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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
STOCK-BASED COMPENSATION
Available Shares
In March 2011, our board of directors approved the Amended and Restated Republic Services, Inc. 2007 Stock Incentive Plan. The plan was ratified by our stockholders in May 2011. We currently have 16.6 million shares of common stock reserved for future grants under the plan.
Stock Options
The following table summarizes the stock option activity for the three months ended March 31, 2013:
 
 
Number of
Shares
 
Weighted Average
Exercise
Price per Share
 
Weighted Average
Remaining
Contractual Term
(years)
 
Aggregate
Intrinsic
Value
Outstanding at December 31, 2012
13.7

 
$
27.51

 
 
 
 
Granted
2.9

 
31.12

 
 
 
 
Exercised
(2.5
)
 
25.82

 
 
 
$
14.0

Forfeited or expired
(0.2
)
 
28.93

 
 
 
 
Outstanding at March 31, 2013
13.9

 
$
28.53

 
4.7
 
$
62.2

Exercisable at March 31, 2013
7.2

 
$
27.03

 
3.5
 
$
42.8



During the three months ended March 31, 2013 and 2012, compensation expense for stock options was $4.6 million and $4.6 million, respectively.
As of March 31, 2013, total unrecognized compensation expense related to outstanding stock options was $18.8 million, which will be recognized over a weighted average period of 2.1 years.
Other Stock Awards
The following table summarizes the restricted stock unit and restricted stock activity for the three months ended March 31, 2013: 
 
Number of
Restricted Stock
Units and Shares of
Restricted Stock
(in thousands)
 
Weighted Average
Grant Date
Fair Value per
Share
 
Weighted  Average
Remaining
Contractual
Term (years)
 
Aggregate
Intrinsic
Value
Other stock awards at December 31, 2012
905.3

 
$
27.51

 
 
 
 
Granted
312.7

 
30.33

 
 
 
 
Vested and issued
(59.7
)
 
27.14

 
 
 
 
Forfeited
—

 
—

 
 
 
 
Other stock awards at March 31, 2013
1,158.3

 
$
28.30

 
0.8
 
$
38.2

Vested and unissued at March 31, 2013
741.1

 
$
21.81

 
 
 
 


During the three months ended March 31, 2013, we awarded our non-employee directors 67,500 restricted stock units, which vested immediately. During the three months ended March 31, 2013, we awarded 237,721 restricted stock units to executives. In addition, 7,475 restricted stock units were earned as dividend equivalents. The restricted stock units do not carry any voting or dividend rights, except the right to receive additional restricted stock units in lieu of dividends.
The fair value of restricted stock units and restricted stock is based on the closing market price on the date of the grant. The compensation expense related to restricted stock units and restricted stock is amortized ratably over the vesting period.
During the three months ended March 31, 2013 and 2012, compensation expense related to restricted stock units and restricted stock totaled $3.1 million and $3.4 million, respectively.