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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2011
Stock-Based Compensation [Abstract] |
Stock-Based Compensation |
(9) | Stock-Based Compensation
For the three and six month periods ended June 30, 2011, the Company recognized total compensation expense of $3.5 million and $7.1 million, respectively, related to stock-based compensation awards, which is included in General and Administrative Expenses in the Consolidated Condensed Statements of Operations. For the three and six month periods ended June 30, 2010 the Company recognized total compensation expense of $3.6 million and $7.5 million, respectively, related to stock-based compensation awards. Restricted Stock Awards Restricted stock awards vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain pre-established pre-tax income performance targets. Upon vesting, each award is exchanged for one share of the Company's Common Stock. As of June 30, 2011, the Compensation Committee has approved the grant of an aggregate of 3,952,500 restricted stock awards to eligible participants. In March 2011, the Compensation Committee established the 2011 pre-tax income performance targets for 269,998 restricted stock units awarded in 2009 and 2010. The grant date fair value for these shares was determined based on the closing price of the Company's Common Stock on the date the performance criteria was established. For the three and six month periods ended June 30, 2011, the Company recognized compensation expense of $2.6 million and $5.3 million, respectively, related to restricted stock awards. As of June 30, 2011 there was $13.4 million of unrecognized compensation cost related to the unvested awards which, absent significant forfeitures in the future, is expected to be recognized over a weighted average period of approximately 2.0 years. A summary of restricted stock awards activity under the plan for the six months ended June 30, 2011 is as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
Granted and Unvested - January 1, 2011 |  |  | 1,220,833 |  |  | $ | 21.62 |  |  | $ | 26,138,035 |
Vested |  |  | (183,333 | ) |  |  | 20.64 |  |  |  | 3,751,992 |
Granted |  |  | 269,998 |  |  |  | 24.36 |  |  |  | 5,178,562 |
Forfeited |  |  | (30,000 | ) |  |  | 26.19 |  |  |  | - |
Total Granted and Unvested |  |  | 1,277,498 |  |  |  | 22.21 |  |  |  | 24,502,412 |
Approved for grant |  |  | 431,669 |  |  |  | (a) |  |  |  | 8,279,411 |
Total Awarded and Unvested - June 30, 2011 |  |  | 1,709,167 |  |  |  | n.a. |  |  |  | 32,781,823 |
| (a) | Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee.
The outstanding unvested awards at June 30, 2011 are scheduled to vest as follows, subject where applicable to the achievement of performance targets. As described above, certain performance targets are not yet established.
|  | Number |
Vesting Date |  | of Awards |
2011 |  |  | 50,000 |
2012 |  |  | 294,998 |
2013 |  |  | 1,152,500 |
2014 |  |  | 211,669 |
Total |  |  | 1,709,167 |
Approximately 100,000 of the unvested awards will vest based on the satisfaction of service requirements and 1,609,167 will vest based on the satisfaction of both service requirements and the achievement of pre-tax income performance targets. Stock Options There were no stock options granted during the six months ended June 30, 2011; however, the Compensation Committee did establish the respective 2011 pre-tax income performance target for 150,000 stock options awarded in 2009. The exercise price of the options is equal to the closing price of the Company's Common Stock on the date the awards were approved by the Compensation Committee. The options expire on May 28, 2019. For the three and six month periods ended June 30, 2011, the Company recognized compensation expense of $0.9 million and $1.8 million, respectively, related to stock option grants. As of June 30, 2011, there was $5.0 million of unrecognized compensation expense related to the outstanding options which, absent significant forfeitures in the future, is expected to be recognized over a weighted average period of approximately 2.1 years. A summary of stock option activity under the plan for the six months ended June 30, 2011 is as follows:
|  |  |  |  | Weighted Average |
|  | Number of Shares |  |  | Grant Date Fair Value |  |  | Exercise Price |
Total Awarded and Outstanding - January 1, 2011 |  |  | 1,040,000 |  |  | $ | 11.18 |  |  | $ | 20.50 |
Granted |  |  | 150,000 |  |  |  | 13.35 |  |  |  | 20.33 |
Forfeited |  |  | (30,000 | ) |  |  | 14.84 |  |  |  | 26.19 |
Total Granted and Outstanding |  |  | 1,160,000 |  |  |  | 11.37 |  |  |  | 20.33 |
Approved for grant |  |  | 300,000 |  |  |  | (a) |  |  |  | 20.33 |
Total Awarded and Outstanding - June 30, 2011 |  |  | 1,460,000 |  |  |  | n.a. |  |  |  | 20.33 |
| (a) | Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee.
Approximately 710,000 of the outstanding options will vest based on the satisfaction of service requirements and 750,000 will vest based on the satisfaction of both service requirements and the achievement of pre-tax income performance targets. The outstanding options had an intrinsic value of $2.0 million and a weighted average remaining contractual life of 7.5 years at June 30, 2011. There were 300,000 options exercisable at June 30, 2011 at a weighted average exercise price of $20.33 per share. The fair value of the third tranche of the 2009 awards, amounting to 150,000 options, was determined using the Black-Scholes option pricing model using the following key assumptions:
Risk-free interest rate |  |  | 2.74 | %
Expected life of options |  |  | 6.5 yearss |
Expected volatility of underlying stock |  |  | 46.94 | %
Expected quarterly dividends (per share) |  | $ | 0.00 |

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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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