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Share Based Compensation | 6 Months Ended
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Jun. 30, 2011
Share Based Compensation [Abstract] |
Share Based Compensation |
(4) | Share-Based Compensation: In the first half of 2011, the Company granted non-qualified stock options to purchase 285,569 shares of the Company's common stock. The weighted average grant-date fair value of each stock option granted, using the Black-Scholes-Merton option pricing model, was $8.92 using the following weighted average assumptions: volatility of 29.1 percent, risk-free interest rate of 2.4 percent, dividend yield of 3.1 percent, and expected term of 6.0 years.
Activity in the Company's stock option plans for the first half of 2011 was as follows (in thousands, except weighted average exercise price and weighted average contractual life):
|  |  |  |  | Predecessor Plans |  |  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  | 2007 Plan |  |  | 1998 Employee Plan |  |  | 1998 Directors' Plan |  |  | Total Shares |  |  | Average Exercise Price |  |  | Average Contractual Life |  |  | Aggregate Intrinsic Value |
Outstanding January 1, 2011 |  |  | 1,332 |  |  |  | 1,055 |  |  |  | 190 |  |  |  | 2,577 |  |  | $ | 37.10 |  |  |  |  |  |  |
Granted |  |  | 286 |  |  |  | -- |  |  |  | -- |  |  |  | 286 |  |  | $ | 40.63 |  |  |  |  |  |  |
Exercised |  |  | (85 | ) |  |  | (171 | ) |  |  | (17 | ) |  |  | (273 | ) |  | $ | 29.69 |  |  |  |  |  |  |
Forfeited and expired |  |  | (10 | ) |  |  | (8 | ) |  |  | -- |  |  |  | (18 | ) |  | $ | 45.95 |  |  |  |  |  |  |
Outstanding, June 30, 2011 |  |  | 1,523 |  |  |  | 876 |  |  |  | 173 |  |  |  | 2,572 |  |  | $ | 38.22 |  |  |  | 5.7 |  |  | $ | 25,942 |
Exercisable June 30, 2011 |  |  | 810 |  |  |  | 876 |  |  |  | 173 |  |  |  | 1,859 |  |  | $ | 39.88 |  |  |  | 4.7 |  |  | $ | 15,881 |
The following table summarizes restricted stock unit activity through June 30, 2011 (in thousands, except weighted-average grant-date fair value amounts):
|  | 2007 Plan Restricted Stock Units |  |  | Weighted Average Grant-Date Fair Value |
Outstanding, January 1, 2011 |  |  | 330 |  |  | $ | 31.15 |
Granted |  |  | 253 |  |  | $ | 38.70 |
Vested |  |  | (175 | ) |  | $ | 32.24 |
Canceled |  |  | (3 | ) |  | $ | 35.51 |
Outstanding, June 30, 2011 |  |  | 405 |  |  | $ | 35.37 |
A portion of the restricted stock unit awards are time-based awards that vest ratably over three years. The remaining portion of the awards represent performance-based awards that vest over three years, provided certain performance targets related to the first year of the performance period are achieved. A summary of the compensation cost related to share-based payments is as follows (in millions):
|  | Quarter Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Share-based expense (net of estimated forfeitures): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 1.0 |  |  | $ | 0.8 |
Restricted stock units |  |  | 1.2 |  |  |  | 1.4 |  |  |  | 2.7 |  |  |  | 2.6 |
Total share-based expense |  |  | 1.7 |  |  |  | 1.8 |  |  |  | 3.7 |  |  |  | 3.4 |
Total recognized tax benefit |  |  | (0.5 | ) |  |  | (0.6 | ) |  |  | (1.0 | ) |  |  | (1.1 | )
Share-based expense (net of tax) |  | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | 2.7 |  |  | $ | 2.3 |

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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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