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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of fair values for stock-based awards granted using the Black-Scholes option pricing model

The fair values for option awards granted in 2011, 2010 and 2009 were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

 

 

             
    For the Year Ended December 31,
    2011   2010   2009

Weighted-average fair value of grants

  $5.63   $5.30   $2.21

Risk-free interest rate (range)

  1.4% - 3.0%   1.4% - 2.6%   1.1% - 2.7%

Dividend yield (range)

  3.4% - 4.9%   4.2% - 5.6%   8.6% - 24.9%

Expected life (range)

  7 years   4 - 5 years   3 - 6 years

Expected volatility (range)

  52.1% - 69.0%   87.0% - 97.8%   58.0% - 93.8%
Summary of stock option activity

The following table reflects the stock option activity described above (aggregate intrinsic value in thousands):

 

 

                                         
          Weighted-
Average
Exercise
Price
    Weighted-
Average
Remaining
Contractual
Term
(years)
    Aggregate
Intrinsic
Value
 
    Number of Options        
    Employees     Directors        
    (thousands)                    

Balance December 31, 2008

    2,185       32     $ 41.97                  

Granted

    1,415             6.00                  

Exercised

    (149           5.83                  

Forfeited

    (121     (10     25.10                  
   

 

 

   

 

 

   

 

 

                 

Balance December 31, 2009

    3,330       22     $ 29.02                  

Granted

    373             10.37                  

Exercised

    (212           6.02                  

Forfeited

    (268     (2     30.21                  
   

 

 

   

 

 

   

 

 

                 

Balance December 31, 2010

    3,223       20     $ 28.28                  

Granted

    276             13.72                  

Exercised

    (192           6.39                  

Forfeited

    (624     (10     41.02                  
   

 

 

   

 

 

   

 

 

                 

Balance December 31, 2011

    2,683       10     $ 25.35       5.8     $ 5,552  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Options exercisable at December 31,

                                       

2011

    2,230       10     $ 28.00       5.2     $ 5,177  

2010

    2,900       20     $ 30.27       5.8     $ 8,035  

2009

    3,329       22     $ 29.02       6.8     $ 3,947  
Summary of characteristics of options outstanding

The following table summarizes the characteristics of the options outstanding at December 31, 2011 (in thousands):

 

 

                                         

Options Outstanding

       

Range of
Exercise Prices

  Outstanding
as of
12/31/11
    Weighted-
Average
Remaining
Contractual Life
(years)
    Weighted-
Average
Exercise Price
             
        Options Exercisable  
        Exercisable as of
12/31/11
    Weighted-
Average
Exercise Price
 

$ 0.00-$6.50

    813       6.8     $ 6.01       813     $ 6.01  

$ 6.51-$12.50

    298       8.2       10.33       95       10.34  

$12.51-$29.50

    385       6.2       16.95       135       22.71  

$29.51-$49.50

    827       4.2       38.22       827       38.22  

$49.51-$69.50

    370       4.8       59.88       370       59.88  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      2,693       5.8     $ 25.35       2,240     $ 28.00  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Activities for unvested stock option awards

The following table reflects the activity for unvested stock option awards for the years ended (in thousands):

 

 

                 
    Options     Weighted-
Average
Grant Date
Fair Value
 

Unvested at December 31, 2010

    323     $ 5.22  

Granted

    276       5.42  

Vested

    (104     5.23  

Forfeited

    (42     5.23  
   

 

 

   

 

 

 

Unvested at December 31, 2011

    453     $ 5.34  
   

 

 

   

 

 

 
Activities for unvested restricted stock awards

The following table reflects the activity for unvested restricted stock awards for the year ended December 31, 2011 (awards in thousands):

 

 

                 
    Awards     Weighted-
average
Grant Date
Fair Value
 

Unvested at December 31, 2010

    1,146     $ 6.97  

Granted

    238       13.73  

Vested

    (508     6.91  

Forfeited

    (148     6.41  
   

 

 

   

 

 

 

Unvested at December 31, 2011

    728     $ 9.31  
   

 

 

   

 

 

 
Activities for unvested VSEP awards

The following table reflects the activity for unvested VSEP awards for the year ended (in thousands):

 

 

                 
    Awards     Weighted-
Average Grant
Date Fair
Value
 

Unvested at December 31, 2010

    714     $ 11.35  

Granted

    1,442       14.16  

Vested

    (764     13.09  

Forfeited

    (210     12.94  
   

 

 

   

 

 

 

Unvested at December 31, 2011

    1,182     $ 13.34  
   

 

 

   

 

 

 
VSEP awards [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of fair values for stock-based awards granted using the Black-Scholes option pricing model

The fair value of the VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions:

 

 

     
    Range

Risk-free interest rate

  1.9%

Dividend yield

  6.2%

Expected life

  3.4 years

Expected volatility

  88%