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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2013
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION
5.
STOCK-BASED COMPENSATION
 
The Company reserved 11,390,625 shares of common stock under its 2004 Stock Incentive Plan which expires ten years from the date of approval.  This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted stock.  As of March 31, 2013, there were approximately 1,294,000 shares available for grants.
 
Stock-based employee compensation expense was as follows for the periods indicated:
 
   
Three months ended
  
   
March 31,
  
(in thousands)
  
2013
    
2012
  
Pre-tax expense
   $ 2,105       1,901  
After tax expense
   $ 1,337       1,207  
 
Stock Options
 
There were no stock options exercised during 2013 and there are no stock options outstanding as of March 31, 2013.  The total intrinsic value of stock options exercised was approximately $835,000 during the three months ended March 31, 2012.
 
Restricted Stock
 
The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2013:
 
   
Shares
    
Weighted Average
 Grant-Date Fair
Value
  
Non-vested shares at December 31, 2012
     4,494,191     $ 8.12  
Granted
     852,000       13.68  
Vested
     (1,078,534 )     6.36  
Forfeited
     (91,057 )     9.54  
Non-vested shares at March 31, 2013
     4,176,600     $ 9.67  
 
The total fair value of shares vested during the three months ended March 31, 2013 was approximately $15,471,000 and during the three months ended March 31, 2012 was approximately $10,695,000.  Tax benefits for compensation tax deductions in excess of compensation expense for restricted stock totaled approximately $3,232,000 for the three months ended March 31, 2013 and $2,067,000 for the three months ended March 31, 2012 and were credited to capital in excess of par value and classified as financing cash flows.
 
As of March 31, 2013, total unrecognized compensation cost related to non-vested restricted shares was approximately $40,685,000 which is expected to be recognized over a weighted-average period of 3.9 years.