Stock-Based Compensation Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Expense Recognized

Stock-Based Compensation Expense



(In millions)	2013		2012		2011
Amounts included in:
Corporate expense	$	24.8	$	29.1	$	13.8
Property, general, administrative, and other	31.7		26.0		8.0
Total stock-based compensation expense	$	56.5	$	55.1	$	21.8

Summary of Share-Based Option Activity

Stock Option Activity



	Shares		Weighted Average Exercise Price		Fair Value ⁽¹⁾		Weighted Average Remaining Contractual Term (years)
Outstanding as of December 31, 2012	8,478,148		$	12.22	$	3.51
Granted	550,812		13.65		5.95
Exercised	(143,109	)	8.38		7.33
Forfeited	(344,656	)	10.64		3.01
Expired	(77,384	)	16.42		5.40
Outstanding as of December 31, 2013	8,463,811		$	12.09	$	2.68	8.5
Vested and expected to vest as of December 31, 2013	7,975,096		$	11.96	$	2.84	8.5
Exercisable as of December 31, 2013	2,314,229		$	15.53	$	4.58	8.3

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⁽¹⁾	Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options.

Summary of Share-Based Option Grants and Exercises

Stock Option Grants and Exercises



	Years Ended December 31,
(Dollars in millions, except per share data)	2013	2012	2011
Options Granted:
Number of options granted	550,812	8,173,944	2,252,457
Weighted Average Grant-Date Fair Value per share ⁽¹⁾	$5.95	$3.50	$10.55
Weighted Average Exercise Price per Share ⁽¹⁾⁽²⁾	$13.65	$8.44	$26.23

Option Exercises:
Number of options exercised	143,109	—	—
Cash received for options exercised	$1.2	—	—
Intrinsic value of options exercised	$1.5	—	—

Intrinsic Value of Options Vested and Expected to Vest:	$86.1	$0.1	—

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⁽¹⁾	Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options.


⁽²⁾	Adjusted for the February 2012 1.742-for-1 stock split.

Share-Based Option Activity - Valuation Assumptions

Valuation assumptions for the indicated periods are presented below:



	Years Ended December 31,
	2013		2012		2011
Expected volatility	57.4	%	55.8	%	65.8	%
Expected dividend yield	—	%	—	%	—	%
Expected term (in years)	3.8		4.9		4.8
Risk-free interest rate	1.0	%	0.9	%	1.1	%

Summary of Share-Based Restricted Stock Unit Activity

Restricted Stock Unit Activity



	Units		Fair Value
Outstanding as of December 31, 2012	—		—
Granted	1,579,837		$13.74
Forfeited	(76,303	)	$13.70
Outstanding as of December 31, 2013	1,503,534		$13.74

- 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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