XML 51 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]  
Summary of Restricted Stock Unit Awards Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

Weighted-Average

 

Intrinsic

 

 

 

Number

 

Grant Date

 

Value

 

 

 

of Shares

 

Fair Value

 

(in thousands)

Granted and Unvested - January 1, 2014

 

 
361,668 

 

$
17.30 

 

$
9,512 

Vested

 

 
(281,668)

 

$
16.76 

 

$
8,049 

Granted

 

 
996,597 

 

$
27.10 

 

$
23,988 

Forfeited

 

 
(20,000)

 

$
24.77 

 

$

 —

Total Granted and Unvested

 

 
1,056,597 

 

$
26.54 

 

$
25,432 

Approved for grant

 

 
749,000 

 

 

(a)

 

$
18,028 

Total Awarded and Unvested - December 31, 2014

 

 
1,805,597 

 

 

n.a.

 

$
43,461 

 

______________

(a)

Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee.
Vesting Schedule of Outstanding Unvested Restricted Stock Unit Awards

 

 

 

 

 

 

 

 

Number

Vesting Date

 

of Awards

2015

 
390,500 

2016

 
202,500 

2017

 
857,597 

2018

 
196,000 

2019

 
159,000 

 

 
1,805,597 

 

Summary of Stock Options Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

 

Number

 

Grant Date

 

Exercise

 

 

 

of Shares

 

Fair Value

 

Price

Total Granted and Outstanding - January 1, 2014

 

 
1,295,000 

 

$
9.94 

 

$
20.20 

Granted

 

 
714,000 

 

$
17.69 

 

$
18.40 

Exercised

 

 
(20,000)

 

$
7.25 

 

$
12.54 

Forfeited

 

 

 —

 

 

 —

 

 

 —

Total Granted and Outstanding

 

 
1,989,000 

 

$
12.75 

 

$
19.63 

Approved for grant

 

 
636,000 

 

 

(a)

 

 
17.62 

Total Awarded and Outstanding - December 31, 2014

 

 
2,625,000 

 

 

n.a.

 

 
19.14 

______________

(a)

Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee.
Key Assumptions Used in Estimating Grant Date Fair Value of Stock Option Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant dates established during

 

 

2014

 

2013

 

2012

Awarded during

 

2014

 

2013

 

2013

 

2012

 

2012

 

2013

2009 (1)

2012

2009 (1)

Number of options

 
250,000 

 

 
75,000 

 

 
9,000 

 

 
150,000 

 

 
230,000 

 

 
50,000 

 
150,000 

 

 
15,000 

 

 
150,000 

 

Risk-free interest rate

 
2.08 

%

 
1.72 

%

 
2.25 

 

 
1.46 

%

 
1.82 

 

 
1.64 

%
0.48 

%

 
1.12 

%

 
0.88 

%

Expected life of options (years)

 
6.5 

 

 
5.3 

 

 
7.0 

 

 
4.6 

 

 
5.6 

 

 
5.7 

 
3.6 

 

 
7.3 

 

 
4.4 

 

Expected volatility of underlying stock

 
50.97 

%

 
51.72 

%

 
50.68 

 

 
47.69 

%

 
51.86 

 

 
51.81 

%
51.00 

%

 
50.59 

%

 
53.89 

%

Expected quarterly dividends (per share)

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 —

 —

 

 

 —

 

 

______________

During 2009, the Compensation Committee approved the award of 750,000 stock options that vest in five equal annual installments from 2010 to 2014 subject to the achievement of pre-tax income performance targets established by the Compensation Committee for fiscal years 2009 to 2013. The Compensation Committee has established the performance targets for fiscal years 2011, 2012 and 2013, and these tranches were deemed granted for accounting purposes

Restricted Stock Units [Member]  
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]  
Compensation Expense Included in General and Administrative Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2014

 

2013

 

2012

 

 

(in millions)

Restricted Stock Compensation Expense

 

$
13.4 

 

$
4.9 

 

$
7.1 

Related Income Tax Benefit

 

$
5.4 

 

$
1.9 

 

$
1.5 

 

Stock Options [Member]  
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]  
Compensation Expense Included in General and Administrative Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2014

 

2013

 

2012

 

 

(in millions)

Stock Option Compensation Expense

 

$
5.2 

 

$
1.7 

 

$
2.4 

Related Income Tax Benefit

 

$
2.1 

 

$
0.7 

 

$
1.0