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STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Assumptions used for grants and summary of stock options and restricted stock activity
The fair value of time-based or performance-based stock option grants are estimated on the date of grant using the Black-Scholes option pricing method with the following weighted-average assumptions used for grants issued during the three-month period ended March 31, 2012.

 
Assumptions
 
 
Volatility
34.82
%
Risk-free interest rate
1.38
%
Expected term (years)
5.9

Dividend yield
—

Grant-date fair value
$
15.09
Stock Option and Restricted Stock Activity
The following table summarizes our stock option and restricted stock awards activity during the three-month period ended March 31, 2012:

 
Stock
options
 
Restricted
stock awards
 
 
 
 
Outstanding, December 31, 2011
1,992,700

 
617,401

 
 
 
 
Granted
343,600

 
323,800

Exercised
(81,425
)
 
—

Vested restricted stock
—

 
(133,207
)
Forfeited
(1,800
)
 
(900
)
Expired
—

 
—

 
 
 
 
Outstanding, March 31, 2012
2,253,075

 
807,094

 
 
 
 
Exercisable, March 31, 2012
1,216,550

 
—
Unrecognized stock-based compensation expense
Unrecognized stock-based compensation expense related to outstanding unvested stock options and unvested restricted stock awards is expected to be recorded as follows:
(dollars in thousands)
Stock
options
 
Restricted
stock awards
 
Total
 
 
 
 
 
 
2012 (period from April 1 through December 29, 2012)
$
3,184

 
$
6,241

 
$
9,425

2013
3,588

 
7,332

 
$
10,920

2014
2,612

 
6,267

 
$
8,879

2015
1,448

 
3,370

 
$
4,818

Total
$
10,832

 
$
23,210

 
$
34,042