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Stock-Based Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2012
Stock-Based Incentive Plans  
Schedule of unvested restricted stock unit activity

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

Weighted-

 

Intrinsic

 

 

 

Shares

 

Average

 

Value *

 

Unvested Restricted Stock Units (RSUs)

 

(in thousands)

 

Price

 

(in thousands)

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2012

 

 

$

 

 

 

Awarded

 

361

 

33.23

 

 

 

Vested

 

(95

)

33.23

 

 

 

Forfeited

 

(1

)

33.23

 

 

 

Outstanding at September 30, 2012

 

265

 

$

33.23

 

$

7,593

 

Outstanding and expected to vest at September 30, 2012

 

257

 

$

33.23

 

$

7,367

 

 

*  The intrinsic value is calculated using the closing price per share of $28.62 as reported by the New York Stock Exchange on September 28, 2012.

Assumptions used to determine the fair value of stock options granted

 

 

Number

 

 

 

Risk-

 

 

 

 

 

 

 

 

 

Weighted

 

of Options

 

 

 

Free

 

 

 

 

 

 

 

 

 

Average

 

Granted

 

Grant

 

Interest

 

Dividend

 

Expected

 

 

 

 

 

Fair

 

(in thousands)

 

Date

 

Rate

 

Yield

 

Life

 

Volatility

 

Exercise Price

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1994 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,362

 

02/03/11

 

2.62

%

1.75

%

6.2 years

 

39.0

%

$29.66 to $32.63

 

$

10.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1995 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

02/15/11

 

2.92

%

1.76

%

6.6 years

 

38.0

%

$29.58

 

$

10.49

 

Summary of stock option activity

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Weighted-

 

Average

 

Aggregate

 

 

 

 

 

Average

 

Remaining

 

Intrinsic

 

 

 

Shares

 

Exercise

 

Contractual

 

Value *

 

Non-Qualified Stock Options

 

(in thousands)

 

Price

 

Life (in years)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2012

 

2,134

 

$

31.15

 

 

 

 

 

Exercised

 

(90

)

24.16

 

 

 

 

 

Forfeited

 

(24

)

35.97

 

 

 

 

 

Outstanding at September 30, 2012

 

2,020

 

$

31.41

 

 

 

$

846

 

Outstanding and expected to vest at September 30, 2012

 

1,977

 

$

31.45

 

4.0

 

$

832

 

Exercisable at September 30, 2012

 

1,100

 

$

33.15

 

3.1

 

$

590

 

 

*  The intrinsic value represents the amount, if any, by which the fair market value of the underlying common stock exceeds the exercise price of the stock option, using the closing price per share of $28.62 as reported by the New York Stock Exchange on September 28, 2012.

Summary of unvested stock options activity

 

 

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

Shares

 

Grant-Date

 

Unvested Stock Options

 

(in thousands)

 

Fair Value

 

 

 

 

 

 

 

Unvested at January 1, 2012

 

1,242

 

$

10.11

 

Vested

 

(319

)

9.86

 

Forfeited

 

(3

)

10.33

 

Unvested at September 30, 2012

 

920

 

$

10.19