Stock Plans and Equity Transactions (Tables)

12 Months Ended

Dec. 31, 2013

Stock Plans and Equity Transactions [Abstract]

The following tables summarize information related to stock-based compensation transactions and plans:

	Restricted Stock Units					Stock Options
	Number of Units			Weighted Average Measurement Date Fair Value		Number of Options			Weighted Average Exercise Price
Outstanding at December 31, 2010		684,674		$	16.38		1,226,582		$	6.46
Granted ⁽¹⁾		442,110			17.39		-			-
Exercised		-			-		(317,647	)		4.26
Vested		(330,356	)		18.47		-			-
Forfeited		(14,316	)		16.57		(448	)		5.79
Expired		-			-		(6,200	)		3.91
Outstanding at December 31, 2011		782,112			16.07		902,287			7.25
Granted ⁽¹⁾		529,446			12.90		-			-
Exercised		-			-		(343,734	)		6.28
Vested		(345,945	)		15.77		-			-
Forfeited		(29,980	)		14.85		-			-
Expired		-			-		(599	)		5.79
Outstanding at December 31, 2012		935,633			14.42		557,954			7.84
Granted ⁽¹⁾		513,490			18.65		-			-
Exercised		-			-		(480,379	)		7.19
Vested		(476,811	)		14.70		-			-
Forfeited		(23,468	)		15.38		-			-
Expired		-			-		(2,575	)		7.16
Outstanding at December 31, 2013		948,844		$	16.55		75,000	⁽²⁾	$	12.07

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⁽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 1.5 years, and the range of exercise prices is $9.71-$12.98. All outstanding options were exercisable as of December 31, 2013.

Equity Transactions, Additional Disclosures

	Years Ended December 31,
(in millions)	2013		2012		2011
Stock-based compensation expense recognized	$	7.7	$	6.4	$	6.2
Income tax benefit related to stock-based compensation expense		3.0		2.5		2.0
Intrinsic value of options exercised, computed as the market price on the exercise date less the price paid to exercise the options		4.4		2.6		3.8
Cash received from exercise of options		3.5		2.1		1.4
Grant date fair value of vested restricted stock units		7.0		5.5		6.1
Tax benefit recorded as an increase to additional paid-in capital related to stock-based compensation transactions		2.4		0.2		1.2

(in millions)	As of December 31, 2013
Shares of common stock available for grant under the company's stock-based incentive plans		2.5
Aggregate intrinsic value of restricted stock units that are expected to vest	$	22.1
Unrecognized compensation expense related to non-vested restricted stock units, expected to be recognized over a weighted-average period of 2.09 years		12.4
Aggregate intrinsic value of stock options outstanding, all fully vested		0.8

10. Employee Benefit Plans

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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