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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2012
Fair Value of Options Granted Calculated Using Weighted Average Assumptions
The fair value of options granted during the three and six month periods ended June 30, 2012 and 2011 were calculated using the following weighted-average assumptions:
 
   
Three Months Ended
   
Six Months Ended
 
   
June 30,
2012
   
June 30,
2011
   
June 30,
2012
   
June 30,
2011
 
Options granted
    -       58,550       46,950       58,550  
Weighted average exercise price
  $ -     $ 47.89     $ 41.27     $ 47.89  
Weighted-average grant date fair value
    -       22.30       19.08       22.30  
                                 
Assumptions:
                               
    Expected volatility
    -       45.15 %     47.70 %     45.15 %
    Expected term (in years)
    -       6.0       5.9       6.0  
    Risk-free interest rate
    -       2.64 %     1.43 %     2.64 %
    Expected dividend yield
    -       -       -       -  
Summary of Activity Under Stock Option Plans
A summary of the activity under our stock option plans as of June 30, 2012 and changes during the three and six month periods then ended, is presented below:
 
   
Options
Outstanding
   
Weighted-
Average
 Exercise Price
Per Share
   
Weighted-Average Remaining
Contractual Life in Years
   
Aggregate
Intrinsic
Value
 
Options outstanding at March 31, 2012
    2,440,999     $ 37.59       4.9     $ 14,667,018  
    Options granted
    -       -                  
    Options exercised
    (112,531 )     29.74                  
    Options cancelled
    (28,999 )     46.78                  
Options outstanding at June 30, 2012
    2,299,469       38.07       4.8       14,513,131  
Options exercisable at June 30, 2012
    1,594,269       41.39       3.7       7,279,532  
Options vested or expected to vest at June 30, 2012*
    2,273,222       38.19       4.7       14,247,752  
                                 
 
* In addition to the vested options, we expect a portion of the unvested options to vest at some point in the future.  Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.
 
   
 
 
Options
Outstanding
   
Weighted-
Average
Exercise Price
Per Share
 
Options outstanding at December 31, 2011
    2,401,809     $ 37.54  
    Options granted
    46,950       41.27  
    Options exercised
    (116,491 )     29.72  
    Options cancelled
    (32,799 )     44.06  
Options outstanding at June 30, 2012
    2,299,469          
Performance-Based Restricted Stock
 
Restricted Stock Activities
   
Performance
Based
Restricted
Stock Awards
 
Non-vested awards outstanding at December 31, 2011
    101,730  
    Awards granted
    22,120  
    Stock issued
    (43,750 )
    Awards forfeited
    (6,642 )
Non-vested awards outstanding at  June 30, 2012
    73,458  
         
Deferred Stock Units
 
Restricted Stock Activities
   
Deferred Stock
Units
 
Non-vested awards outstanding at December 31, 2011
    27,350  
    Awards granted
    17,600  
    Stock issued
    (14,800 )
    Awards forfeited
    -  
Non-vested awards outstanding at  June 30, 2012
    30,150  
         
Time Based Restricted Stock
 
Restricted Stock Activities
   
Time-Based
Restricted
Stock Awards
 
Non-vested awards outstanding at December 31, 2011
    86,707  
    Awards granted
    46,180  
    Stock issued
    (980 )
    Awards forfeited
    (3,782 )
Non-vested awards outstanding at  June 30, 2012
    128,125