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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2013
Stock-Based Compensation  
Schedule of unvested restricted stock unit activity

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

Weighted-

 

Intrinsic

 

 

 

Shares

 

Average

 

Value *

 

Unvested Restricted Stock Units (RSUs)

 

(in thousands)

 

Price

 

(in thousands)

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2013

 

264

 

$

33.23

 

 

 

Awarded

 

359

 

31.96

 

 

 

Vested

 

(174

)

32.62

 

 

 

Forfeited

 

(1

)

32.47

 

 

 

Outstanding at December 31, 2013

 

448

 

$

32.48

 

$

16,447

 

Outstanding and expected to vest at December 31, 2013

 

436

 

$

32.45

 

$

16,021

 

 

*  The intrinsic value is calculated using the closing price per share of $36.73 as reported by the New York Stock Exchange on December 31, 2013.

Assumptions used to determine the fair value of stock options granted

The assumptions used in the Black-Scholes option pricing model for options granted in 2011 were as follows:

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1995 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

02/15/11

 

2.92

%

1.76

%

6.6 years

 

38.0

%

$29.58

 

$

10.49

 

Non-Qualified Stock Options
 
Stock-Based Compensation  
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, 2013

 

1,907

 

$

31.58

 

3.8

 

$

5,347

 

Exercised

 

(512

)

$

29.39

 

 

 

 

 

Forfeited

 

(374

)

$

40.65

 

 

 

 

 

Outstanding at December 31, 2013

 

1,021

 

$

29.35

 

4.0

 

$

7,539

 

Outstanding and expected to vest at December 31, 2013

 

1,003

 

$

29.35

 

4.0

 

$

7,404

 

Exercisable at December 31, 2013

 

573

 

$

29.14

 

3.9

 

$

4,352

 

 

* 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 $36.73 as reported by the New York Stock Exchange on December 31, 2013.

Unvested Stock Options
 
Stock-Based Compensation  
Summary of stock option activity

 

 

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

Shares

 

Grant-Date

 

Unvested Options

 

(in thousands)

 

Fair Value

 

 

 

 

 

 

 

Unvested at January 1, 2013

 

826

 

$

10.25

 

Vested

 

(377

)

$

10.17

 

Forfeited

 

(1

)

$

10.33

 

Unvested at December 31, 2013

 

448

 

$

10.31