Note 20 - Incentive Plans

12 Months Ended

Dec. 31, 2013

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

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

20.  Incentive Plans:

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing formula.  The assumption for expected volatility has a significant effect on the grant date fair value.  Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure.  The expected term is determined using the simplified method due to the lack of exercise and cancelation history for the current vesting terms. The more significant assumptions underlying the determination of fair values for options granted during 2013, 2012 and 2011 were as follows:

	Year Ended December 31,
	2013			2012			2011
Weighted average fair value of options granted	$	5.04		$	4.52		$	4.39
Weighted average risk-free interest rates		1.46	%		1.04	%		2.02	%
Weighted average expected option lives (in years)		6.25			6.25			6.25
Weighted average expected volatility		35.95	%		37.53	%		36.82	%
Weighted average expected dividend yield		3.85	%		3.94	%		3.98	%

Information with respect to stock options under the Plan for the years ended December 31, 2013, 2012, and 2011 are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value (in millions)
Options outstanding, January 1, 2011		17,115,789		$	28.32	$	18.0
Exercised		(444,368	)	$	14.71
Granted		1,888,017		$	18.77
Expired		(655,748	)	$	16.40
Forfeited		(793,098	)	$	23.74
Options outstanding, December 31, 2011		17,110,592		$	28.14	$	8.0
Exercised		(1,495,432	)	$	19.84
Granted		1,522,450		$	18.78
Forfeited		(579,613	)	$	28.73
Options outstanding, December 31, 2012		16,557,997		$	28.42	$	14.9
Exercised		(1,636,300	)	$	23.15
Granted		1,354,250		$	21.55
Forfeited		(901,802	)	$	31.38
Options outstanding, December 31, 2013		15,374,145		$	28.79	$	13.1
Options exercisable (fully vested)-
December 31, 2011		12,459,598		$	30.77	$	3.9
December 31, 2012		12,830,255		$	31.57	$	7.7
December 31, 2013		12,039,439		$	31.24	$	8.2

The exercise prices for options outstanding as of December 31, 2013, range from $11.54 to $53.14 per share. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2013, was 4.4 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2013, was 5.6 years. Options to purchase 8,049,534, 8,871,495 and 5,776,270, shares of the Company’s common stock were available for issuance under the Plan at December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, the Company had 3,334,706 options expected to vest, with a weighted-average exercise price per share of $19.50 and an aggregate intrinsic value of $1.9 million.

Cash received from options exercised under the Plan was $30.2 million, $22.6 million and $6.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total intrinsic value of options exercised during 2013, 2012 and 2011, was $7.6 million, $7.0 million, and $1.5 million, respectively.

As of December 31, 2013, 2012 and 2011, the Company had restricted shares outstanding of 1,591,082, 1,562,912 and 832,726, respectively.

The Company recognized expense associated with its equity awards of $18.9 million, $17.9 million and $16.9 million, for the years ended December 31, 2013, 2012 and 2011, respectively.  As of December 31, 2013, the Company had $28.6 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted average period of 3.5 years.

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares in connection with the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise, subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors.  The Company did not repurchase shares during 2013. During 2012, the Company repurchased 1.6 million shares of the Company’s common stock for $30.9 million, of which $22.6 million was provided to the Company from options exercised. During 2011, the Company repurchased 333,998 shares of the Company’s common stock for $6.0 million, of which $4.9 million was provided to the Company from options exercised.

The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $250,000), is fully vested and funded as of December 31, 2013. The Company’s contributions to the plan were $2.1 million, $2.1 million, and $1.9 million for the years ended December 31, 2013, 2012 and 2011, respectively.

The Company recognized severance costs associated with employee terminations during the years ended December 31, 2013, 2012 and 2011 of $4.3 million, $5.8 million and $1.7 million, respectively. The 2012 expense includes $2.5 million of severance costs related to the departure of an executive officer during January 2012.