XML 66 R30.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 21 - Incentive Plans | 12 Months Ended
--- | ---
Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 21. Incentive Plans: The Company maintains two equity participation plans, the Second Amended and Restated 1998 Equity Participation Plan (the “Prior Plan”) and the 2010 Equity Participation Plan (the “2010 Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of 47,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified options and restricted stock grants. The 2010 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified options, restricted stock, performance awards and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plans generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three or four years, (iii) over three years at 50% after two years and 50% after the third year or (iv) over ten years at 20% per year commencing after the fifth year. Performance share awards may provide a right to receive shares of restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees. The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, be recognized in the Statement of Income over the service period based on their fair values. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing formula. The assumption for expected volatility has a significant effect on the grant date fair value. Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure. The expected term is determined using the simplified method due to the lack of exercise and cancelation history for the current vesting terms. The more significant assumptions underlying the determination of fair values for options granted during 2012, 2011 and 2010 were as follows:
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Weighted average fair value of options granted |  | $ | 4.52 |  |  | $ | 4.39 |  |  | $ | 3.82 |
Weighted average risk-free interest rates |  |  | 1.04 | % |  |  | 2.02 | % |  |  | 2.40 | %
Weighted average expected option lives (in years) |  |  | 6.25 |  |  |  | 6.25 |  |  |  | 6.25 |
Weighted average expected volatility |  |  | 37.53 | % |  |  | 36.82 | % |  |  | 37.98 | %
Weighted average expected dividend yield |  |  | 3.94 | % |  |  | 3.98 | % |  |  | 4.21 | %
Information with respect to stock options under the Plan for the years ended December 31, 2012, 2011, and 2010 are as follows:
|  | Shares |  |  | Weighted- Average Exercise Price Per Share |  |  | Aggregate Intrinsic Value (in millions) |
Options outstanding, January 1, 2010 |  |  | 17,560,921 |  |  | $ | 29.69 |  |  | $ | 3.4 |
Exercised |  |  | (616,245 | ) |  | $ | 13.73 |  |  |  |  |
Granted |  |  | 1,776,175 |  |  | $ | 15.63 |  |  |  |  |
Forfeited |  |  | (1,605,062 | ) |  | $ | 33.68 |  |  |  |  |
Options outstanding, December 31, 2010 |  |  | 17,115,789 |  |  | $ | 28.32 |  |  | $ | 18.0 |
Exercised |  |  | (444,368 | ) |  | $ | 14.71 |  |  |  |  |
Granted |  |  | 1,888,017 |  |  | $ | 18.77 |  |  |  |  |
Expired |  |  | (655,748 | ) |  | $ | 16.40 |  |  |  |  |
Forfeited |  |  | (793,098 | ) |  | $ | 23.74 |  |  |  |  |
Options outstanding, December 31, 2011 |  |  | 17,110,592 |  |  | $ | 28.14 |  |  | $ | 8.0 |
Exercised |  |  | (1,495,432 | ) |  | $ | 19.84 |  |  |  |  |
Granted |  |  | 1,522,450 |  |  | $ | 18.78 |  |  |  |  |
Forfeited |  |  | (579,613 | ) |  | $ | 28.73 |  |  |  |  |
Options outstanding, December 31, 2012 |  |  | 16,557,997 |  |  | $ | 28.42 |  |  | $ | 14.9 |
Options exercisable (fully vested)- |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2010 |  |  | 11,712,900 |  |  | $ | 29.74 |  |  | $ | 5.8 |
December 31, 2011 |  |  | 12,459,598 |  |  | $ | 30.77 |  |  | $ | 3.9 |
December 31, 2012 |  |  | 12,830,255 |  |  | $ | 31.57 |  |  | $ | 7.7 |
The exercise prices for options outstanding as of December 31, 2012, range from $11.54 to $53.14 per share. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2012, was 4.9 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2012, was 4.9 years. Options to purchase 8,871,495, 5,776,270 and 5,874,704, shares of the Company’s common stock were available for issuance under the Plan at December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, the Company had 3,727,742 options expected to vest, with a weighted-average exercise price per share of $17.58 and an aggregate intrinsic value of $7.2 million. Cash received from options exercised under the Plan was $22.6 million, $6.5 million and $8.5 million, for the years ended December 31, 2012, 2011 and 2010, respectively. The total intrinsic value of options exercised during 2012, 2011 and 2010 was $7.0 million, $1.5 million, and $2.1 million, respectively. As of December 31, 2012, 2011 and 2010, the Company had restricted shares outstanding of 1,562,912, 832,726 and 526,728, respectively. The Company recognized expense associated with its equity awards of $17.9 million, $16.9 million and $14.2 million, for the years ended December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, the Company had $31.5 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans. That cost is expected to be recognized over a weighted average period of 3.8 years. The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares in connection with the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise, subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2012, the Company repurchased 1.6 million shares of the Company’s common stock for $30.9 million, of which $22.6 million was provided to the Company from options exercised. During 2011, the Company repurchased 333,998 shares of the Company’s common stock for $6.0 million, of which $4.9 million was provided to the Company from options exercised. The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $250,000), is fully vested and funded as of December 31, 2012. The Company’s contributions to the plan were $2.1 million, $1.9 million, and $2.1 million for the years ended December 31, 2012, 2011 and 2010, respectively. The Company recognized severance costs associated with employee terminations during the years ended December 31, 2012, 2011 and 2010 of $5.4 million, $1.7 million and $0.4 million, respectively. The 2012 expense includes $2.5 million of severance costs related to the departure of an executive officer during January 2012.

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