Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2013

Share-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

13.         STOCK-BASED COMPENSATION PLANS

On March 26, 2012, our board of directors approved an amendment to our Amended and Restated Incentive Compensation Plan (the “Incentive Plan”) increasing the number of shares authorized for issuance by 500,000 shares, to 2 million shares.  Pursuant to the Incentive Plan, we can grant restricted stock, restricted stock units, stock options, and performance awards to team members, officers, directors, and contractors at any time prior to March 26, 2022.  The shares available for future grants under the Incentive Plan totaled 314,320 as of March 31, 2013.

On March 26, 2012, the compensation committee of our board of directors approved an award of 310,000 restricted stock units and 190,000 shares of restricted stock to our Chief Executive Officer.  The 310,000 restricted stock units and 90,000 shares of restricted stock are eligible to vest over a ten year period beginning in 2012 based on the cumulative improvement in our annual adjusted economic profit, a non-GAAP financial measure.  The remaining 100,000 shares of restricted stock are eligible to vest in equal annual installments over a five year period beginning in 2022 based on the attainment of annual adjusted economic profit targets.

Stock-based compensation expense consists of the following:

(In millions)	For the Three Months Ended March 31,
	2013			2012
Restricted stock		$	0.6		$	0.2
Restricted stock units			0.9			0.6
Total		$	1.5		$	0.8

While the restricted stock units and shares of restricted stock are generally expected to vest in equal, annual installments over the corresponding requisite service periods of the grants, the related stock-based compensation expense is not recognized on a straight-line basis over the same periods.  Each installment is accounted for as a separate award and as a result, the fair value of each installment is recognized as stock-based compensation expense on a straight-line basis over the related vesting period.

As of March 31, 2013, there was $44.8 million of total unrecognized compensation costs related to non-vested equity compensation arrangements.  The following table details how the expenses associated with restricted stock and restricted stock units, which are expected to be recognized over a weighted average period of 3.6years, will be recorded assuming performance targets are achieved in the periods currently estimated:

(In millions)
Year	Restricted Stock Units		Restricted Stock		Total Projected Expense
Remainder of 2013	$	4.9	$	2.5	$	7.4
2014		5.0		2.6		7.6
2015		4.3		2.1		6.4
2016		3.8		1.9		5.7
2017		3.1		1.7		4.8
Thereafter		5.5		7.4		12.9
Total	$	26.6	$	18.2	$	44.8