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Equity Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Expense and Related Income Tax Benefit

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

 

     Year Ended December 31,  
     2013     2012     2011  

Stock-based compensation expense

   $ 11,638      $ 16,658      $ 17,074   

Income tax (benefit)

   ($ 4,481   ($ 6,414   ($ 6,574
Stock Options Granted, Forfeited, Exercised and Expired

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

 

     Year Ended December 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

     156,500      $ 19.55         3,059        

Forfeited

     (16,668   $ 75.11         (1,252     

Exercised

     0      $ 0.00         0        

Expired

     (381,988   $ 69.48         (26,543     
  

 

 

      

 

 

      

Outstanding at end of period

     1,332,448      $ 81.77       $ 108,955      2.4 years    $ 2,198   
  

 

 

   

 

 

    

 

 

   

 

  

 

 

 

Exercisable at end of period

     1,040,443      $ 92.28       $ 96,016      2.1 years    $ 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 December 31, 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.
Stock Options Granted and Exercised

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

 

     Year Ended December 31,  
     2013      2012      2011  

Shares subject to stock options granted

     156,500         156,500         159,500   

Weighted average grant date fair value

   $ 9.27       $ 31.36       $ 28.90   

Shares subject to stock options exercised

     0         202,820         118,410   

Intrinsic value of stock options exercised

   $ 0       $ 4,802       $ 3,095   

Proceeds received from stock options exercised

   $ 0       $ 8,345       $ 5,599   

Tax benefits realized from stock options exercised

   $ 0       $ 1,602       $ 1,190   
Assumptions used to Estimate Grant Date Fair Value of Stock Options

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

 

     Year Ended December 31,  
     2013     2012     2011  

Risk-free interest rates

     0.7     0.7     1.8

Expected lives (in years)

     4.6        4.5        4.7   

Volatility

     60     51     48

Dividend yield

     None        None        None   
Number of Restricted Stock Units (RSUs) Granted, Forfeited and Vested

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

 

     Year Ended December 31, 2013  
     # of RSUs     Weighted
Average
Grant Date
Fair Value
 

Unvested at beginning of period

     413,645      $ 75.35   

Granted

     522,014      $ 19.98   

Forfeited

     (129,327   $ 46.72   

Vested

     (68,488   $ 88.60   
  

 

 

   

Unvested at end of period

     737,844      $ 39.96