Stock-based Compensation

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

13. Stock-based Compensation

The Company measures its stock-based compensation costs based on the grant date fair value of the awards and recognizes these costs in the financial statements over the requisite service period.

A summary of information with respect to stock-based compensation is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Total stock-based compensation expense included in operating income	$	302	$	1,281	$	2,775	$	4,081
Income tax benefit related to stock-based compensation included in net income	$	118	$	495	$	1,087	$	1,576

Restricted Stock Units

Restricted stock unit activity for the nine months ended September 30, 2013:


	Number of Restricted Stock Units			Weighted- Average Grant-date Fair Value
Outstanding on December 31, 2012		361,778		$	23.43
Granted		174,508			14.01
Vested and converted to common stock		(142,487	)		24.15
Forfeited		(97,876	)		17.69

Outstanding on September 30, 2013		295,923			19.43

As of September 30, 2013, there was $2.5 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 1.7 years.

Performance Stock Units

Performance stock unit activity for the nine months ended September 30, 2013:


	Number of Peformance Stock Units			Weighted- Average Grant-date Fair Value
Outstanding on December 31, 2012		80,000		$	23.75
Granted		63,895			13.89
Vested and converted to common stock		—			—
Forfeited		(82,574	)		19.07

Outstanding on September 30, 2013		61,321			19.77

As of September 30, 2013, there was $0.4 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 2.1 years.

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details