Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Stock-Based Compensation

Summary of Restricted Stock Awards Activity

A summary of restricted stock awards activity for the six months ended June 30, 2013 is as follows:

						Aggregate
			Weighted Average			Intrinsic
	Number		Grant Date			Value
	of Shares		Fair Value			(in thousands)
Granted and Unvested - January 1, 2013	1,141,666		$	18.12		$	15,641
Vested	(236,666	)	$	14.40		$	4,318
Granted	178,335		$	19.30		$	3,226
Forfeited	(66,667	)	$	14.23		—
Total Granted and Unvested	1,016,668		$	19.45		$	18,392
Approved for grant	710,000				(a)	$	12,844
Total Awarded and Unvested - June 30, 2013	1,726,668		n.a.			$	31,235

(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 Awards

The outstanding unvested restricted stock awards at June 30, 2013 are scheduled to vest as follows, subject where applicable to the achievement of performance targets.  As described above, certain performance targets have not yet been established.

	Number
Vesting Date	of Awards
2013	610,000
2014	391,668
2015	150,000
2016	165,000
2017	410,000
Total	1,726,668

Summary of Stock Options Activity

A summary of stock options activity under the plan for the six months ended June 30, 2013 is as follows:

			Weighted Average
	Number		Grant Date			Exercise
	of Shares		Fair Value			Price
Total Granted and Outstanding - January 1, 2013	1,315,465		$	9.72		$		18.91
Granted	150,000		$	6.93		$		20.33
Exercised	(40,465	)	$	6.18		$		13.77
Forfeited	(50,000	)	$	7.25		—
Total Granted and Outstanding	1,375,000		$	9.61		$	19.45
Approved for grant	680,000				(a)	$	11.14
Total Awarded and Outstanding - June 30, 2013	2,055,000		n.a.			$	16.70

(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

The fair value of this tranche was determined based on the Black Scholes option pricing model using the following key assumptions:

Risk-free interest rate	0.48%
Expected life of options	3.6 years
Expected volatility of underlying stock	51.00%
Expected quarterly dividends (per share)	$0.00