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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 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 shares. As of September 30, 2013, there were approximately 1,301,356 shares available for grants. Stock-based employee compensation expense was as follows for the periods indicated:
|  | Three months ended |  |  | Nine months ended |
|  | September 30 |  |  | September 30 |
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Pre-tax expense |  | $ | 2,146 |  |  | $ | 2,002 |  |  | $ | 6,397 |  |  | $ | 5,904 |
After tax expense |  | $ | 1,363 |  |  | $ | 1,271 |  |  | $ | 4,062 |  |  | $ | 3,749 |
Stock Options There were no stock options exercised during 2013 and there have been no stock options outstanding since December 31, 2012. The total intrinsic value of stock options exercised was approximately $5,048,000 during the nine months ended September 30, 2012. Tax benefits related to non-qualified stock options exercised totaled $431,000 during the nine months ended September 30, 2012. Restricted Stock The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2013:
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested shares at December 31, 2012 |  |  | 4,494,191 |  |  | $ | 8.12 |
Granted |  |  | 850,500 |  |  |  | 13.68 |
Vested |  |  | (1,078,534 | ) |  |  | 6.36 |
Forfeited |  |  | (97,282 | ) |  |  | 9.58 |
Non-vested shares at September 30, 2013 |  |  | 4,168,875 |  |  | $ | 9.67 |
The total fair value of shares vested during the nine months ended September 30, 2013 was approximately $15,471,000 and during the nine months ended September 30, 2012 was approximately $10,695,000. Tax benefits for compensation tax deductions in excess of compensation expense for restricted shares totaled approximately $3,157,000 for the nine months ended September 30, 2013 and $2,153,000 for the nine months ended September 30, 2012. These tax benefits were credited to capital in excess of par value and classified as financing cash flows. As of September 30, 2013, total unrecognized compensation cost related to non-vested restricted shares was approximately $36,393,000 which is expected to be recognized over a weighted-average period of 3.4 years.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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