v2.4.0.6

Stock-Based Compensation Plans | 12 Months Ended
--- | ---
Dec. 31, 2012
Stock-Based Compensation Plans |
Stock-Based Compensation Plans | 9. Stock-Based Compensation Plans The Company has a stock incentive plan, the 2009 Stock Option and Incentive Plan (the "2009 Plan"). The 2009 Plan includes an authorization to issue up to 4,199,822 shares of the Company's common stock, par value $0.01 per share, (2,930,000 newly authorized shares plus 1,269,822 shares that were available for grant as of May 21, 2009 under the Company's 1994 Stock Option and Incentive Plan (the "1994 Plan")), pursuant to awards under the 2009 Plan. In addition, any awards that were outstanding under the 1994 Plan on May 21, 2009 that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted and deferred stock, stock options that qualify as incentive stock options ("ISOs") under Section 422 of the Code, non-qualified stock options, and stock appreciation rights. The 2009 Plan will expire on May 21, 2019. Information with respect to stock options granted under the 2009 and 1994 Plans is as follows:
|  | 2009 Plan shares |  | Weighted average exercise price per share |  | 1994 Plan shares |  | Weighted average exercise price per share |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Options Outstanding, December 31, 2009 |  |  | — |  | $ | — |  |  | 2,836,254 |  | $ | 80.76 |
Exercised |  |  | — |  |  | — |  |  | (729,381 | ) |  | 57.87 |
Granted |  |  | 126,484 |  |  | 74.20 |  |  | — |  |  | — |
Forfeited |  |  | — |  |  | — |  |  | (34,656 | ) |  | 100.02 |
Options Outstanding, December 31, 2010 |  |  | 126,484 |  | $ | 74.20 |  |  | 2,072,217 |  | $ | 88.50 |
Exercised |  |  | (23,908 | ) |  | 75.75 |  |  | (930,391 | ) |  | 82.43 |
Granted |  |  | 144,827 |  |  | 115.83 |  |  | — |  |  | — |
Forfeited |  |  | — |  |  | — |  |  | (28,867 | ) |  | 68.29 |
Options Outstanding, December 31, 2011 |  |  | 247,403 |  | $ | 98.42 |  |  | 1,112,959 |  | $ | 94.10 |
Exercised |  |  | (43,265 | ) |  | 85.09 |  |  | (364,519 | ) |  | 68.21 |
Granted |  |  | 115,303 |  |  | 133.16 |  |  | — |  |  | — |
Forfeited |  |  | (11,887 | ) |  | 115.15 |  |  | (28,610 | ) |  | 139.58 |
Options Outstanding, December 31, 2012 |  |  | 307,554 |  | $ | 112.67 |  |  | 719,830 |  | $ | 105.40 |
Options Exercisable: |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2010 |  |  | 3,417 |  | $ | 74.20 |  |  | 1,730,978 |  | $ | 93.60 |
December 31, 2011 |  |  | 30,771 |  | $ | 81.54 |  |  | 1,012,304 |  | $ | 98.62 |
December 31, 2012 |  |  | 74,618 |  | $ | 97.46 |  |  | 719,830 |  | $ | 105.40 |
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2012:
2009 Plan Number of Options |  | Range—Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |
--- | --- | --- | --- | --- | ---
69,287 |  | $70.00 - 79.99 |  |  | 7.1 |
127,930 |  | 110.00 - 119.99 |  |  | 8.1 |
108,838 |  | 130.00 - 139.99 |  |  | 9.1 |
1,499 |  | 140.00 - 149.99 |  |  | 9.5 |
307,554 |  |  |  |  |  |
1994 Plan Number of Options |  | Range—Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |
--- | --- | --- | --- | --- | ---
1,424 |  | $30.00 - 39.99 |  |  | 0.1 |
94,898 |  | 40.00 - 49.99 |  |  | 3.5 |
41,556 |  | 60.00 - 69.99 |  |  | 2.1 |
730 |  | 70.00 - 79.99 |  |  | 2.5 |
107,833 |  | 80.00 - 89.99 |  |  | 5.1 |
187,380 |  | 90.00 - 99.99 |  |  | 3.1 |
286,009 |  | 140.00 - 149.99 |  |  | 4.1 |
719,830 |  |  |  |  |  |
Options outstanding under the 2009 and 1994 Plans at December 31, 2012 had an intrinsic value of $7,049,000 and $21,730,000, respectively. Options exercisable under the 2009 and 1994 Plans at December 31, 2012 had an intrinsic value of $2,845,000 and $21,730,000, respectively. Options exercisable under the 2009 and 1994 Plans had a weighted average contractual life of 8.3 years and 4.1 years, respectively. The intrinsic value of options exercised during 2012, 2011 and 2010 was $26,746,000, $46,126,000 and $30,811,000, respectively. The cost related to stock-based employee compensation for employee stock options included in the determination of net income is based on estimated forfeitures for the given year. Estimated forfeitures are adjusted to reflect actual forfeitures at the end of the vesting period. The following table summarizes the weighted average fair value of employee stock options for the periods shown and the associated assumptions used to calculate the value:
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Weighted average fair value per share |  | $ | 29.11 |  | $ | 29.40 |  | $ | 19.45 |
Life of options (in years) |  |  | 5.0 |  |  | 7.0 |  |  | 7.0 |
Dividend yield |  |  | 3.5 | % |  | 4.0 | % |  | 5.5 | %
Volatility |  |  | 35.00 | % |  | 35.00 | % |  | 43.00 | %
Risk-free interest rate |  |  | 0.87 | % |  | 3.04 | % |  | 3.15 | %
At December 31, 2012 and 2011, the Company had 202,218 and 431,320, respectively, outstanding unvested shares granted under restricted stock awards. The Company issued 96,592 shares of restricted stock valued at $12,883,000 as part of its stock-based compensation plan during the year ended December 31, 2012. Restricted stock vesting during the year ended December 31, 2012 totaled 318,726 shares and had fair values at the grant date ranging from $48.60 to $149.05 per share. The total fair value of shares vested was $36,337,000, $35,029,000 and $9,805,000 for the years ended December 31, 2012, 2011 and 2010, respectively. Total employee stock-based compensation cost recognized in income was $9,961,000, $9,721,000 and $9,906,000 for the years ended December 31, 2012, 2011 and 2010, respectively, and total capitalized stock-based compensation cost was $5,140,000, $5,284,000 and $5,117,000 for the years ended December 31, 2012, 2011 and 2010, respectively. At December 31, 2012, there was a total of $2,230,000 and $6,705,000 in unrecognized compensation cost for unvested stock options and unvested restricted stock, respectively, which does not include estimated forfeitures. The unrecognized compensation cost for unvested stock options and restricted stock is expected to be recognized over a weighted average period of 1.73 and 2.33 years, respectively. The Company estimates the forfeiture of stock options and recognizes compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2012 was 1.5%. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2012, 2011 or 2010. Employee Stock Purchase Plan In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the "ESPP"). Initially 1,000,000 shares of common stock were reserved for issuance under this plan. There are currently 733,935 shares remaining available for issuance under the plan. Full-time employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable election period, they have been employed by the Company for at least one month. All other employees of the Company are eligible to participate provided that, as of the applicable election period, they have been employed by the Company for 12 months. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations. The purchase period is a period of seven months beginning each April 1 and ending each October 30. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed, if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 6,260, 6,972 and 8,137 shares and recognized compensation expense of $127,000, $216,000 and $272,000 under the ESPP for the years ended December 31, 2012, 2011 and 2010, respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans.

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration