Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

Note 11 – Stock-Based Compensation Plans

We have two stock-based compensation plans: the 1995 Long-Term Incentive Plan, as amended (the “1995 Incentive Plan”) and the 2005 Long-Term Incentive Plan, as amended (the “2005 Incentive Plan”).As of March 31, 2012, there were 401,642 shares available for grant under our 2005 Incentive Plan.There were no stock option grants in the three-month periods ended March 31, 2012 and 2011.During the three-month period ended March 31, 2012, the following grants of share-based awards (restricted shares, restricted stock units and performance share units) were made to executive officers, selected management employees and non-employee members of the board of directors under the 2005 incentive plan:

Date of Grant	Shares		Market Value Per Share	Vesting Period
January 3, 2012................	537,973	$	15.80	33% per year over three years
January 3, 2012................	1,958		15.80	100% on January 1, 2014

Compensation cost is recognized over the respective vesting periods on a straight-line basis.For the three-month period ended March 31, 2012, $1.8 million was recognized as compensation expense related to shared based awards as compared with $3.0 million during the three-month period ended March 31, 2011.

In January 2009, we adopted the 2009 Long-Term Incentive Cash Plan (the “2009 LTI Plan”) to provide long term cash based compensation to eligible employees.Under the terms of the 2009 LTI Plan, the majority of the cash awards are fixed sum amounts payable (the vesting period is five years for awards granted before January 1, 2012 and three years thereafter). However, some of the cash awards are indexed to our Company common stock and the payment amount at each vesting date will fluctuate based on the common stock’s performance. This share-based component is considered a liability plan and as such is re-measured to fair value each reporting period with corresponding changes being recorded as a charge to earnings as appropriate.

The total awards made under the 2009 LTI Plan totaled $4.2 million in 2012 and $5.2 million in 2011.Total compensation expense under the 2009 LTI plan totaled $2.4 million and $3.0 million for the three-month periods ended March 31, 2012 and 2011, respectively.The liability balance under the 2009 LTI Plan was $6.9 million at March 31, 2012 and $9.9 million at December 31, 2011, including $6.5 million at March 31, 2012 and $8.5 million at December 31, 2011 associated with the variable portion of the 2009 LTI plan.

For more information regarding our stock-based compensation plans, including our 2009 LTI Plan see Note 12 of our 2011 Form 10-K.