Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

(10) Stock-Based Compensation

The following tables summarize information related to the company's stock-based compensation:

	Restricted Stock Units						Stock Options
				Weighted Average							Weighted Average
	Number of			Measurement			Number of				Exercise
	Units			Date Fair Value			Options				Price
Outstanding at December 31, 2012		935,633			$	14.42		557,954				$	7.84
Granted ⁽¹⁾		31,506				14.36		—					—
Exercised		—				—		(455,379	)				6.91
Vested		(43,553	)			15.22		—					—
Forfeited		(12,644	)			14.50		—					—
Expired		—				—		(2,575	)				7.16
Outstanding at June 30, 2013		910,942			$	14.38		100,000		⁽²⁾		$	12.10

⁽¹⁾	The fair value of restricted stock unit grants is determined based on the closing market price of Orbital's common stock on the date of grant. Such value is recognized as expense over the service period, net of estimated forfeitures.

⁽²⁾	The weighted average remaining contractual term is 1.76 years.

	Quarters Ended June 30,
(in millions)	2013		2012
Stock-based compensation expense	$	1.7	$	1.3
Income tax benefit related to stock-based compensation expense		0.6		0.4
Intrinsic value of options exercised computed as the market
price on the exercise date less the price paid to exercise the options		1.7		—
Cash received from exercise of options		1.3		0.1
Tax benefit recorded as credits to additional paid-in capital related
to stock-based compensation transactions		0.7		—

	Six Months Ended June 30,
(in millions)	2013		2012
Stock-based compensation expense	$	3.5	$	2.7
Income tax benefit related to stock-based compensation expense		1.3		0.9
Intrinsic value of options exercised computed as the market
price on the exercise date less the price paid to exercise the options		4.1		0.1
Cash received from exercise of options		3.2		0.1
Tax benefit recorded as credits to additional paid-in capital related
to stock-based compensation transactions		1.6		—

	As of
(in millions)	June 30, 2013
Shares of common stock available for grant under stock-based incentive plans		2.9
Aggregate intrinsic value of restricted stock units that are expected to vest	$	15.8
Unrecognized compensation expense related to non-vested restricted stock units, expected to
be recognized over a weighted-average period of 1.61 years		7.5
Aggregate intrinsic value of stock options outstanding, all fully vested		0.5

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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