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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2012
Stock-Based Compensation [Abstract] |
Summary of restricted stock awards activity under the plan | For the three and six months ended June 30, 2012, the Company recognized $1.2 million and $3.7 million, respectively, of compensation expense related to restricted stock awards. As of June 30, 2012 there was $8.4 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 2.8 years. A summary of restricted stock awards activity under the plan for the six months ended June 30, 2012 is as follows:
|  |  |  |  | Weighted Average |  |  | Aggregate |
|  | Number |  |  | Grant Date |  |  | Intrinsic |
|  | of Shares |  |  | Fair Value |  |  | Value |
Granted and Unvested - January 1, 2012 |  |  | 1,185,832 |  |  | $ | 19.65 |  |  | $ | 14,633,167 |
Vested |  |  | (208,332 | ) |  |  | 24.36 |  |  |  | 2,626,729 |
Granted |  |  | 293,333 |  |  |  | 14.72 |  |  |  | 3,716,529 |
Forfeited |  |  | (120,833 | ) |  |  | 13.47 |  |  |  | - |
Total Granted and Unvested |  |  | 1,150,000 |  |  |  | 18.19 |  |  |  | 14,570,500 |
Approved for grant |  |  | 888,335 |  |  | (a) |  |  |  | 11,255,204 |
Total Awarded and Unvested - June 30, 2012 |  |  | 2,038,335 |  |  | n.a. |  |  |  | 25,825,704 |
| (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.
Scheduled vesting of outstanding unvested restricted stock unit awards | The outstanding unvested awards at June 30, 2012 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 |
2012 |  |  | - |
2013 |  |  | 905,000 |
2014 |  |  | 408,335 |
2015 |  |  | 150,000 |
2016 |  |  | 165,000 |
2017 |  |  | 410,000 |
Total |  |  | 2,038,335 |
Stock option activity under the plan | A summary of stock option activity under the plan for the six months ended June 30, 2012 is as follows:
|  |  |  |  | Weighted Average |
|  | Number |  |  | Grant Date |  |  | Exercise |
|  | of Shares |  |  | Fair Value |  |  | Price |
Total Granted and Outstanding - January 1, 2012 |  |  | 1,225,465 |  |  | $ | 10.11 |  |  | $ | 18.45 |
Granted |  |  | 165,000 |  |  |  | 5.65 |  |  |  | 19.51 |
Forfeited |  |  | (75,000 | ) |  |  | 7.20 |  |  |  | - |
Total Granted and Outstanding |  |  | 1,315,465 |  |  |  | 9.72 |  |  |  | 18.91 |
Approved for grant |  |  | 830,000 |  |  | (a) |  |  |  | 12.80 |
Total Awarded and Outstanding - June 30, 2012 |  |  | 2,145,465 |  |  | n.a. |  |  |  | 16.55 |
| (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.
Key assumptions used in determining fair value of awards | During 2009, the Compensation Committee approved the award of 750,000 stock options that vest in five equal annual tranches from 2010 to 2014 subject to the achievement of pre-tax income performance targets established by the Compensation Committee. In March 2012, the Compensation Committee established the 2012 pre-tax income performance target for the fourth tranche of 150,000 stock options awarded in 2009. During May 2012, the Compensation Committee approved the award of 15,000 stock options that vest subject to service-based requirements only. The fair values of these stock options were determined during the six months ended June 30, 2012 using the Black Scholes option pricing model using the following key assumptions:
Number of Shares |  |  | 150,000 |  |  |  | 15,000 |
Risk-free interest rate |  |  | 0.88 | % |  |  | 1.12 | %
Expected life of options |  | 4.4 years |  |  | 7.3 years |
Expected volatility of underlying stock |  |  | 53.89 | % |  |  | 50.59 | %
Expected quarterly dividends (per share) |  |  | 0.00 |  |  |  | 0.00 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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