Common Stock

We have 500 million authorized shares of common stock, $0.01 par value. At December 31, 2013 and 2012, there were (i) 0.9 million and 1.3 million shares of common stock reserved for issuance pursuant to options granted under our stock option plans, respectively, (ii) 0.0 million and 1.3 million shares of common stock reserved for the conversion of outstanding QUIPS of the Trust, respectively, and (iii) 17.5 million and 18.9 million shares of common stock reserved for the conversion of 4 percent Convertible Notes, respectively. As discussed above (see note 12), based on the price of our common stock during the fourth quarter of 2013, holders of the 4 percent Convertible Notes may redeem them during the first quarter of 2014 at a conversion price of approximately $11.11 per share of common stock. Since January 1, 2014 (the beginning of the first quarter), none of the 4 percent Convertible Notes were redeemed, however we have received redemption notices for $56 of the 4 percent Convertible Senior Notes which we expect to be redeemed in the first quarter of 2014.

As of December 31, 2013, there were an aggregate of 1.1 million outstanding time and performance-based restricted stock units ("RSUs") which vest in 2014, 2015 and 2016, and there were 1.8 million shares available for grant of stock and options under our 2010 Long Term Incentive Plan.

A summary of the transactions within the Company’s stock option plans follows (shares in thousands):



	Shares		Weighted-Average Exercise Price
Outstanding at January 1, 2011	3,353		$	14.30
Granted	63		31.49
Exercised	(1,831	)	19.25
Canceled	(49	)	7.85
Outstanding at December 31, 2011	1,536		9.30
Granted	1,148		22.17
Exercised	(1,362	)	15.42
Canceled	(34	)	32.26
Outstanding at December 31, 2012	1,288		13.69
Granted	74		53.78
Exercised	(484	)	12.22
Canceled	(3	)	23.63
Outstanding at December 31, 2013	875		17.85
Exercisable at December 31, 2011	674		$	10.14
Exercisable at December 31, 2012	770		$	10.97
Exercisable at December 31, 2013	684		$	11.67

As of December 31, 2013 (options in thousands):



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Amount Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Amount Exercisable	Weighted Average Exercise Price
$0.01-5.00	243	5.2	$	3.38	243	$	3.38
5.01-10.00	209	6.2	8.32		209	8.32
10.01-15.00	40	5.1	14.43		37	14.48
15.01-20.00	69	4.2	16.21		68	16.22
20.01-25.00	10	2.9	24.67		10	24.67
25.01-30.00	107	6.0	25.81		55	25.96
30.01-35.00	72	7.0	31.77		45	31.72
35.01-40.00	—	0	—		—	—
40.01-45.00	51	8.1	41.25		17	41.25
45.01-50.00	—	0	—		—	—
50.01-55.00	74	9.2	53.78		—	—
	875		$	17.85	684	$	11.67

The aggregate intrinsic value of options outstanding and exercisable at December 31, 2013 was $53 and $45, respectively. A summary of the intrinsic value of options exercised follows:



	Year Ended December 31,
	2013		2012		2011
Intrinsic value of options exercised	$	21	$	33	$	22
Weighted-average grant date fair value per option	$	24.56	$	29.52	$	14.58

In addition to stock options, the Company issues time-based and performance-based RSUs to certain officers and key executives under various plans. The RSUs automatically convert to shares of common stock on a one-for-one basis as the awards vest. The time-based RSUs typically vest over a three year vesting period beginning 12 months from the grant date and thereafter annually on the anniversary of the grant date. The performance-based RSUs vest over the performance period which is currently the calendar year. There were 603 thousand shares of common stock issued upon vesting of RSUs during 2013, net of 369 thousand shares surrendered to satisfy tax obligations. The Company measures the value of RSUs at fair value based on the closing price of the underlying common stock on the grant date. The Company amortizes the fair value of outstanding RSUs as stock-based compensation expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests upon termination of employment under certain circumstances. For performance-based RSUs, compensation expense is recognized to the extent that the satisfaction of the performance condition is considered probable.

A summary of RSUs granted follows (RSUs in thousands):



	Year Ended December 31,
	2013		2012		2011
RSUs granted	894		1,216		499
Weighted-average grant date price per unit	$	57.50	$	43.98	$	30.98

As of December 31, 2013, the total pretax compensation cost not yet recognized by the Company with regard to unvested RSUs was $22. The weighted-average period over which this compensation cost is expected to be recognized is 1.8 years.

A summary of RSU activity for the year ended December 31, 2013 follows (RSUs in thousands):



	Stock Units		Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2012	901		$	33.50
Granted	894		57.50
Vested	(999	)	44.96
Forfeited	(33	)	42.45
Nonvested as of December 31, 2013	763		$	46.06

The total fair value of RSUs vested during the fiscal years ended December 31, 2013, 2012 and 2011 was $53, $43, and $22, respectively.

Stockholders’ Rights Plan. Our stockholders' rights plan expired in accordance with its terms on September 27, 2011. Our board of directors elected not to renew or extend the plan.