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SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION
 
Restricted Stock Awards
 
A summary of the Company’s restricted stock award program is presented below:
 
 
Units
 
 

Outstanding — January 1, 2013
1,281,480

Granted
—

Vested
(149,620
)
Forfeited
(1,950
)
Outstanding — September 30, 2013
1,129,910



On July 24, 2013, the Compensation and Nominating/Corporate Governance Committees approved an award of 296,800 restricted stock units that were granted on November 1, 2013.

Stock Options
 
A summary of the Company’s stock option program is presented below:
 
 
Shares
Under Option
 
Weighted-
Average
Exercise Price
 
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Intrinsic
Value(2)(in thousands)
Outstanding — January 1, 2013
240,425

 
$
27.40

 
 
 
 

Granted
—

 
—

 
 
 
 

Exercised
—

 
—

 
 
 
 

Forfeited
(98,000
)
 
24.94

 
 
 
 

Outstanding — September 30, 2013(1)
142,425

 
$
29.10

 
0.3
 
—


(1)
Options outstanding at September 30, 2013 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 September 30, 2013 over the exercise price of the option.
 
As of September 30, 2013, the Company had not elected to treat any exercised options as employer Stock Appreciation Rights (“SARs”) and no employee SARs had been granted. No stock options have been granted since 2004.