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SHARE-BASED AWARDS (Tables)

12 Months Ended

Dec. 31, 2012

SHARE-BASED AWARDS

Valuation Assumptions

The weighted average grant-date fair values, prior to the Separation, of the options granted during 2012, 2011, and 2010 were $10.74, $8.92,  and $6.59, respectively, per option.  No options were granted after the Separation, therefore all weighted average assumptions provided in the table below are prior to the Separation:

		2012		2011		2010
Expected volatility		31.8	%	29.2	%	28.8	%
Expected term (in years)		6.1		6.0		5.8
Risk-free interest rate		1.2	%	2.3	%	2.7	%
Dividend yield		2.7	%	3.1	%	3.8	%

Stock Option Activity

Activity in the Company’s stock option plans for the year ended December 31, 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		(448	)	(190	)	(49	)	(687	)	$	17.57
Forfeited and expired		(38	)	(129	)	—		(167	)	$	24.62
Outstanding, December 31, 2012		954		253		146		1,353		$	21.15		5.6		$	4,794
Exercisable, December 31, 2012		512		253		146		911		$	21.40		4.5		$	3,071

Non-Vested Restricted Stock Unit Activity

The following table summarizes non-vested restricted stock unit activity through December 31, 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		226		$	17.46
Vested		(155	)	$	16.58
Canceled		(109	)	$	20.62
Outstanding, December 31, 2012		356		$	17.97

Summary of Compensation Cost and Other Measures Related to Share-Based Payments

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):

		2012			2011			2010
Share-based expense (net of estimated forfeitures):
Stock options		$	0.9		$	0.8		$	0.7
Non-vested stock and restricted stock units		3.1			1.9			1.8
Total share-based expense		$	4.0		$	2.7		$	2.5
Total recognized tax benefit		(1.6		)	(0.9		)	(0.8		)
Share-based expense (net of tax)		$	2.4		$	1.8		$	1.7
Cash received by Matson upon option exercise		$	3.5		$	2.0		$	0.4
Intrinsic value of options exercised		$	5.2		$	1.1		$	0.2
Tax benefit realized upon option exercise		$	1.5		$	0.4		$	0.1
Fair value of stock vested		$	3.8		$	2.5		$	1.2

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