SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2014

NOTE L — SHARE-BASED COMPENSATION

Stock Awards

As of December 31, 2014 and 2013, the Company had outstanding restricted stock units granted under the 2005 Ownership Incentive Plan (“the 2005 Plan”). The 2005 Plan, as amended, provides for the granting of 3.1 million shares, which may be awarded as incentive and nonqualified stock options, Stock Appreciation Rights (“SARs”), restricted stock, or restricted stock units. As of December 31, 2014, the Company had not elected to treat any exercised options as employer SARs and no employee SARs had been granted.

Restricted Stock Units

A summary of the Company’s restricted stock unit award program is presented below:

	Units
Outstanding — January 1, 2014	1,443,460
Granted	232,450
Vested	(249,083	)
Forfeited	(57,947	)
Outstanding — December 31, 2014	1,368,880

The Compensation Committee of the Company’s Board of Directors granted restricted stock units under the 2005 Plan during the years ended December 31, 2014, 2013, and 2012 as follows:

		Weighted-Average
		Grant Date
	Units	Fair Value
2014	232,450	$	40.19
2013	313,550	$	27.71
2012	394,900	$	14.55

The fair value of restricted stock awards that vested in 2014, 2013, and 2012 was $9.4 million, $1.8 million, and $4.3 million, respectively. Unrecognized compensation cost related to restricted stock awards outstanding as of December 31, 2014 was $16.3 million, which is expected to be recognized over a weighted-average period of approximately two years.

Stock Options

As of December 31, 2013, the Company had 35,730 outstanding stock options, which had a weighted average exercise price of $29.10. Of the stock options outstanding at December 31, 2013, 35,530 were exercised at a weighted average exercise price of $29.10 and 200 were forfeited as of the January 31, 2014 expiration date of the stock options.

The following table summarizes additional activity related to the Company’s stock option program for the years ended December 31:

	2014		2013		2012
	(in thousands)
Intrinsic value of options exercised	$	169	$	330	$	—
Cash proceeds of options exercised	$	1,136	$	2,785	$	—
Tax benefit of options exercised	$	22	$	109	$	—

- 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.

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