Share-Based Compensation

6 Months Ended

Jun. 30, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

6. Share-Based Compensation

Stock Option Activity

     A summary of our stock option activity for the six months ended June 30, 2011 is as follows (in thousands):

				Weighted-
				Average
	Stock			Exercise
	Options			Price
Outstanding at December 31, 2010		3,323		$	16.45
Exercised		(242	)	$	10.14
Canceled		(3	)		17.04
Outstanding at June 30, 2011		3,078		$	16.94
Exercisable at June 30, 2011		2,739		$	16.93
Vested and expected to vest at June 30, 2011		3,063		$	16.94

     There were no stock options granted during the six months ended June 30, 2011. The aggregate intrinsic value of our stock options exercised during the three and six months ended June 30, 2011 was $2.3 million and $3.0 million, respectively, and the actual tax benefit realized on options exercised during these periods was $888,000 and $1.2 million, respectively.

     At June 30, 2011 there was $907,000 of total unrecognized compensation cost related to our stock options. This cost is expected to be recognized over a weighted-average period of one year.

     The compensation cost that has been charged against income for stock options for the three months ended June 30, 2011 and 2010 was $347,000 and $1.4 million, respectively. The corresponding income tax benefit recognized was $136,000 and $528,000 for the three months ended June 30, 2011 and 2010, respectively.

     The compensation cost that has been charged against income for stock options for the six months ended June 30, 2011 and 2010 was $694,000 and $1.8 million, respectively. The corresponding income tax benefit recognized was $271,000 and $711,000 for the six months ended June 30, 2011 and 2010, respectively.

Nonvested Stock Activity

     During the six months ended June 30, 2011 we granted 1,148,046 shares of nonvested common stock, 1,130,000 of which were granted to certain of our executives and contain performance conditions. The performance-based awards provide that the number of shares that will ultimately vest will be between 0% and 100% of the total granted based on the attainment of performance targets. Assuming continued service through each vesting date, these awards will vest in four equal annual installments beginning June 2012 through June 2015.

     Total compensation cost charged against income related to nonvested stock awards was $1.1 million and $2.4 million for the three months ended June 30, 2011 and 2010, respectively. The corresponding income tax benefit recognized in the income statement was $436,000 and $939,000 for the three months ended June 30, 2011 and 2010, respectively.

     Total compensation cost charged against income related to nonvested stock awards was $1.8 million and $4.0 million for the six months ended June 30, 2011 and 2010, respectively. The corresponding income tax benefit recognized in the income statement was $717,000 and $1.6 million for the six months ended June 30, 2011 and 2010, respectively.

     At June 30, 2011, there was $28.3 million of unrecognized compensation cost related to these nonvested shares, which will be recognized over a weighted-average period of 3.7 years. A summary of our nonvested stock activity for the six months ended June 30, 2011 is as follows:

				Grant Date
				Weighted-
				Average Fair
				Value
	Shares			Per Share
Outstanding at December 31, 2010		686,511		$	26.16
Granted		1,148,046		$	20.27
Vested		(268,215	)	$	30.83
Forfeited/Canceled		(1,896	)	$	30.35
Outstanding at June 30, 2011		1,564,446		$	21.03