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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2011
Stock-Based Compensation [Abstract] |
Stock-Based Compensation |
4. | STOCK-BASED COMPENSATION
In October 1999, the Company adopted a long-term equity incentive plan, which allows for grants of stock options, stock appreciation rights, restricted stock and performance awards to directors, officers and employees of PCA, as well as others who engage in services for PCA. The Company has not granted any option awards since 2007. Restricted stock awards granted to employees vest at the end of a four-year period, and stock awards granted to directors vest immediately. The plan, which will terminate on October 19, 2014, provides for the issuance of up to 8,550,000 shares of common stock over the life of the plan. As of December 31, 2011, options and restricted stock for 7,659,255 shares have been granted, net of forfeitures. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date. Compensation expense for both stock options, which were fully vested at June 30, 2010, and restricted stock recognized in the consolidated statements of income for the years ended December 31, 2011, 2010 and 2009 was as follows:
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (In thousands) |
Stock options |  | $ | — |  |  | $ | 226 |  |  | $ | 720 |
Restricted stock |  |  | 9,736 |  |  |  | 6,780 |  |  |  | 6,541 |
Impact on income before income taxes |  |  | 9,736 |  |  |  | 7,006 |  |  |  | 7,261 |
Income tax benefit |  |  | (3,784 | ) |  |  | (2,721 | ) |  |  | (2,827 | )
Impact on net income |  | $ | 5,952 |  |  | $ | 4,285 |  |  | $ | 4,434 |
The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of each option grant as of the date of grant. Expected volatilities are based on historical volatility of the Company's common stock. The expected life of the option is estimated using historical data pertaining to option exercises and employee terminations. Separate groups of employees that have similar historical exercise behavior are considered separately for estimating the expected life. The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant. The fair value of restricted stock is determined based on the closing price of the Company's common stock on the grant date. A summary of the Company's stock option activity and related information follows:
|  | Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |
Outstanding at December 31, 2008 |  |  | 2,227,032 |  |  | $ | 19.85 |  |  |  |  |  |  |  |  |
Exercised |  |  | (185,801 | ) |  |  | 8.69 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (67,930 | ) |  |  | 19.11 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2009 |  |  | 1,973,301 |  |  |  | 20.92 |  |  |  |  |  |  |  |  |
Exercised |  |  | (394,420 | ) |  |  | 19.01 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (10,497 | ) |  |  | 24.62 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2010 |  |  | 1,568,384 |  |  |  | 21.38 |  |  |  |  |  |  |  |  |
Exercised |  |  | (343,685 | ) |  |  | 20.34 |  |  |  |  |  |  |  |  |
Outstanding and exercisable at December 31, 2011 |  |  | 1,224,699 |  |  | $ | 21.64 |  |  |  | 1.5 |  |  | $ | 4,485 |
The total intrinsic value of options exercised during the years ended December 31, 2011, 2010, and 2009 was $2.8 million, $2.4 million, and $1.7 million, respectively. As of December 31, 2011, there is no unrecognized compensation cost related to stock option awards granted under the Company's equity incentive plan as all outstanding awards have vested. A summary of the Company's restricted stock activity follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | Shares |  |  | Fair Market Value at Date of Grant |  |  | Shares |  |  | Fair Market Value at Date of Grant |  |  | Shares |  |  | Fair Market Value at Date of Grant |
|  | (Dollars in thousands) |
Restricted stock at January 1 |  |  | 1,478,000 |  |  | $ | 30,600 |  |  |  | 1,235,505 |  |  | $ | 24,718 |  |  |  | 1,038,270 |  |  | $ | 23,023 |
Granted |  |  | 575,694 |  |  |  | 16,005 |  |  |  | 573,440 |  |  |  | 12,693 |  |  |  | 444,985 |  |  |  | 6,995 |
Vested |  |  | (229,979 | ) |  |  | (5,816 | ) |  |  | (318,350 | ) |  |  | (6,563 | ) |  |  | (237,370 | ) |  |  | (5,079 | )
Cancellations |  |  | (5,970 | ) |  |  | (134 | ) |  |  | (12,595 | ) |  |  | (248 | ) |  |  | (10,380 | ) |  |  | (221 | )
Restricted stock at December 31 |  |  | 1,817,745 |  |  | $ | 40,655 |  |  |  | 1,478,000 |  |  | $ | 30,600 |  |  |  | 1,235,505 |  |  | $ | 24,718 |
As of December 31, 2011, there was $21.6 million of total unrecognized compensation costs related to the restricted stock awards. The Company expects to recognize the cost of these stock awards over a weighted-average period of 2.6 years.

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- 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 FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
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