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Shareholders' Equity
 3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Stock-Based Compensation
The Company currently has one active equity compensation plan, the 2007 Equity Compensation Plan (the 2007 Plan), which provides for the grant of incentive stock options, non-qualified stock options and stock appreciation rights with respect to up to 20 million shares of common stock of the Company, subject to adjustment for stock splits, reclassifications, mergers and other events. Permitted grantees under the 2007 Plan include employees, non-employee directors and consultants who perform services for the Company. The plan is administered by the Compensation Committee of the Board of Directors of the Company. The Company has only granted non-qualified stock options under the plan. All outstanding stock options have performance-based vesting provisions specific to each option grant that tie the vesting of the applicable stock options to the Company’s financial performance. The Company’s stock options vest at a rate of 50 percent when specified diluted earnings per share targets are achieved, and the remaining 50 percent when secondary, higher specified diluted earnings per share targets are achieved. The amount of stock-based compensation expense is based upon management’s estimate of when the earnings per share targets may be achieved.
The Company discontinued any further grants under the Company’s 1998 Equity Compensation Plan (the 1998 Plan) as a result of the approval of the 2007 Plan. No options are available for grant from this plan. Grants made from the 1998 Plan continue in effect under the terms of the grant.
The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three months ended March 31, 2014 and 2013, respectively, as follows: 
 
Three Months Ended March 31,
 
2014
 
2013
Stock-based compensation expense
$
2,823

 
$
5,293

Less: Deferred tax benefit
(1,011
)
 
(1,916
)
Stock-based compensation expense, net of tax
$
1,812

 
$
3,377

As of March 31, 2014, there was approximately $36,019 of unrecognized compensation cost remaining, adjusted for estimated forfeitures, related to unvested employee stock options that management expects will vest and is being amortized.
The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the three months ended March 31, 2014 was $35,261. The total options exercisable as of March 31, 2014 had an intrinsic value of $179,917. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of March 31, 2014 and the weighted average exercise price of the shares. The market value of the Company’s common stock as of March 31, 2014 was $33.61 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of March 31, 2014 was $19.53. Total options that were outstanding and exercisable as of March 31, 2014 were 21,843,000 and 12,778,000, respectively.
Common Stock Buyback
The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of the Company’s common stock on the open market or through private transactions. The Company purchased 2,048,000 shares at a total cost of $69,002 during the three months ended March 31, 2014. The cost of stock purchases during the period includes the cost of certain transactions that settled in the following quarter. As of April 22, 2014, the Company has $212,068 of authorization remaining for the purchase of common stock under the program.
The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value.