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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2013
Share-based Compensation [Abstract]  
Stock-Based Compensation
STOCK-BASED COMPENSATION

USEC historically has had stock-based compensation plans available to grant restricted stock, restricted stock units, non-qualified stock options, performance awards and other stock-based awards to key employees and non-employee directors. In January 2013, the Compensation Committee of the Board of Directors suspended the Annual Incentive Program and Long Term Incentive Program under the USEC Inc. 2009 Equity Incentive Plan. There were no stock-based compensation awards to employees in 2013.

Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized over the requisite service period, which is either immediate recognition if the employee is eligible to retire, or on a straight-line basis until the earlier of either the date of retirement eligibility or the end of the vesting period. As of December 31, 2013, there was $0.8 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested restricted shares and restricted stock units granted in prior years. That cost is expected to be recognized over a weighted-average period of one year.

Long-term restricted stock granted to key employees in prior years has a three-year vesting period. The fair value of restricted stock was determined based on the closing price of USEC’s common stock on the grant date. Sale of such shares is restricted prior to the date of vesting. A summary of restricted shares activity for the year ended December 31, 2013 follows (shares in thousands):
 
Shares
 
Weighted-Average
Grant-Date
Fair Value
Restricted Shares at December 31, 2012
108

 
$
41.82

Granted
—

 
—

Vested
(45
)
 
67.57

Forfeited
—

 
—

Restricted Shares at December 31, 2013
63

 
$
23.53


Non-employee directors are granted restricted stock units as part of their compensation for serving on the Board of Directors which may only be settled in USEC stock. The restricted stock units vest over one or three years, however, vesting is accelerated upon (1) the director attaining eligibility for retirement, (2) termination of the director’s service by reason of death or disability, or (3) a change in control. Settlement of restricted stock units granted to non-employee directors is made in shares of USEC stock upon the director’s retirement or other end of service.

There were no stock options granted or exercised in 2013, 2012 and 2011. In January 2013, the Compensation Committee of the Board of Directors approved the surrender and cancellation of 2,462,726 unexercised stock options and suspended the Annual Incentive Program and Long Term Incentive Program for 2013 under the USEC Inc. 2009 Equity Incentive Plan.

A summary of stock-based compensation costs follows (in millions):
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
(millions)
Total stock-based compensation costs:
 
 
 
 
 
Restricted stock and restricted stock units
$
1.9

 
$
4.4

 
$
7.1

Performance awards and other
0.1

 
0.8

 
1.3

Less: costs capitalized as part of inventory
—

 
(0.1
)
 
(0.4
)
Expense included in selling, general and administrative and advanced technology costs
$
2.0

 
$
5.1

 
$
8.0

 
 
 
 
 
 
Total recognized tax benefit
$
—

 
$
—

 
$
—


The total recognized tax benefit is reported at the federal statutory rate net of the tax valuation allowance.

Of the 300,000 shares of common stock approved by stockholders for issuance under USEC’s equity incentive plan, there were approximately 246,000 shares available for future awards under the plans at December 31, 2013 (excluding outstanding awards which terminate or are cancelled without being exercised or that are settled for cash), all of which are available for grants of stock options, restricted stock or restricted stock units, performance awards and other stock-based awards if authorized by the Compensation Committee of the Board of Directors. USEC’s practice is to issue shares under stock-based compensation plans from treasury stock.