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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2015
Stock-Based Compensation [Abstract]  
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, 2015

1,056,597 

 

$

26.54 

 

$

25,432 

Activity during the nine months ended September 30, 2015:

 

 

 

 

 

 

 

Vested

(370,940)

 

$

27.07 

 

$

7,983 

Granted

321,500 

 

$

23.07 

 

$

5,292 

Forfeited

(31,560)

 

$

28.19 

 

$

 —

Total Granted and Unvested - September 30, 2015

975,597 

 

$

26.70 

 

$

16,058 

Approved for grant

754,500 

 

 

(a)

 

$

12,419 

Total Awarded and Unvested - September 30, 2015

1,730,097 

 

 

(a)

 

$

28,477 

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 for certain grants.

Vesting Schedule of Outstanding Unvested Restricted Stock Unit Awards

 

 

 

 

 

 

 

 

Number

Vesting Date

 

of Awards

2015

 

 -

2016

 

302,500 

2017

 

942,597 

2018

 

311,000 

2019

 

174,000 

 

 

1,730,097 

 

Summary of Stock Options Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

Number

 

Grant Date

 

Exercise

 

of Shares

 

Fair Value

 

Price

Granted and Outstanding - January 1, 2015

1,989,000 

 

$

12.75 

 

$

19.63 

Activity during the nine months ended September 30, 2015:

 

 

 

 

 

 

 

Granted

259,000 

 

$

12.48 

 

$

16.07 

Exercised

 —

 

$

 —

 

$

 —

Forfeited

 —

 

$

 —

 

$

 —

Total Granted and Outstanding - September 30, 2015

2,248,000 

 

$

11.93 

 

$

19.22 

Approved for grant

722,000 

 

 

(a)

 

$

20.58 

Total Awarded and Outstanding - September 30, 2015

2,970,000 

 

 

(a)

 

$

19.55 

 

 


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 for certain grants.

Key Assumptions Used in Estimating Grant Date Fair Value of Stock Option Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Award Year

 

 

2015

 

 

 

2013

 

 

 

2012

 

Number of options granted during 2015

 

100,000 

 

 

 

9,000 

 

 

 

150,000 

 

Risk-free interest rate

 

1.46 

%

 

 

1.77 

%

 

 

1.15 

%

Expected life of options (years)

 

5.50 

 

 

 

5.68 

 

 

 

4.06 

 

Expected volatility of underlying stock

 

45.11 

%

 

 

43.92 

%

 

 

45.92 

%

Expected quarterly dividends (per share)

$

 —

 

 

$

 —

 

 

$

 —