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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2012
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | NOTE L – SHARE-BASED COMPENSATION Stock Awards As of December 31, 2012, the Company had outstanding stock options granted under the 2000 Non-Qualified Stock Option Plan and the 2002 Stock Option Plan and outstanding restricted stock units granted under the 2005 Ownership Incentive Plan (“the 2005 Plan”). The 2005 Plan superseded the Company’s 2000 Non-Qualified Stock Option Plan and 2002 Stock Option Plan with respect to future awards and, as amended, provides for the granting of 2.2 million shares, which may be awarded as incentive and nonqualified stock options, Stock Appreciation Rights (“SARs”), restricted stock, or restricted stock units. Any outstanding stock options under the 2000 or 2002 stock option plans which are forfeited or otherwise unexercised will be included in the shares available for grant under the 2005 Plan. As of December 31, 2012, the Company had not elected to treat any exercised options as employer SARs and no employee SARs had been granted. No stock options have been granted since 2004. Restricted Stock Awards A summary of the Company’s restricted stock award program is presented below:
|  | Units |
Outstanding – January 1, 2012 |  | 1,157,238 |
Granted |  | 394,900 |
Vested |  | (261,709) |
Forfeited |  | (8,949) |
Outstanding – December 31, 2012 |  | 1,281,480 |
The Compensation Committee of the Company’s Board of Directors granted restricted stock units under the 2005 Plan during the years ended December 31, 2012, 2011, and 2010 as follows:
|  |  |  | Weighted-Average |
|  |  |  | Grant Date |
|  | Units |  | Fair Value |
2012 |  | 394,900 |  | $ 14.55 |
2011 |  | 334,700 |  | $ 22.49 |
2010 |  | 314,130 |  | $ 22.57 |
The fair value of restricted stock awards that vested in 2012, 2011, and 2010 was $4.3 million, $3.9 million, and $3.6 million, respectively. Unrecognized compensation cost related to restricted stock awards outstanding as of December 31, 2012 was $12.4 million, which is expected to be recognized over a weighted-average period of three years. Stock Options A summary of the Company’s stock option program is presented below:
|  |  |  |  |  | Weighted- |  |  |
|  |  |  |  |  | Average |  |  |
|  |  |  | Weighted- |  | Remaining |  | Intrinsic |
|  | Shares |  | Average |  | Contractual |  | Value(2) |
|  | Under Option(1) |  | Exercise Price |  | Term (Years) |  | (in thousands) |
Outstanding – January 1, 2012 |  | 280,425 |  |  | $ 27.29 |  |  |  |  |  |
Granted |  | – |  |  |  |  |  |  |  |  |
Exercised |  | – |  |  |  |  |  |  |  |  |
Forfeited |  | (40,000) |  |  | 26.61 |  |  |  |  |  |
Outstanding – December 31, 2012 |  | 240,425 |  |  | $ 27.40 |  |  | 0.7 |  | – |
(1) Options outstanding are vested and available to be exercised. (2) The intrinsic value for each option represents the excess, if any, of the market value of the Company’s Common Stock on December 31, 2012 over the exercise price of the option. The following table summarizes additional activity related to the Company’s stock option program for the years ended December 31:
|  | 2012 |  | 2011 |  | 2010 |
|  |  |  | (in thousands) |  |  |
Intrinsic value of options exercised |  | $ | – |  | $ | 79 |  | $ | 415 |
Cash proceeds of options exercised |  | $ | – |  | $ | 763 |  | $ | 1,828 |
Tax benefit of options exercised |  | $ | – |  | $ | 30 |  | $ | 83 |

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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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: 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 Reference 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
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