Stock-Based Compensation

9 Months Ended

Sep. 30, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

(13) STOCK-BASED COMPENSATION

The Company recognized the following amounts in employee stock-based compensation costs for the three and nine months ended September 30, 2012 and 2011:

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2012		2011		2012		2011
	(in thousands)
Stock-based compensation cost – expensed	$	2,677	$	1,933	$	8,226	$	6,619
Stock-based compensation cost – capitalized	$	2,482	$	2,188	$	7,788	$	6,003

As of September 30, 2012, there was $35.7 million of total unrecognized compensation cost related to the Company’s unvested stock option and restricted stock grants. This cost is expected to be recognized over a weighted-average period of 2.4 years.

The following table summarizes stock option activity for the first nine months of 2012 and provides information for options outstanding as of September 30, 2012:

		Weighted
		Average
	Number	Exercise
	of Options	Price
Outstanding at December 31, 2011	4,741,732	$	21.24
Granted	21,450		29.86
Exercised	(1,422,127)		5.92
Forfeited or expired	(70,025)		37.68
Outstanding at September 30, 2012	3,271,030	$	27.61
Exercisable at September 30, 2012	2,115,987	$	22.59

The following table summarizes restricted stock activity for the nine months ended September 30, 2012 and provides information for unvested shares as of September 30, 2012:

		Weighted
		Average
	Number	Grant Date
	of Shares	Fair Value
Unvested shares at December 31, 2011	1,019,737	$	36.71
Granted	13,254		30.20
Vested	(39,594)		39.63
Forfeited	(76,978)		37.08
Unvested shares at September 30, 2012	916,419	$	36.46