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Share-Based Compensation
 9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation
Share-based compensation expense consists of:
 
Third Quarter
 
First Nine Months
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Cash-settled awards
$
(801
)
 
$
1,823

 
$
(1,996
)
 
$
7,498

Equity-settled awards
1,307

 
899

 
4,897

 
3,565

Restricted stock
22

 
85

 
101

 
541

Stock options
463

 
685

 
1,521

 
3,763

 
$
991

 
$
3,492

 
$
4,523

 
$
15,367


Share-based compensation expense is included in:
 
Third Quarter
 
First Nine Months
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
General and administrative expense
$
(50
)
 
$
1,297

 
$
1,217

 
$
7,310

Other operating expense
1,041

 
2,195

 
3,306

 
8,057

 
$
991

 
$
3,492

 
$
4,523

 
$
15,367


In first nine months 2014, we granted 92,800 cash-settled awards and 467,200 equity-settled awards. Equity-settled awards granted to employees in the first nine months 2014 include restricted stock units (RSUs), market-leveraged stock units (MSUs) and performance stock units (PSUs). Cash-settled RSUs vest ratably over three years from the date of grant. Equity-settled RSUs, MSUs and PSUs vest after three years from the date of grant upon achievement of market conditions for MSUs and upon achievement of performance goals for PSUs. Equity-settled awards in the form of RSUs granted to our directors are fully vested at the time of grant and are issued upon retirement. There were no restricted stock awards or stock options granted in first nine months 2014.
The fair value of awards granted to retirement eligible employees and expensed at the date of grant was $760,000 and $590,000 in first nine months 2014 and 2013. Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $10,950,000 at third quarter-end 2014.
In first nine months 2014 and 2013, we issued 211,333 and 118,472 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 54,272 and 59,172 shares withheld having a value of $1,024,000 and $1,128,000 for payroll taxes in connection with vesting of stock-based awards or exercise of stock options.