Share-Based Compensation

9 Months Ended

Sep. 30, 2012

Share-Based Compensation

Share-Based Compensation

Note 7 Share-Based Compensation

We have several share-based employee compensation plans, which are more fully described in Note 8 Share-Based Compensation in our 2011 Annual Report. Total share-based compensation expense, which includes both stock options and restricted stock, totaled $4.8 million and $9.0 million for the three months ended September 30, 2012 and 2011, respectively, and $13.5 million and $17.2 million for the nine months ended September 30, 2012 and 2011, respectively.  Total share-based compensation is included in direct costs and general and administrative expenses in our consolidated statements of income (loss). Share-based compensation expense has been allocated to our various operating segments.  See Note 15 — Segment Information.

During the nine months ended September 30, 2012 and 2011, we awarded 934,648 and 1,049,540 shares of restricted stock, respectively, vesting over periods of up to four years, to our employees and directors.  These awards had an aggregate value at their grant date of $19.4 million and $29.3 million, respectively.  The fair value of restricted stock that vested during the nine months ended September 30, 2012 and 2011 was $9.4 million and $18.6 million, respectively.

The total intrinsic value of stock options exercised during the nine months ended September 30, 2012 and 2011 was $5.7 million and $15.8 million, respectively.  Additionally, the intrinsic value of stock options surrendered during the nine months ended September 30, 2012 was $17.9 million.  The total fair value of stock options that vested during the nine months ended September 30, 2012 and 2011 was $7.6 million and $5.2 million, respectively.