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Stockholders' Equity and Stock-Based Compensation Plans | 6 Months Ended
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Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stockholders' Equity and Stock-Based Compensation Plans | NOTE 13—STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION PLANS At June 30, 2013, the Company had authorized common stock of 40,000,000 shares (December 31, 2012—40,000,000). Issued shares at June 30, 2013, were 29,554,500 (December 31, 2012—29,554,500) and treasury stock amounted to 6,005,647 shares (December 31, 2012—6,222,076). The Company grants stock options and stock equivalent units (“SEUs”) from time to time as a long-term performance incentive. In certain cases the grants are subject to performance conditions such as the Company’s stock price. Where performance conditions apply the Monte Carlo simulation model is used to determine the fair values. Otherwise the Black-Scholes model is used to determine the fair values. Stock option plans The Company has five active stock option plans, two of which provide for the grant of stock options to employees, one provides for the grant of stock options to non-employee directors, and another provides for the grant of stock options to key executives on a matching basis provided they use a proportion of their annual bonus to purchase common stock in the Company on the open market or from the Company. The fifth plan is a savings plan which provides for the grant of stock options to all Company employees provided they commit to make regular savings over a pre-defined period which can then be used to purchase common stock upon vesting of the options. The stock options have discrete vesting periods which range from 24 months to 6 years and in all cases stock options granted expire within 10 years of the date of grant. All grants are at the sole discretion of the Compensation Committee of the Board of Directors. Grants may be priced at market value or at a premium or discount (including at no cost). The aggregate number of shares of common stock reserved for issuance which can be granted under the plans is 2,640,000. The following table summarizes the transactions of the Company’s stock option plans for the six months ended June 30, 2013:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at December 31, 2012 |  |  | 1,001,241 |  |  | $ | 6.27 |  |  |  |  |
Granted—at discount |  |  | 49,528 |  |  | $ | 0.00 |  |  | $ | 32.39 |
—at market value |  |  | 22,161 |  |  | $ | 41.27 |  |  | $ | 16.09 |
Exercised |  |  | (286,390 | ) |  | $ | 2.43 |  |  |  |  |
Forfeited |  |  | (9,500 | ) |  | $ | 15.97 |  |  |  |  |
Outstanding at June 30, 2013 |  |  | 777,040 |  |  | $ | 8.16 |  |  |  |  |
At June 30, 2013, there were 149,229 stock options that were exercisable, of which 66,266 had performance conditions attached. The Company’s policy is to issue shares from treasury stock to holders of stock options who exercise those options, but if sufficient treasury stock is not available, the Company will issue previously unissued shares of stock to holders of stock options who exercise options. The total compensation cost for the first six months of 2013 was $1.4 million (2012—$1.6 million). The total intrinsic value of options exercised in the first six months of 2013 was $2.4 million (2012—$0.6 million). The total compensation cost related to non-vested stock options not yet recognized at June 30, 2013 was $2.7 million and this cost is expected to be recognized over the weighted-average period of 1.98 years. Stock equivalent units SEUs have discrete vesting periods which range from 11 months to 4 years and in all cases SEUs granted expire within 10 years of the date of grant. Grants may be priced at market value or at a premium or discount (including at no cost). There is no limit to the number of SEUs that can be granted. The liability for SEUs is located in accrued liabilities in the consolidated balance sheets until they are cash settled. The following table summarizes the transactions of the Company’s SEUs for the six months ended June 30, 2013:
|  | Number of SEUs |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at December 31, 2012 |  |  | 623,828 |  |  | $ | 2.95 |  |  |  |  |
Granted—at discount |  |  | 45,028 |  |  | $ | 0.00 |  |  | $ | 32.06 |
—at market value |  |  | 6,970 |  |  | $ | 41.31 |  |  | $ | 16.09 |
Exercised |  |  | (260,183 | ) |  | $ | 2.44 |  |  |  |  |
Forfeited |  |  | (2,361 | ) |  | $ | 10.38 |  |  |  |  |
Outstanding at June 30, 2013 |  |  | 413,282 |  |  | $ | 3.55 |  |  |  |  |
At June 30, 2013, there were 75,439 SEUs that are exercisable, of which 69,097 had performance conditions attached. The charges for SEUs are spread over the life of the award subject to a revaluation to fair value each quarter. The revaluation may result in a charge or a credit to the income statement in the quarter dependent upon our share price and other performance criteria. The total compensation cost for the first six months of 2013 was $3.9 million (2012—$2.8 million). The total intrinsic value of SEUs exercised in the first six months of 2013 was $1.8 million (2012—$1.1 million). The weighted-average remaining vesting period of non-vested SEUs is 1.19 years.

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
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