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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2012
Total Stock-Based Compensation Expense Recognized

Total compensation expense recognized for the years ended December 31, 2012, 2011 and 2010 was as follows:

 

     December 31,  
     2012      2011      2010  
     (In thousands)  

Stock options

   $ 3,984       $ 3,845       $ 1,724   

Restricted stock awards and units

     6,880         11,939         11,920   

Performance and deferred stock units

     4,505         2,041         2,814   
  

 

 

    

 

 

    

 

 

 

Total

   $ 15,369       $ 17,825       $ 16,458   
  

 

 

    

 

 

    

 

 

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

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

 

     Amount      Weighted-
Average
Period
 

Stock options

   $ 5.5         1.8   

Restricted stock awards

   $ 9.4         2.1   

Performance shares

   $ 9.6         1.8   
Weighted Average Assumptions

The fair value of each option grant was estimated with the following weighted-average assumptions:

 

     Year Ended December 31,  
     2012     2011     2010  

Risk-free interest rate

     0.77     2.26     2.12

Expected volatility

     59     41     54

Expected life of the option in years

     4.60        4.60        4.64   

Expected dividend yield

     0.0     0.0     0.0
Activity for Stock Option

The following table summarizes activity for our stock options for the year ended December 31, 2012 (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

     2,263      $ 10.96         

Granted

     760        14.33         

Exercised

     (215     4.42         

Cancelled/expired/forfeited

     (80     16.90         
  

 

 

   

 

 

    

 

 

    

 

 

 

Outstanding at end of period(1)

     2,728      $ 12.24         4.2 Years       $ 5.4   
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable at end of period

     1,581      $ 9.19         1.9 Years       $ 5.4   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(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 $16.45.
Nonvested Restricted Stock Awards and Changes

Nonvested restricted stock awards and changes during the year ended December 31, 2012 were as follows (share data in thousands):

 

     Number
of
Shares
    Weighted-
Average
Grant Date
Fair Value
 

Nonvested at beginning of period

     1,038      $ 13.02   

Granted

     764        13.16   

Vested

     (811     11.00   

Cancelled/forfeited

     (73     14.99   
  

 

 

   

 

 

 

Nonvested at end of period

     918      $ 14.80   
  

 

 

   

 

 

 
Nonvested Performance Shares and Performance Unit Awards and Changes

Nonvested performance share awards and changes during the year ended December 31, 2012 were as follows (share data in thousands):

 

     Number
of
Shares
    Weighted-
Average
Grant Date
Fair Value
 

Nonvested at beginning of period

     188     $ 41.96  

Granted

     371        22.92   

Vested

     —         —    

Cancelled/forfeited

     (31     32.58   
  

 

 

   

 

 

 

Nonvested at end of period

     528      $ 29.19