
plans
(in thousands)		     Aggregate
number of
shares
purchased		     Aggregate
price paid for
shares
purchased
(in thousands)		     Maximum
number of
shares that
may yet be
purchased
under the
publicly
announced
program		  

Balance as of January 1, 2010

                  2,152,339   

2010……

      —          —          301,933      $ 11,528        301,933      $ 11,528        2,152,339   

2011……

      1,384,637      $ 50,576        217,649      $ 9,906        1,602,286      $ 60,482        767,702   

2012……

      —          —          433,312      $ 19,154        433,312      $ 19,154        767,702   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total for three year period ended December 31, 2012

      1,384,637      $ 50,576        952,894      $ 40,588        2,337,531      $ 91,164     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

(a.) During 2012, there were 432,562 shares repurchased at an average price of $44.28 per share related to income tax withholding obligations in connection with stock-based compensation programs, and 750 shares repurchased at an average of $.01 per share related to restricted shares that were forfeited by former employees pursuant to the terms of our restricted stock purchase plan. During 2011, there were 217,649 shares repurchased at an average price of $45.51 per share related to income tax withholding obligations in connection with stock-based compensation programs. During 2010, there were 293,933 shares repurchased at an average price of $39.22 per share related to income tax withholding obligations in connection with stock-based compensation programs and 8,000 shares repurchased at an average price of $.01 per share related to restricted shares that were forfeited by former employees pursuant to the terms of our restricted stock purchase plan.
Weighted-Average Assumptions Fair Value of Option Grants

The 2010 weighted-average assumptions were based upon seventeen option grants, the 2011 and 2012 weighted-average assumptions were each based upon eighteen option grants.

 

Year Ended December 31,

    2012     2011     2010  

Volatility

      33 %      29 %      27 % 

Interest rate

      1 %      2 %      3 % 

Expected life (years)

      3.5        3.5        3.6   

Forfeiture rate

      10 %      9 %      10 % 

Dividend yield

      0.6 %      0.7 %      0.7 % 


Stock Option Activity

The table below summarizes our stock option activity during each of the last three years:

 

Outstanding Options

    Number
of Shares		     Average
Option
Price		      Range
(High-Low)		  

Balance, January 1, 2010

      8,802,450      $ 25.03       $ 31.70 -$16.22   

Granted

      94,000      $ 30.40       $ 32.28 -$30.32   

Exercised

      (2,000,250 )    $ 24.87       $ 31.70 -$16.22   

Cancelled

      (301,250 )    $ 24.91       $ 31.18 -$16.22   
  

 

 

    

 

 

     

 

 

  

Balance, January 1, 2011

      6,594,950      $ 25.16       $ 32.28 -$16.22   

Granted

      2,894,500      $ 43.66       $ 54.79 -$38.12   

Exercised

      (1,563,255 )    $ 26.38       $ 32.28 -$16.22   

Cancelled

      (367,250 )    $ 32.60       $ 46.97 -$16.22   
  

 

 

    

 

 

     

 

 

  

Balance, January 1, 2012

      7,558,945      $ 31.63       $ 54.79 -$16.22   

Granted

      2,966,850      $ 37.01       $ 44.83 -$36.95   

Exercised

      (2,608,007 )    $ 23.22       $ 46.97 -$16.22   

Cancelled

      (481,550 )    $ 38.00       $ 46.97 -$16.22   
  

 

 

    

 

 

     

 

 

  

Balance, December 31, 2012

      7,436,238      $ 36.31       $ 54.79 -$16.22   
  

 

 

    

 

 

     

 

 

  

Outstanding options vested and exercisable as of December 31, 2012

      2,185,312      $ 30.40       $ 54.79 -$16.22   
  

 

 

    

 

 

     

 

 

  
Information About Unvested Options

The following table provides information about unvested options for the year December 31, 2012:

 

     Shares     Weighted
Average
Grant Date
Fair Value		  

Unvested options as of January 1, 2012

      4,579,000      $ 9.50   

Granted

      2,966,850      $ 10.73   

Vested

      (1,845,249 )    $ 7.75   

Cancelled

      (449,675 )    $ 10.32   
  

 

 

    

 

 

  

Unvested options as of December 31, 2012

      5,250,926      $ 10.74   
  

 

 

    

 

 

  
Information About All Outstanding Options and Exercisable Options

The following table provides information about all outstanding options, and exercisable options, at December 31, 2012:

 

     Options
Outstanding		      Options
Exercisable		  

Number

      7,436,238         2,185,312   

Weighted average exercise price

    $ 36.31       $ 30.40   

Aggregate intrinsic value as of December 31, 2012

    $ 89,595,385       $ 39,256,370   

Weighted average remaining contractual life

      3.0         2.0   
Weighted Average Remaining Contractual Life for Options Outstanding and Weighted Average Exercise Price Per Share for Exercisable Options

The weighted average remaining contractual life for options outstanding and weighted average exercise price per share for exercisable options at December 31, 2012 were as follows:

 

    Options Outstanding     Exercisable Options     Expected to Vest
Options(a)		  

Exercise Price

   Shares     Weighted
Average
Exercise Price
Per Share		     Weighted
Average
Remaining
Contractual Life
(in Years)		     Shares     Weighted
Average
Exercise Price
Per Share		     Shares     Weighted
Average
Exercise Price
Per Share		  

$16.22 – $16.22

     586,000      $ 16.22        .9        586,000      $ 16.22        N/A        N/A   

$30.32 – $31.18

     1,616,000        31.16        2.0        1,032,750        31.17        525,275        31.14   

$36.95 – $43.46

     2,797,050        37.03        2.9        11,250        39.09        2,508,891        37.02   

$43.67 – $54.79

     2,437,188        43.75        3.1        555,312       43.75        1,694,818        43.75   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     7,436,238      $ 36.31        3.0        2,185,312      $ 30.40        4,728,984      $ 38.78   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Assumes a weighted average forfeiture rate of 9.94%.