XML 63 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
Compensation expense for restricted stock and performance stock awards was determined based on the market price of PNMR stock on the date of grant reduced by the present value of future dividends, which will not be received during the vesting period, applied to the total number of shares that were anticipated to fully vest with the following weighted-average assumptions:
 
Year Ended December 31,
 
2011
 
2010
 
2009
Expected quarterly dividends per share
$
0.125

 
$
0.125

 
$
0.125

Risk-free interest rate
1.35
%
 
1.49
%
 
3.11
%
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards with the following weighted-average assumptions (no options were granted in 2011):
 
 
Year Ended December 31,
 
 
2010
 
2009
Dividend yield
 
4.09
%
 
6.27
%
Expected volatility
 
41.55
%
 
42.03
%
Risk-free interest rates
 
2.13
%
 
1.56
%
Expected life (years)
 
4.6

 
4.5
Schedule of Option Activity Including Exerciseable and Future Grant Information [Table Text Block]
The following table summarizes activity in stock option plans:
 
Stock
Option
Shares
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
 
Weighted
Average
Remaining
Contract Life
Outstanding at December 31, 2008
3,725,907

 
$
21.54

 
 
 
 
 
Granted
790,064

 
$
8.23

 
 
 
 
 
Exercised
(6,236
)
 
$
10.22

 
 
 
 
 
Forfeited
(69,200
)
 
$
16.40

 
 
 
 
 
Expired
(166,516
)
 
$
21.32

 
 
 
 
 
Outstanding at December 31, 2009
4,274,019

 
$
19.19

 
 
 
 
 
Granted
618,708

 
$
12.23

 
 
 
 
 
Exercised
(140,986
)
 
$
8.69

 
 
 
 
 
Forfeited
(106,966
)
 
$
11.02

 
 
 
 
 
Expired
(696,513
)
 
$
21.26

 
 
 
 
 
Outstanding at December 31, 2010
3,948,262

 
$
18.33

 
 
 
 
 
Granted
—

 
$
—

 
 
 
 
 
Exercised
(493,590
)
 
$
11.39

 
 
 
 
 
Forfeited
(12,999
)
 
$
11.46

 
 
 
 
 
Expired
(239,444
)
 
$
24.71

 
 
 
 
 
Outstanding at December 31, 2011
3,202,229

 
$
18.95

 
$
1,610,851

(1) 
 
4.80 years
Exercisable at December 31, 2011
2,738,362

 
$
22.16

 
$
1,146,714

  
 
4.29 years
 
(1) 
At December 31, 2011, the exercise price of 1,591,648 outstanding stock options is greater than the closing price of PNMR common stock on that date so those options have no intrinsic value.
Schedule of Additional Stock Option Activity [Table Text Block]
The following table provides additional information concerning stock option activity:
 
 
Year Ended December 31,
Options for PNMR Common Stock
 
2011
 
2010
 
2009
Weighted-average grant date fair value of options granted
 
$
—

 
$
3.05

 
$
1.63

Total fair value of options that vested (in thousands)
 
$
1,189

 
$
1,393

 
$
1,179

Total intrinsic value of options exercised (in thousands)
 
$
2,616

 
$
525

 
$
15
Schedule of Nonvested Share Activity [Table Text Block]
The following table summarizes nonvested restricted stock activity for the year ended December 31, 2011:
Nonvested Restricted Stock
 
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Nonvested at beginning of period
 
237,021

 
$
9.24

Granted
 
308,985

 
$
13.79

Vested
 
(125,076
)
 
$
9.92

Forfeited
 
(2,200
)
 
$
13.67

Nonvested at end of period
 
418,730

 
$
12.36
Schedule of Nonvested Share Activity Additional Information [Table Text Block]
The following table provides additional information concerning restricted stock activity:
 
 
Year Ended December 31,
Nonvested Restricted Stock
 
2011
 
2010
 
2009
Weighted-average grant date fair value of shares granted
 
$
13.79

 
$
9.26

 
$
7.81

Total fair value of shares that vested (in thousands)
 
$
1,240

 
$
1,365

 
$
1,900