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Stock Based Compensation (Tables)

12 Months Ended

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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at end of period(1)(2)			27,806		$	20.53			71,508		$	11.82			476,388		$	9.18
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

⁽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			—			—			—			—			—			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at end of period(1)(2)			566,321		$	10.75			515,468		$	9.10			687,308		$	7.88
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

⁽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			—			—			—			—			—			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at end of period(1)			667,764		$	12.63			1,722,444		$	9.75			2,576,260		$	8.02
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at end of period			1,657,980		$	16.25			1,919,640		$	12.27			2,627,900		$	8.12
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

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			—			—			—			—			—			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at end of period			450,212		$	18.96			592,162		$	13.11			759,328		$	9.16
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

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			—			—			—			—			—			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at end of period			860,686		$	14.06			605,706		$	10.27			1,495,904		$	6.07
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

⁽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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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

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-SubTopic 10

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