Equity Compensation

3 Months Ended

Mar. 31, 2013

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

Equity Compensation

6. Equity Compensation

The stock-based compensation expense and related income tax benefit recognized in our Condensed Consolidated Statements of Income in the periods indicated were as follows:

	Three Months Ended March 31,
	2013			2012
Stock-based compensation expense	$	3,093		$	4,483
Income tax (benefit)	($	1,191	)	($	1,726	)

We did not capitalize any stock-based compensation cost in the three months ended March 31, 2013 or 2012.

As of March 31, 2013, we estimated that pre-tax compensation expense for unvested stock-based compensation grants in the amount of approximately $16,000 net of estimated forfeitures, will be recognized in future periods. This expense will be recognized over the remaining service period applicable to the grantees which, on a weighted-average basis, is approximately 1.6 years.

The stock options granted, forfeited, exercised and expired in the period indicated were as follows:

	Three Months Ended March 31, 2013
				Weighted					Weighted
				Average		Aggregate			Average		Aggregate
	# of			Exercise		Exercise			Remaining		Intrinsic
	Shares			Price		Price			Contractual Term		Value (1)
Outstanding at beginning of period		1,574,604		$	84.90	$	133,691
Granted		0		$	0		0
Forfeited		(2,667	)	$	74.99		(200	)
Exercised		0		$	0		0
Expired		(197,244	)	$	47.59		(9,387	)
Outstanding at end of period		1,374,693		$	90.28	$	124,104			3.1	$	0
Exercisable at end of period		1,225,187		$	92.37	$	113,170			2.8	$	0

(1) The aggregate intrinsic value of the stock options was calculated by identifying those stock options that had a lower exercise price than the closing market price of our common stock on March 28, 2013 and multiplying the difference between the closing market price of our common stock and the exercise price of each of those stock options by the number of shares subject to those stock options that were outstanding or exercisable, as applicable.

The following table sets forth information regarding the stock options granted and exercised in the periods indicated:

	Three Months Ended March 31,
	2013		2012
Shares subject to stock options granted		0		156,500
Weighted average grant date fair value per share	$	0	$	31.36
Shares subject to stock options exercised		0		104,054
Intrinsic value of stock options exercised	$	0	$	2,489
Proceeds received from stock options exercised	$	0	$	4,668
Tax benefits realized from stock options exercised	$	0	$	864

The intrinsic value of a stock option is the difference between the fair market value of the stock and the option exercise price.

The fair value of each stock option grant was estimated on the date of grant using the following assumptions:

	Three Months Ended March 31,
	2013	2012
Risk-free interest rates	Not applicable		0.7	%
Expected lives (in years)	Not applicable		4.5
Volatility	Not applicable		51	%
Dividend yield	Not applicable		None

The following table sets forth the number of RSUs that were granted, forfeited and vested in the period indicated:

	Three Months Ended March 31, 2013
	# of RSUs			Weighted Average Grant Date Fair Value
Unvested at beginning of period		413,645		$	75.35
Granted		0		$	0.00
Forfeited		(13,050	)	$	73.68
Vested		(59,430	)	$	87.66
Unvested at end of period		341,165		$	73.27

The total fair market value of the RSUs that vested and were settled in shares of our common stock was $1,003 in the three months ended March 31, 2013 and $2,754 in the three months ended March 31, 2012. In the three months ended March 31, 2012, 48,935 RSUs vested and were settled in cash for $3,073.