Equity Compensation

3 Months Ended

Mar. 31, 2014

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

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,
	2014			2013
Stock-based compensation expense	$	2,551		$	3,093
Income tax (benefit)	$	(982	)	$	(1,191	)

We did not capitalize any stock-based compensation cost in the three months ended March 31, 2014 or 2013.

As of March 31, 2014, we estimated that pre-tax compensation expense for unvested stock-based compensation grants in the amount of approximately $18,000, 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 2.0 years.

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


	Three Months Ended March 31, 2014
	# of Shares			Weighted Average Exercise Price		Aggregate Exercise Price			Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value ⁽¹⁾
Outstanding at beginning of period		1,332,448		$	81.77	$	108,955
Granted		168,500		$	27.94		4,708
Forfeited		(10,334	)	$	30.29		(313	)
Exercised		0		$	0		0
Expired		(180,239	)	$	66.13		(11,919	)

Outstanding at end of period		1,310,375		$	77.40	$	101,431			2.7	$	1,522

Exercisable at end of period		954,536		$	95.21	$	90,882			2.3	$	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 31, 2014 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,
	2014		2013
Shares subject to stock options granted		168,500		0
Weighted average grant date fair value per share	$	12.62	$	0
Shares subject to stock options exercised		0		0
Intrinsic value of stock options exercised	$	0	$	0
Proceeds received from stock options exercised	$	0	$	0
Tax benefits realized from stock options exercised	$	0	$	0

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,
	2014			2013
Risk-free interest rates		1.32	%	Not applicable
Expected lives (in years)		4.7		Not applicable
Volatility		55	%	Not applicable
Dividend yield		None		Not applicable

The following table sets forth the number of restricted stock units (“RSUs”) that were granted, forfeited and vested in the period indicated:


	Three Months Ended March 31, 2014
	# of RSUs			Weighted Average Grant Date Fair Value
Unvested at beginning of period		737,844		$	39.96
Granted		271,636		$	27.97
Forfeited		(54,946	)	$	35.64
Vested		(51,303	)	$	71.02

Unvested at end of period		903,231		$	34.85

The total fair market value of the RSUs that vested and were settled in shares of our common stock was $1,924 in the three months ended March 31, 2014 and $1,003 in the three months ended March 31, 2013.