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Equity Based Compensation
6 Months Ended
Jun. 30, 2012
Equity Based Compensation [Abstract]  
Equity Based Compensation

10. Equity Based Compensation

Equity compensation expense was $5.5 million and $4.3 million in the second quarter of 2012 and 2011, respectively. In the first quarter of 2012, the Company granted 0.7 million stock appreciation rights at $56.65 weighted average per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 10,350 shares of common stock. As of June 30, 2012, 1.8 million share options at $46.12 weighted average per share were vested and exercisable with a remaining weighted average exercise period of 4.5 years. As of June 30, 2012, the total compensation cost of non-vested awards not yet recognized in the financial statements was $35.2 million. It is estimated that these costs will vest over a weighted average period of 2.3 years.