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Stock-Based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 2011
Summary of Stock Options Issued Pursuant to Stock Incentive Plans

A summary of stock options issued pursuant to the Company’s stock incentive plans is as follows:

 

September 30, September 30, September 30, September 30,
       Number of
Shares
     Weighted-
Average
Exercise
Price
       Weighted-
Average
Remaining
Contractual
Term (Years)
       Aggregate
Intrinsic Value of
In-the-Money
Options
 

Outstanding as of December 31, 2010

       3,510,538       $ 21.55             

Granted

       70,000         29.00             

Exercised

       (232,499      11.95             

Forfeited

       (22,351      20.19             
    

 

 

    

 

 

           

Outstanding as of September 30, 2011

       3,325,688       $ 22.38           5.14         $ 21,022,107   
    

 

 

    

 

 

      

 

 

      

 

 

 

Exercisable as of September 30, 2011

       2,267,032       $ 22.40           4.55         $ 15,405,992   
    

 

 

    

 

 

      

 

 

      

 

 

 
Fair Value of Options Granted Estimated using the Black-Scholes Option-Pricing Model with Weighted-Average Assumptions

The fair value of options granted during the nine months ended September 30, 2011 and 2010 was estimated on the date of grant using the Black-Scholes option-pricing model, a pricing model acceptable under U.S. GAAP, with the following weighted-average assumptions:

 

September 30, September 30,
       Nine Months Ended     Nine Months Ended  
       September 30, 2011     September 30, 2010  

Expected life (years)

       5.50        5.63   

Interest rate

       1.6     2.3

Volatility

       50.8     51.7

Dividend yield

       —          —     

 

Summary of Nonvested Long-Term Incentive Program Performance Share Awards ("LTIP performance shares") Outstanding

A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) outstanding as of September 30, 2011 and changes during the period are as follows:

 

September 30, September 30,
Nonvested LTIP Performance Shares      Number of
Shares at
Expected
Attainment
     Weighted-
Average
Grant
Date Fair
Value
 

Nonvested as of December 31, 2010

       499,035       $ 20.57   

Forfeited

       (27,274      18.69   
    

 

 

    

 

 

 

Nonvested as of September 30, 2011

       471,761       $ 20.72   
    

 

 

    

 

 

 
Summary of Nonvested Restricted Share Awards ("RSAs") and Changes During the Period

A summary of nonvested restricted share awards (“RSAs”) as of September 30, 2011 and changes during the period are as follows:

 

September 30, September 30,

Nonvested Restricted Share Awards

     Number of Restricted
Share Awards
     Weighted-Average Grant
Date Fair Value
 

Nonvested as of December 31, 2010

       192,298       $ 18.42   

Awarded

       1,300         29.00   

Vested

       (79,550      18.06   

Forfeited

       (9,000      17.36   
    

 

 

    

 

 

 

Nonvested as of September 30, 2011

       105,048       $ 18.92