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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
SHARE‑BASED COMPENSATION
 
Stock Awards
 
As of December 31, 2013, 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 The 2005 Plan superseded the Company’s 2000 Non‑Qualified Stock Option Plan and 2002 Stock Option Plan with respect to future awards and, as amended, provides for the granting of 2.2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, 2013, 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, 2013
1,281,480

Granted
313,550

Vested
(149,620
)
Forfeited
(1,950
)
Outstanding – December 31, 2013
1,443,460



The Compensation Committee of the Company’s Board of Directors granted restricted stock units under the 2005 Plan during the years ended December 31, 2013, 2012, and 2011 as follows:
 

Units

Weighted‑Average
Grant Date
Fair Value
2013
313,550
 
$27.71
2012
394,900
 
$14.55
2011
334,700
 
$22.49

 
The fair value of restricted stock awards that vested in 2013, 2012, and 2011 was $1.8 million, $4.3 million, and $3.9 million, respectively. Unrecognized compensation cost related to restricted stock awards outstanding as of December 31, 2013 was $15.4 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:
 

Shares
Under Option(1)

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
(99,195
)
 
29.10

 
 
 
 

Forfeited
(105,500
)
 
25.23

 
 
 
 

Outstanding – December 31, 2013(1)
35,730

 
$
29.10

 
0.1
 
164


(1)
Options outstanding are vested and available to be exercised. All options outstanding at December 31, 2013 were exercised or forfeited as of January 31, 2014.
(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, 2013 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:
 
 
2013

2012

2011
 
 

(in thousands)

 
Intrinsic value of options exercised
$
330

 
$
—

 
$
79

Cash proceeds of options exercised
$
2,785

 
$
—

 
$
763

Tax benefit of options exercised
$
109

 
$
—

 
$
30