v2.3.0.15

Stock-Based Compensation Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2011

Stock Based Compensation [Abstract] [Abstract]

Stock-Based Compensation Expense and Related Tax Benefit [Table Text Block]

For the three and nine months ended September 30, stock-based compensation expense and the related tax benefit were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011				2010				2011				2010
	(in thousands)
Stock options	$	(320	)		$	843			$	1,224			$	3,138
Restricted stock units	2,916				3,962				10,320				10,344
Unrestricted stock awards	140				175				330				364
ESPP	147				121				527				376
Total stock-based compensation	$	2,883			$	5,101			$	12,401			$	14,222
Related tax benefit	$	700			$	1,421			$	3,359			$	4,153

Stock Options, Valuation Assumptions [Table Text Block]

The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010(1)			2011			2010
Dividend yield	—			—			—			—
Expected volatility	45.8	%		—			46.4	%		48.7	%
Risk-free interest rate	0.9	%		—			1.7	%		2.3	%
Expected life (years)	4.91			—			4.86			4.60

⁽¹⁾ There were no employee stock options granted for the three months ended September 30, 2010.

Employee Stock Options Activity [Table Text Block]

A summary of our stock option activity for the nine months ended September 30 is as follows:

	Shares			Weighted Average Exercise Price per Share				Weighted Average Remaining Contractual Life			Aggregate Intrinsic Value (1)				Weighted Average Grant Date Fair Value
	(in thousands)							(years)			(in thousands)
Outstanding, January 1, 2010	1,179			$	52.93			5.90			$	22,863
Granted	71			61.97											$	27.18
Exercised	(144	)		40.82							$	4,413
Outstanding, September 30, 2010	1,106			$	55.11			5.83			$	14,660
Exercisable and expected to vest, September 30, 2010	1,096			$	54.99			5.80			$	14,449
Exercisable, September 30, 2010	952			$	52.25			5.40			$	14,551
Outstanding, January 1, 2011	1,102			$	55.21			5.58			$	10,883
Granted	103			52.13											$	21.81
Exercised	(29	)		19.53							$	1,050
Forfeited	(63	)		58.50
Expired	(1	)		7.00
Outstanding, September 30, 2011	1,112			$	55.72			4.68			$	1,518
Exercisable and expected to vest, September 30, 2011	1,106			$	55.74			4.65			$	1,518
Exercisable, September 30, 2011	1,027			$	55.94			4.30			$	1,518

⁽¹⁾  The aggregate intrinsic value of outstanding stock options represents amounts that would have been received by the optionees had all in- the-money options been exercised on that date. Specifically, it is the amount by which the market value of Itron’s stock exceeded the exercise price of the outstanding in-the-money options before applicable income taxes, based on our closing stock price on the last business day of the period. The aggregate intrinsic value of stock options exercised during the period is calculated based on our stock price at the date of exercise.

Restricted Stock Units Award Activity [Table Text Block]

The following table summarizes restricted stock unit activity for the nine months ended September 30:

	Number of Restricted Stock Units			Weighted Average  Grant Date Fair Value				Aggregate Intrinsic Value(1)
	(in thousands)							(in thousands)
Outstanding, January 1, 2010	326
Granted(2)	215			$	63.42
Released	(78	)						$	5,216
Forfeited	(14	)
Outstanding, September 30, 2010	449
Outstanding, January 1, 2011	588
Granted(2)	286			$	54.82
Released	(201	)						$	15,739
Forfeited	(37	)
Outstanding, September 30, 2011	636
Expected to vest, September 30, 2011	544							$	16,040

⁽¹⁾  The aggregate intrinsic value is the market value of the stock, before applicable income taxes, based on the closing price on the stock release dates or at the end of the period for restricted stock units expected to vest.

⁽²⁾  These restricted stock units do not include the respective 2010 and 2011 awards under the Performance Award Agreement, which are not eligible for vesting as of September 30 of each respective year.

Nonrestricted Stock Awards Activity [Table Text Block]

The following table summarizes unrestricted stock award activity for the three and nine months ended September 30:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011				2010				2011				2010
Shares of unrestricted stock issued	2,864				2,896				6,317				5,662
Weighted average grant date fair value	$	48.84			$	60.39			$	52.19			$	64.35

Employee Stock Purchase Plan (ESPP) Activity [Table Text Block]

The following table summarizes ESPP activity for the three and nine months ended September 30:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011				2010				2011				2010
Shares of stock sold to employees(1)	22,518				14,819				65,143				37,905
Weighted average fair value per ESPP award(2)	$	4.43			$	9.16			$	5.56			$	9.69

⁽¹⁾  Stock sold to employees during each fiscal quarter under the ESPP is associated with the offering period ending on the last day of the previous fiscal quarter.

⁽²⁾  Relating to awards associated with the offering period during the three and nine months ended September 30.

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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-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.



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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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Tabular disclosure of the number of shares authorized to be purchased, the number of shares purchased at the beginning and end of the period, the number of shares purchased during the period, the weighted-average purchase price of stock purchased under the plan and the weighted average per share fair value of stock purchased under the plan.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock awards granted to nonemployee directors that were outstanding at the beginning and end of the year, and the number of awards that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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