Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Stock-Based Compensation

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	(161,668	)	$	19.30		$	4,619
Granted	866,500		$	27.33		$	24,843
Forfeited	—		—			—
Total Granted and Unvested	1,066,500		$	25.15		$	30,577
Approved for grant	401,000				(a)	$	11,497
Total Awarded and Unvested - March 31, 2014	1,467,500		n.a.			$	42,073

(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
2014	125,000
2015	342,500
2016	202,500
2017	752,500
2018	36,000
2019	9,000
	1,467,500

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	—	—			—
Forfeited	—	—			—
Total Granted and Outstanding	2,009,000	$	12.70		$	19.56
Approved for grant	336,000			(a)	$	11.88
Total Awarded and Outstanding - March 31, 2014	2,345,000	n.a.			$	18.46

(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

Number of options	250,000			75,000			9,000			150,000			230,000
Risk-free interest rate	2.08		%	1.72		%	2.25		%	1.46		%	1.82		%
Expected life of options (years)	6.5			5.3			7.0			4.6			5.6
Expected volatility of underlying stock	50.97		%	51.72		%	50.68		%	47.69		%	51.86		%
Expected quarterly dividends (per share)	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00