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STOCK-BASED COMPENSATION
 9 Months Ended
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.