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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2011
Stock-Based Compensation Plans  
Assumptions used to determine the fair value of options granted

Number

 

 

 

Risk-

 

 

 

 

 

 

 

 

 

 

 

of Options

 

 

 

Free

 

 

 

 

 

 

 

 

 

 

 

Granted

 

Grant

 

Interest

 

Dividend

 

Expected

 

 

 

 

 

Fair

 

(in thousands)

 

Date

 

Rate

 

Yield

 

Life

 

Volatility

 

Exercise Price

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1994 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      1,362

 

02/03/11

 

2.62

%

1.75

%

6.2 years

 

39.0

%

$29.66 to $32.63

 

$

10.33

 

         148

 

02/02/10

 

2.93

%

1.62

%

6.5 years

 

36.0

%

$24.75

 

$

8.46

 

           24

 

02/23/09

 

2.08

%

2.48

%

6.5 years

 

30.9

%

$16.10

 

$

4.06

 

           29

 

02/04/09

 

2.17

%

1.88

%

6.5 years

 

30.9

%

$21.25

 

$

5.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1995 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           30

 

02/15/11

 

2.92

%

1.76

%

6.6 years

 

38.0

%

$29.58

 

$

10.49

 

 

Summary of stock option activity

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Weighted-

 

Average

 

Aggregate

 

 

 

 

 

Average

 

Remaining

 

Intrinsic

 

 

 

Shares

 

Exercise

 

Contractual

 

Value*

 

Non-Qualified Stock Options

 

(in thousands)

 

Price

 

Life

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2011

 

1,124

 

$

34.19

 

2.6

 

$

1,891

 

Granted

 

1,392

 

$

29.66

 

 

 

 

 

Exercised

 

(9

)

$

24.87

 

 

 

 

 

Forfeited

 

(373

)

$

34.88

 

 

 

 

 

Outstanding at December 31, 2011

 

2,134

 

$

31.15

 

4.8

 

$

8,053

 

Outstanding and expected to vest at December 31, 2011

 

2,081

 

$

31.21

 

4.7

 

$

7,804

 

Exercisable at December 31, 2011

 

892

 

$

33.92

 

3.1

 

$

2,471

 

 

 

*

 

The intrinsic value represents the amount by which the fair market value of the underlying common stock exceeds the exercise price of the option, using the closing price per share of $33.66 on December 31, 2011.

Summary of unvested options activity

 

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

Shares

 

Grant-Date

 

Unvested Options

 

(in thousands)

 

Fair Value

 

 

 

 

 

 

 

Unvested at January 1, 2011

 

180

 

$

7.85

 

Granted

 

1,392

 

$

10.33

 

Vested

 

(325

)

$

9.84

 

Forfeiture

 

(5

)

$

9.25

 

Unvested at December 31, 2011

 

1,242

 

$

10.11