Share-based compensation (Notes)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based compensation

Share-based compensation

Stock plan

We have a stock option and incentive plan for the purpose of attracting and retaining the highest-quality personnel, providing for additional incentives, and promoting the success of our Company by providing employees the opportunity to acquire common stock pursuant to (i) options to purchase common stock and (ii) share awards. In May 2010, we amended and restated our stock option and incentive plan to increase the number of shares reserved for the grant of awards, implement a fungible reserve, and extend the term of the stock plan until May 2020, among other amendments. As of December 31, 2013, a total of 1,059,340 shares were reserved for the granting of future options and share awards under the stock plan.

Options under our plan have been granted at prices that are equal to the market value of the stock on the date of grant and expire 10 years after the date of grant. We have not granted any stock options since 2002. There was no stock option activity during the year ended December 31, 2013, and no options were outstanding or exercisable as of December 31, 2013. A summary of the stock option activity under our stock plan and related information for the years ended December 31, 2013, 2012, and 2011 follows:

	Number of Stock Options		Intrinsic Value of Options Exercised
Outstanding at December 31, 2010	51,950
Granted	—
Exercised	(48,350	)	$	1,213,102
Forfeited	—
Outstanding at December 31, 2011	3,600
Granted	—
Exercised	(3,600	)	$	94,968
Forfeited	—
Outstanding at December 31, 2012	—
Granted	—
Outstanding at December 31, 2013	—

In addition, the stock plan permits us to issue share awards to our employees and non-employee directors. A share award is an award of common stock that (i) may be fully vested upon issuance or (ii) may be subject to the risk of forfeiture under Section 83 of the Internal Revenue Code. Shares issued generally vest over a three-year period from the date of issuance, and the sale of the shares is restricted prior to the date of vesting. The unearned portion of these awards is amortized as stock compensation expense on a straight-line basis over the vesting period.

A summary of the share awards activity under our stock plan and related information for the years ended December 31, 2013, 2012, and 2011 follows:

			Number of Share Awards			Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2010			489,010			$	67.27
Granted			333,479			$	75.32
Vested			(269,076		)	$	69.52
Forfeited			(2,650		)	$	69.03
Outstanding at December 31, 2011			550,763			$	71.04
Granted			310,240			$	72.85
Vested			(297,669		)	$	68.52
Forfeited			(2,266		)	$	74.30
Outstanding at December 31, 2012			561,068			$	73.37
Granted			338,915			$	63.74
Vested			(323,594		)	$	71.78
Forfeited			(6,616		)	$	72.96
Outstanding/Weighted Average at December 31, 2013			569,773			$	68.54
	Year Ended December 31,
(In thousands)	2013		2012			2011
Total fair value of share awards vested	$	23,228	$	20,396		$	18,706
Total compensation recognized for awards, net of capitalization	$	15,552	$	14,160		$	11,755
Capitalized stock compensation	$	8,193	$	7,768		$	8,514

As of December 31, 2013, there was $31.2 million of unrecognized compensation related to non-vested share awards under the stock plan, which is expected to be recognized over the next three years and has a weighted average period of approximately 12 months.