Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

2. STOCK-BASED COMPENSATION

The Company has the ability to issue restricted shares and restricted share units (“RSUs”) under its incentive compensation plan. Effective February 2012, the Company began granting RSUs as a form of equity compensation in place of restricted shares to better align the interests of its employees with those of its shareholders. Restricted shares and RSUs granted to employees are scheduled to vest over three to five year periods. The grant date fair values of the restricted shares and RSUs are based upon the fair market value of the Company at the time of grant. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Stock-based compensation cost may be recognized over a shorter requisite service period if an employee meets certain eligibility requirements.

Stock-based compensation expense for the three months ended March 31, 2012 and 2011 was $5.7 million and $2.6 million, respectively.

A summary of the status of restricted shares and RSUs as of March 31, 2012, and the changes during the three months then ended and the weighted average grant date fair values are presented below:

	Time Based
Balance at December 31, 2011		1,258,919		$	12.97
Granted		438,837		$	17.68
Vested		(669,987	)	$	12.82
Cancelled		(5,601	)	$	14.16
Balance at March 31, 2012		1,022,168		$	15.05