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Stock-Based Compensation
6 Months Ended
Jun. 30, 2013
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

6. Stock-based Compensation

During the first quarter of 2013, the Company granted stock only stock appreciation rights (“SOSARs”) on  662 shares of its common stock to eligible employees, of which 191 include performance conditions. The grant date fair value of the SOSARs was $82.03 per share with an exercise price of $318.45 per share based on the closing price of common stock on the date of grant. The SOSARs (other than those subject to performance conditions) vest in two equal installments on the second and third anniversary of the grant date.

 

Total stock-based compensation expense was $19,243 and $34,898 ($11,704 and $21,225 net of tax) for the three and six months ended June 30, 2013,  respectively, and was $18,045 and $38,805 ($11,004 and $23,663 net of tax) for the three and six months ended June 30, 2012, respectively. A portion of stock-based compensation totaling $297 and $565 for the three and six months ended June 30, 2013,  and $608 and $1,128 for the three and six months ended June 30, 2012, was recognized as capitalized development and is included in leasehold improvements, property and equipment in the consolidated balance sheet.  During the six months ended June 30, 2013,  93 options or SOSARs were exercised, 42 SOSARs were forfeited, and 6 non-vested stock awards vested.