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Treasury Stock and Share Based Awards (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the six months ended June 30, 2013:

		Number of Treasury Shares				Cost
Balance at January 1, 2013			3,553,085			$	48,482
Restricted stock withholdings (1)			119,197				3,464
Restricted stock forfeitures			11,381				—
Balance at June 30, 2013			3,683,663			$	51,946

⁽¹⁾  The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $27.19 to $30.23 per share.

Summary of Stock Option Activity

Stock Options – A summary of stock option activity and related information for the six months ended June 30, 2013 is as follows:

		Number of Options				Weighted Average Exercise Price				Aggregate Intrinsic Value
Outstanding at January 1, 2013			22,022			$	7.63
Exercised			(7,438	)		$	7.63
Outstanding at June 30, 2013			14,584			$	7.63			$	296
Options exercisable at June 30, 2013			14,584			$	7.63			$	296

Summary of Restricted stock activity

Below is a summary of restricted stock activity for the six months ended June 30, 2013:

		Shares of Restricted Stock				Weighted Average Grant Date Fair Value
Outstanding at January 1, 2013			1,534,163			$	18.85
Granted			195,459			$	29.39
Vested			(423,215	)		$	14.87
Forfeited			(11,381	)		$	22.30
Outstanding at June 30, 2013			1,295,026			$	21.71
Unvested restricted stock at June 30, 2013			1,295,026			$	21.71

Summary of Potential Number of Shares Vesting under Restricted Stock Unit Awards

Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the six months ended June 30, 2013 at each of the three target levels of financial performance (excluding forfeiture assumptions):

		Number of Shares Vesting				Value at Grant
at IRR of at least 8.5%			38,366			$	1,129
at IRR of at least 10.5%			76,741			$	2,259
at IRR of at least 12.5%			115,107			$	3,389

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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-Publisher FASB

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