Stock-Based Compensation

9 Months Ended

Sep. 30, 2014

Stock-Based Compensation [Abstract]

Stock-Based Compensation

(10)   Stock-Based Compensation

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

	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, 2013		948,844		$	16.55		75,000		$	12.07
Granted (1)		538,462			27.75		-			-
Exercised		-			-		(30,000	)		12.09
Vested		(461,521	)		16.29		-			-
Forfeited		(11,565	)		18.92		-			-
Expired		-			-		-			-
Outstanding at September 30, 2014		1,014,220		$	22.59		45,000	(2)	$	12.05

⁽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, for all but 159,000 of the grants, whose vesting is contingent upon the closing of the Merger.  The value of the 159,000 grants will be recognized as expense over one year beginning at the closing date of the Merger.

⁽²⁾   The weighted average remaining contractual term is 0.92 years.

	Quarters Ended September 30,
(in millions)	2014		2013
Stock-based compensation expense	$	2.4	$	2.3
Income tax benefit related to stock-based compensation expense		0.7		0.8
Intrinsic value of options exercised computed as the market price on the exercise date less the price paid to exercise the options		0.2		-
Cash received from exercise of options		0.1		-
Tax benefit recorded as credits to additional paid-in capital related to stock-based compensation transactions		1.2		0.6

	Nine Months Ended September 30,
(in millions)	2014		2013
Stock-based compensation expense	$	6.5	$	5.8
Income tax benefit related to stock-based compensation expense		2.2		2.1
Intrinsic value of options exercised computed as the market price on the exercise date less the price paid to exercise the options		0.4		4.1
Cash received from exercise of options		0.2		3.2
Tax benefit recorded as credits to additional paid-in capital related to stock-based compensation transactions		1.4		2.2

	As of
(in millions)	September 30, 2014
Shares of common stock available for grant under stock-based incentive plans		1.9
Aggregate intrinsic value of restricted stock units that are expected to vest	$	28.2
Unrecognized compensation expense related to non-vested restricted stock units, expected to be recognized over a weighted-average period of 1.91 years		21.0
Aggregate intrinsic value of stock options outstanding, all fully vested		0.7