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Stock-Based Compensation
9 Months Ended
Sep. 30, 2013
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

6. Stock-based Compensation

During the first quarter of 2013, the Company granted stock only stock appreciation rights (“SOSARs”) on  662 shares of its common stock to eligible employees, of which 191 include performance conditions. The grant date fair value of the SOSARs was $82.03 per share with an exercise price of $318.45 per share based on the closing price of common stock on the date of grant. The SOSARs (other than those subject to performance conditions) vest in two equal installments on the second and third anniversary of the grant date.

 

Total stock-based compensation expense was $16,567 and $51,465 ($10,069 and $31,280 net of tax) for the three and nine months ended September 30, 2013,  respectively, and was $15,039 and $53,844 ($9,171 and $32,834 net of tax) for the three and nine months ended September 30, 2012. A portion of stock-based compensation totaling $278 and $843 for the three and nine months ended September 30, 2013,  and $464 and $1,592 for the three and nine months ended September 30, 2012,  was recognized as capitalized development and is included in leasehold improvements, property and equipment in the consolidated balance sheet.  During the nine months ended September 30, 2013,  245 options or SOSARs were exercised, 55 SOSARs were forfeited, and 6 non-vested stock awards vested.