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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2011
Total Compensation Expense

Total compensation expense recognized for the years ended December 31, 2011, 2010 and 2009 was as follows:

 

     December 31,  
     2011      2010      2009  
     (In thousands)  

Stock options

    $ 3,845       $ 1,724       $ 759   

Restricted stock awards and units

      11,939         11,920         4,385   

Performance and deferred stock units

      2,041         2,814         7,843   
  

 

 

     

 

 

     

 

 

  

Total

    $ 17,825       $ 16,458       $ 12,987   
  

 

 

     

 

 

     

 

 

  
Total Gross Unrecognized Estimated Compensation Expense and Expected Weighted-Average Periods

The components of the total gross unrecognized estimated compensation expense and their expected weighted-average periods for expense recognition are as follows (amounts in millions; periods in years):

 

     Amount      Weighted-
Average
Period		  

Stock options

    $ 4.4         1.8   

Restricted stock awards

    $ 6.5         1.6   

Performance shares

    $ 5.8         3.2
Weighted Average Assumptions

The fair value of each option grant was estimated at the date of grant using Black-Scholes, with the following weighted-average assumptions:

 

       Year Ended December 31,  
       2011     2010     2009  

Risk-free interest rate

        2.26 %      2.12 %      2.03 % 

Expected volatility

        41 %      54 %      78 % 

Expected life of the option in years

        4.60        4.64        4.63   

Expected dividend yield

        0.0 %      0.0 %      0.0 %
Activity for Stock Options

The following table summarizes activity for our stock options for the year ended December 31, 2011 (share data in thousands):

 

     Number
of Option
Shares		     Weighted-
Average
Exercise
Price		      Weighted-
Average
Remaining
Contractual
Term		      Aggregate
Intrinsic
Value
(in millions)		  

Outstanding at beginning of period

      2,381      $ 7.42         

Granted

      425        25.35         

Exercised

      (464 )      5.29         

Cancelled/expired/forfeited

      (79 )      15.04         
  

 

 

    

 

 

     

 

 

     

 

 

  

Outstanding at end of period(1)

      2,263      $ 10.96         4.5 Years       $ 0.9   
  

 

 

    

 

 

     

 

 

     

 

 

  

Exercisable at end of period

      1,191      $ 6.36         3.7 Years       $ 6.0   
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(1) Of the remaining shares subject to outstanding options, we expect approximately 1.1 million shares to vest at a weighted-average exercise price of $16.07.
Nonvested Restricted Stock Awards

Nonvested restricted stock awards and changes during the year ended December 31, 2011 were as follows (share data in thousands):

 

     Number
of
Shares		     Weighted-
Average
Grant Date
Fair Value		  

Nonvested at beginning of period

      2,490      $ 13.96   

Granted

      238        22.77   

Vested

      (1,530 )      13.19   

Cancelled/forfeited

      (160 )      12.79   
  

 

 

    

 

 

  

Nonvested at end of period

      1,038        13.02   
  

 

 

    

 

 

  
Nonvested Performance Shares and Performance Unit Awards

Nonvested performance shares and performance unit awards and changes during the year ended December 31, 2011 were as follows (share data in thousands):

 

     Number
of
Shares		     Weighted-
Average
Grant Date
Fair Value		  

Nonvested at beginning of period

      —        $ —     

Granted

      199        41.51   

Vested

      —          —     

Cancelled/forfeited

      (11 )      42.14   
  

 

 

    

 

 

  

Nonvested at end of period

      188      $ 41.96