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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION At March 31, 2012, LP had stock-based employee compensation plans as described below. The total compensation expense related to all of LP’s stock-based compensation plans was $2.7 million for the quarter ended March 31, 2012 as compared to $3.5 million for the quarter ended March 31, 2011. Included in total stock compensation expense is stock compensation expense related to awards granted to LP's retiring Chief Executive Officer, which was $1.0 million for the quarter ended March 31, 2012 as compared to $2.0 million for the quarter ended March 31, 2011. Stock Compensation Plans LP grants options and stock settled stock appreciation rights (SSARs) to key employees and directors to purchase LP common stock. On exercise or issuance, LP generally issues these shares from treasury. The options and SSARs are granted at market price at the date of grant. For employees, SSARs become exercisable ratably over a three year period and expire ten years after the date of grant. For directors, these options become exercisable in 10% increments every three months, starting three months after the date of grant, and expire ten years after the date of grant. At March 31, 2012, 3.4 million shares were available under the current stock award plans for stock-based awards. The following table sets out the weighted average assumptions used to estimate the fair value of the options and SSARs granted using the Black-Scholes option-pricing model in the first three months of the respective years noted:
| 2012 |  | 2011
Expected stock price volatility | 63.3% |  | 64.2%
Expected dividend yield | —% |  | —%
Risk-free interest rate | 0.7% |  | 2.1%
Expected life of options | 5 years |  | 5 years
Weighted average fair value of options and SSARs granted | $4.68 |  | $5.68
The following table summarizes stock options and SSARs outstanding as of March 31, 2012, as well as activity during the three month period then ended.
Share amounts in thousands | Options and SSARs |  | Weighted Average Exercise Price |  | Weighted Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Options / SSARs outstanding at January 1, 2012 | 8,315 |  |  | $ | 12.78 |  |  |  |  |
SSARs granted | 822 |  |  | 8.84 |  |  |  |  |
Options / SSARs exercised | (80 | ) |  | 6.97 |  |  |  |  |
Options /SSARs cancelled | (16 | ) |  | 14.45 |  |  |  |  |
Options/SSARs outstanding at March 31, 2012 | 9,041 |  |  | $ | 12.47 |  |  | 6.4 |  |  | $ | 16.2 |
Vested and expected to vest at March 31, 2012 | 8,589 |  |  | — |  |  | — |  |  | $ | 15.4 |
Options/SSARS exercisable at March 31, 2012 | 7,276 |  |  | $ | 13.36 |  |  | — |  |  | $ | 14.8 |
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between LP's closing stock price on the last trading day of the first quarter of 2012 and the exercise price, multiplied by the number of in-the-money options and SSARs) that would have been received by the holders had all holders exercised their awards on March 31, 2012. This amount changes based on the market value of LP's stock as reported by the New York Stock Exchange. As of March 31, 2012, there was $5.9 million of total unrecognized compensation costs related to stock options and SSARs. These costs are expected to be recognized over a weighted-average period of 2.1 years. LP recorded compensation expense related to these awards in the first three months of 2012 of $1.5 million. Incentive Share Awards LP has granted incentive share stock awards (restricted stock units) to certain key employees as allowed under the current stock award plans. The awards entitle the participant to receive a specified number of shares of LP common stock at no cost to the participant. The market value of these grants approximates the fair value. LP recorded compensation expense related to these awards in the first three months of 2012 of $0.8 million compared to $0.4 million in the first three months of 2011. As of March 31, 2012, there was $4.5 million of total unrecognized compensation cost related to unvested incentive share awards. This expense will be recognized over a weighted-average period of 1.8 years. The following table summarizes incentive share awards outstanding as of March 31, 2012 as well as activity during the three months then ended.
| Shares |  | Weighted Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Incentive share awards outstanding at January 1, 2012 | 1,112,868 |  |  |  |  |
Incentive share awards granted | 314,552 |  |  |  |  |
Incentive share awards vested | (407,909 | ) |  |  |  |
Incentive share awards canceled | (19,362 | ) |  |  |  |
Incentive shares outstanding at March 31, 2012 | 1,000,149 |  |  | 1.82 |  |  | $ | 9.4 |
Vested and expected to vest at March 31, 2012 | 950,142 |  |  |  |  |  | $ | 8.9 |
Incentive share awards exercisable at March 31, 2012 | — |  |  | — |  |  | — |
Restricted Stock LP grants restricted stock to certain senior employees. The shares vest three years from the date of grant. During the vesting period, the participants have voting rights and receive dividends, but the shares may not be sold, assigned, transferred, pledged or otherwise encumbered. Additionally, granted but unvested shares are forfeited upon termination of employment. The fair value of the restricted shares on the date of the grant is amortized ratably over the vesting period which is generally three years. As of March 31, 2012, there was $3.1 million of total unrecognized compensation costs related to restricted stock. This expense will be recognized over the next 1.1 years. The following table summarizes the restricted stock outstanding as of March 31, 2012 as well as activity during the three months then ended.
| Number of Shares |  | Weighted Average Grant Date Fair Value
Restricted stock awards outstanding at January 1, 2012 | 760,728 |  |  | $ | 5.04 |
Restricted stock awards granted | 177,196 |  |  | 8.84 |
Restrictions lapsed | (405,750 | ) |  | 2.17 |
Restricted stock awards at March 31, 2012 | 532,174 |  |  | $ | 8.49 |
LP recorded compensation expense related to these awards in the first three months of 2012 of $0.4 million. LP annually granted to each director restricted stock or restricted stock units. As of March 31, 2012, LP had 352,178 shares (or restricted stock units) outstanding under this program. Phantom stock LP annually grants phantom stock units to its directors. The director does not receive rights of a shareholder, nor is any stock transfered. The units will be paid out in cash at the end of the five year vesting period. The value of one unit is based on the market value of one share of common stock on the vesting date. The cost of the grants is recognized over the vesting period and is included in stock-based compensation expense. As of March 31, 2012, LP had 39,944 shares outstanding under this program.

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- 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 FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
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