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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2013
SEIP IV |
Stock-Based Compensation arrangements |
Schedule of Value per Share and Assumptions Used |
|  | December 31, 2013 |
--- | --- | --- | ---
Valuation Assumptions |  |  |  |
Stock price volatility |  |  | 38.0% |
Risk free rate of return |  |  | 1.1% |
Annual salary increase rate |  |  | 4.0% |
Annual turnover rate |  |  | 4.6% |
Restricted Stock Awards |
Stock-Based Compensation arrangements |
Schedule of Restricted Stock Activity |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |
Outstanding at beginning of period |  |  | 71,508 |  | $ | 11.82 |  |  | 476,388 |  | $ | 9.18 |  |  | 528,652 |  | $ | 8.89 |
Granted |  |  | 7,200 |  |  | 35.70 |  |  | 13,100 |  |  | 18.42 |  |  | 39,200 |  |  | 13.83 |
Vested |  |  | (50,902 | ) |  | 10.44 |  |  | (402,800 | ) |  | 9.03 |  |  | (29,464 | ) |  | 8.41 |
Forfeited |  |  | — |  |  | — |  |  | (15,180 | ) |  | 8.80 |  |  | (62,000 | ) |  | 8.80 |
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Outstanding at end of period(1)(2) |  |  | 27,806 |  | $ | 20.53 |  |  | 71,508 |  | $ | 11.82 |  |  | 476,388 |  | $ | 9.18 |
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(1) As of December 31, 2013, the aggregate intrinsic value was $1.1 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2013 by the number of non-vested restricted stock awards outstanding. (2) As of December 31, 2013, the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 1.0 years.
Restricted Stock Units |
Stock-Based Compensation arrangements |
Schedule of Restricted Stock Activity |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |
Outstanding at beginning of period |  |  | 515,468 |  | $ | 9.10 |  |  | 687,308 |  | $ | 7.88 |  |  | 568,504 |  | $ | 7.34 |
Granted and fully vested |  |  | 50,853 |  |  | 27.53 |  |  | 76,608 |  |  | 18.28 |  |  | 118,804 |  |  | 10.44 |
Issued |  |  | — |  |  | — |  |  | (248,448 | ) |  | 8.56 |  |  | — |  |  | — |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
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Outstanding at end of period(1)(2) |  |  | 566,321 |  | $ | 10.75 |  |  | 515,468 |  | $ | 9.10 |  |  | 687,308 |  | $ | 7.88 |
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(1) As of December 31, 2013, the aggregate intrinsic value was $22.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2013 by the number of outstanding restricted stock units. (2) Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has not been provided.
Stock Appreciation Rights |
Stock-Based Compensation arrangements |
Summary of SAR activity |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | Shares |  | Weighted- Average Exercise Price |  | Shares |  | Weighted- Average Exercise Price |  | Shares |  | Weighted- Average Exercise Price |
Outstanding at beginning of period |  |  | 1,722,444 |  | $ | 9.75 |  |  | 2,576,260 |  | $ | 8.02 |  |  | 2,942,600 |  | $ | 7.64 |
Granted |  |  | — |  |  | — |  |  | 240,884 |  |  | 17.59 |  |  | 383,000 |  |  | 10.19 |
Exercised |  |  | (1,054,680 | ) |  | 7.92 |  |  | (1,094,700 | ) |  | 7.42 |  |  | (749,340 | ) |  | 7.61 |
Forfeited or expired |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
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Outstanding at end of period(1) |  |  | 667,764 |  | $ | 12.63 |  |  | 1,722,444 |  | $ | 9.75 |  |  | 2,576,260 |  | $ | 8.02 |
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Exercisable at end of period(2) |  |  | 386,582 |  | $ | 11.33 |  |  | 1,145,972 |  | $ | 7.97 |  |  | 1,805,328 |  | $ | 7.57 |
(1) The intrinsic value of a SAR is the amount which the current market value of the underlying stock exceeds the exercise price of the SAR. As of December 31, 2013, the aggregate intrinsic value and weighted-average remaining contractual term of SARs outstanding was $17.4 million and 4.3 years, respectively. (2) As of December 31, 2013, the aggregate intrinsic value and weighted-average remaining contractual term of SARs exercisable was $10.6 million and 4.1 years, respectively.
