XML 19 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Stock-Based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2013
Stock-Based Compensation | 5. 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. The plan, which was scheduled to terminate on October 19, 2014, was amended effective with the approval by the Company’s stockholders on May 1, 2013. The amendment extended the plan’s term by ten years to May 1, 2023 and increased the number of shares that may be granted under the plan by 2,000,000 shares to a total issuance of up to 10,550,000 shares of common stock over the life of the plan (including prior awards). As of June 30, 2013, share-based awards for 8,320,115 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. A summary of the Company’s restricted stock activity follows:
|  | 2013 |  |  | 2012 |
|  | Shares |  |  | Fair Market Value at Date of Grant |  |  | Shares |  |  | Fair Market Value at Date of Grant |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock at January 1 |  |  | 1,771,664 |  |  | $ | 41,522 |  |  |  | 1,817,745 |  |  | $ | 40,655 |
Granted |  |  | 234,537 |  |  |  | 11,211 |  |  |  | 394,928 |  |  |  | 10,846 |
Vested |  |  | (451,583 | ) |  |  | (8,430 | ) |  |  | (104,069 | ) |  |  | (2,823 | )
Cancellations |  |  | (25,980 | ) |  |  | (604 | ) |  |  | (7,550 | ) |  |  | (157 | )
Restricted stock at June 30 |  |  | 1,528,638 |  |  | $ | 43,699 |  |  |  | 2,101,054 |  |  | $ | 48,521 |
Restricted stock awards granted to officers and employees generally vest at the end of a four-year period, and restricted stock awards granted to directors vest immediately. The fair value of restricted stock is determined based on the closing price of the Company’s stock on the grant date. The Company started granting performance unit awards to certain key employees in 2013. The number of units that vest at the end of a four-year period are based on the Company’s performance and its performance compared to a peer group. The performance awards are paid out entirely in shares of the Company’s common stock. The award is valued at the closing price of the Company’s stock on the grant date and is expensed over the requisite service period based on the most probable number of awards expected to vest. A summary of the Company’s performance unit activity follows:
|  | 2013 |
(Dollars in thousands) |  | Units |  |  | Fair Market Value at Date of Grant |
Performance units at January 1 |  |  | — |  |  | $ | — |
Granted |  |  | 70,600 |  |  |  | 3,377 |
Performance units at June 30 |  |  | 70,600 |  |  | $ | 3,377 |
Compensation expense for share-based awards recognized in the condensed consolidated statements of income for the three- and six-month periods ended June 30, 2013 and 2012 was as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Impact on income before income taxes |  | $ | (3,137 | ) |  | $ | (3,137 | ) |  | $ | (6,774 | ) |  | $ | (5,731 | )
Income tax benefit |  |  | 1,219 |  |  |  | 1,219 |  |  |  | 2,631 |  |  |  | 2,228 |
Impact on net income |  | $ | (1,918 | ) |  | $ | (1,918 | ) |  | $ | (4,143 | ) |  | $ | (3,503 | )
The Company generally recognizes compensation expense associated with share-based awards ratably over their vesting periods. As PCA’s Board of Directors has the ability to accelerate vesting of share-based awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age. As of June 30, 2013, there was $25.9 million and $3.4 million of total unrecognized compensation costs related to restricted stock awards and performance unit awards, respectively. The Company expects to recognize the cost of these awards over a weighted-average period of 2.9 years for restricted stock and 4.0 years for performance units. 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.

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 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 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration