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Stock-based Compensation (Tables)
9 Months Ended
Sep. 30, 2012
Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted

Weighted-average assumptions used to estimate the grant date fair values for stock options granted in the three and nine month periods ended September 30, 2012 and 2011 follow:

 

     Three Months  Ended
September 30,
     Nine Months  Ended
September 30,
 
     2012     2011      2012     2011  

Volatility

     47.57     NA         48.83     45.97

Expected term (in years)

     5.00        NA         5.00        5.00   

Dividend yield

     1.16     NA         1.21     0.67

Risk-free interest rate

     0.72     NA         0.88     2.34
Stock Option Activity

Stock option activity from January 1, 2012 to September 30, 2012 follows:

 

     Underlying
Shares
    Weighted
Average
Exercise
Price
 

Outstanding at January 1, 2012

     7,081,295      $ 20.73   

Granted

     790,000      $ 16.54   

Exercised

     (17,800   $ 14.64   
  

 

 

   

 

 

 

Outstanding at September 30, 2012

     7,853,495      $ 20.33   
  

 

 

   

 

 

 

Exercisable at September 30, 2012

     6,669,491      $ 20.61   
  

 

 

   

 

 

 
Restricted Stock Activity

Restricted stock activity from January 1, 2012 to September 30, 2012 follows:

 

     Shares     Weighted
Average
Grant Date
Fair Value
 

Non-vested restricted stock outstanding at January 1, 2012

     1,213,799      $ 24.13   

Granted

     791,650      $ 15.61   

Vested

     (568,679   $ 22.21   

Forfeited

     (90,052   $ 21.19   
  

 

 

   

 

 

 

Non-vested restricted stock outstanding at September 30, 2012

     1,346,718      $ 20.12   
  

 

 

   

 

 

 
Restricted Stock Unit Activity

Restricted stock unit activity from January 1, 2012 to September 30, 2012 follows:

 

     Shares     Weighted
Average
Grant Date
Fair Value
 

Non-vested restricted stock units outstanding at January 1, 2012

     17,501      $ 23.47   

Granted

     9,000      $ 14.91   

Vested

     (7,830   $ 21.08   

Forfeited

     (1,001   $ 25.02   
  

 

 

   

 

 

 

Non-vested restricted stock units outstanding at September 30, 2012

     17,670      $ 20.08   
  

 

 

   

 

 

 
Stock-Settled Performance Units

The total target number of shares with respect to the Stock-Settled Performance Units is set forth below:

 

     2012
Performance
Unit Awards
     2011
Performance
Unit Awards
     2010
Performance
Unit Awards
 

Target number of shares

     192,000         144,375         178,750   
Fair value of the Stock-Settled Performance Units

The fair value of the Stock-Settled Performance Units is set forth below (in thousands):

 

     2012
Performance
Unit Awards
     2011
Performance
Unit Awards
     2010
Performance
Unit Awards
 

Fair value at date of grant

   $ 3,065       $ 5,569       $ 3,117   
Compensation Expense Associated with the Stock-Settled Performance Units

These fair value amounts are charged to expense on a straight-line basis over the performance period. Compensation expense associated with the Stock-Settled Performance Units is shown below (in thousands):

 

     Three Months  Ended
September 30,
     Nine Months  Ended
September 30,
 
     2012      2011      2012      2011  

Stock-based compensation expense associated with Stock-Settled Performance Units

   $ 979       $ 724       $ 2,682       $ 1,707