Schedule of Value per Share and Assumptions Used |
|  | Year Ended December 31,
--- | --- | ---
|  | 2012 |  | 2011
Weighted-average value per SAR granted during the period |  | $ | 8.16 |  | $ | 4.74
Assumptions |  |  |  |  |  |
Stock price volatility |  |  | 55.3% |  |  | 52.7%
Risk free rate of return |  |  | 0.9% |  |  | 2.3%
Expected dividend yield |  |  | 0.3% |  |  | 0.3%
Expected term (in years) |  |  | 5.0 |  |  | 5.0
Employee Performance Share Awards |
Stock-Based Compensation arrangements |
Schedule of Performance Share Awards Activity |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |
Outstanding at beginning of period |  |  | 1,919,640 |  | $ | 12.27 |  |  | 2,627,900 |  | $ | 8.12 |  |  | 2,497,040 |  | $ | 8.35 |
Granted |  |  | 379,540 |  |  | 26.62 |  |  | 567,360 |  |  | 17.59 |  |  | 837,460 |  |  | 10.19 |
Issued and fully vested |  |  | (610,960 | ) |  | 10.13 |  |  | (1,189,920 | ) |  | 5.66 |  |  | (575,200 | ) |  | 12.12 |
Forfeited |  |  | (30,240 | ) |  | 17.06 |  |  | (85,700 | ) |  | 12.11 |  |  | (131,400 | ) |  | 8.10 |
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Outstanding at end of period |  |  | 1,657,980 |  | $ | 16.25 |  |  | 1,919,640 |  | $ | 12.27 |  |  | 2,627,900 |  | $ | 8.12 |
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Hybrid Performance Share Awards |
Stock-Based Compensation arrangements |
Schedule of Performance Share Awards Activity |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |
Outstanding at beginning of period |  |  | 592,162 |  | $ | 13.11 |  |  | 759,328 |  | $ | 9.16 |  |  | 763,576 |  | $ | 8.25 |
Granted |  |  | 169,980 |  |  | 26.62 |  |  | 234,922 |  |  | 17.59 |  |  | 370,784 |  |  | 10.19 |
Issued and fully vested |  |  | (311,930 | ) |  | 12.03 |  |  | (402,088 | ) |  | 8.27 |  |  | (375,032 | ) |  | 8.32 |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
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Outstanding at end of period |  |  | 450,212 |  | $ | 18.96 |  |  | 592,162 |  | $ | 13.11 |  |  | 759,328 |  | $ | 9.16 |
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TSR Performance Share Awards |
Stock-Based Compensation arrangements |
Schedule of Performance Share Awards Activity |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | Shares |  | Weighted- Average Grant Date Fair Value per Share(1) |  | Shares |  | Weighted- Average Grant Date Fair Value per Share(1) |  | Shares |  | Weighted- Average Grant Date Fair Value per Share(1) |
Outstanding at beginning of period |  |  | 605,706 |  | $ | 10.27 |  |  | 1,495,904 |  | $ | 6.07 |  |  | 1,415,168 |  | $ | 6.50 |
Granted |  |  | 254,980 |  |  | 23.06 |  |  | 234,922 |  |  | 14.16 |  |  | 370,784 |  |  | 7.81 |
Issued and fully vested |  |  | — |  |  | — |  |  | (1,125,120 | ) |  | 5.49 |  |  | (290,048 | ) |  | 10.38 |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
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Outstanding at end of period |  |  | 860,686 |  | $ | 14.06 |  |  | 605,706 |  | $ | 10.27 |  |  | 1,495,904 |  | $ | 6.07 |
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(1) The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards.
TSR Performance Share Awards | Equity Component |
Stock-Based Compensation arrangements |
Schedule of Value per Share and Assumptions Used |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
Fair value per performance share award granted during the period |  | $ | 23.06 |  | $ | 14.16 |  | $ | 7.81 |
Assumptions |  |  |  |  |  |  |  |  |  |
Stock price volatility |  |  | 43.8% |  |  | 46.7% |  |  | 62.0% |
Risk free rate of return |  |  | 0.4% |  |  | 0.4% |  |  | 1.3% |
Expected dividend yield |  |  | 0.2% |  |  | 0.2% |  |  | 0.2% |
TSR Performance Share Awards | Liability Component |
Stock-Based Compensation arrangements |
Schedule of Value per Share and Assumptions Used |
|  | December 31,
--- | --- | ---
|  | 2013 |  | 2012 |  | 2011
Fair value per performance share award at the end of the period |  | $23.96 - $38.61 |  | $19.11 - $24.76 |  | $12.82 - $17.74
Assumptions |  |  |  |  |  |
Stock price volatility |  | 30.2% - 35.9% |  | 41.1% - 45.7% |  | 41.9% - 42.7%
Risk free rate of return |  | 0.1% - 0.4% |  | 0.2% - 0.3% |  | 0.1% - 0.3%
Expected dividend yield |  | 0.2% |  | 0.2% |  | 0.2%

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