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Share-Based Compensation:
 9 Months Ended
Sep. 30, 2012
Share-Based Compensation:  
Share-Based Compensation:

(5)         Share-Based Compensation:  Through September 30, 2012, the Company granted non-qualified stock options to purchase 0.1 million shares of the Company’s common stock. The grant-date fair value of each stock option granted during 2012, was valued using the Black-Scholes-Merton option pricing model.

 

Activity in the Company’s stock option plans for the nine months ended September 30, 2012, exclusive of 2.9 million options cancelled in connection with the Separation, was as follows (in thousands, except weighted average exercise price and weighted average contractual life):

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Weighted

 

 

 

 

 

 

 

 

 

1998

 

 

 

Average

 

Average

 

Aggregate

 

 

 

2007

 

1998

 

Director

 

Total

 

Exercise

 

Contractual

 

Intrinsic

 

 

 

Plan

 

Plan

 

Plan

 

Shares

 

Price

 

Life

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, January 1, 2012

 

1,329

 

572

 

195

 

2,096

 

$

20.11

 

 

 

 

 

Granted

 

111

 

—

 

—

 

111

 

$

23.74

 

 

 

 

 

Exercised

 

(430

)

(190

)

(49

)

(669

)

$

17.54

 

 

 

 

 

Forfeited and expired

 

(5

)

(78

)

—

 

(83

)

$

25.14

 

 

 

 

 

Outstanding, September 30, 2012

 

1,005

 

304

 

146

 

1,455

 

$

21.29

 

5.6

 

$

1,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable, September 30, 2012

 

551

 

304

 

146

 

1,001

 

$

21.61

 

4.5

 

$

1,362

 

 

The following table summarizes non-vested restricted stock unit activity through September 30, 2012, exclusive of 0.3 million non-vested restricted stock units cancelled in connection with the Separation, (in thousands, except weighted average grant-date fair value amounts):

 

 

 

2007

 

 

 

 

 

Plan

 

Weighted

 

 

 

Restricted

 

Average

 

 

 

Stock

 

Grant-Date

 

 

 

Units

 

Fair Value

 

 

 

 

 

 

 

Outstanding, January 1, 2012

 

394

 

$

18.45

 

Granted

 

218

 

$

18.11

 

Vested

 

(154

)

$

16.57

 

Canceled

 

(106

)

$

20.62

 

Outstanding, September 30, 2012

 

352

 

$

18.41

 

 

Restricted stock unit awards vest ratably over three years.  A portion of the awards represent performance-based awards that vest after three years, provided certain performance targets are achieved in the first year of the grant.

 

A summary of compensation cost related to share-based payments, exclusive of A&B related compensation prior to the Separation, is as follows (in millions):

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Share-based expense (net of estimated forfeitures):

 

 

 

 

 

 

 

 

 

Stock options

 

$

0.2

 

$

0.2

 

$

0.6

 

$

0.6

 

Non-vested stock/Restricted stock units

 

0.9

 

0.5

 

2.3

 

1.4

 

Total share-based expense

 

1.1

 

0.7

 

2.9

 

2.0

 

Total recognized tax benefit

 

(0.4

)

(0.3

)

(1.2

)

(0.8

)

Share-based expense (net of tax)

 

$

0.7

 

$

0.4

 

$

1.7

 

$

1.2