Share-Based Compensation

6 Months Ended

Jun. 30, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

4. Share-Based Compensation

At June 30, 2011, we had employee equity incentives outstanding under two plans: (1) the 2002 Equity Incentive Plan; and (2) the 2000 Omnibus Stock and Incentive Plan (from which equity incentives are no longer awarded). On March 1, 2011, our chief executive officer, chief financial officer, and chief operating officer were awarded 150,000 shares, 112,500 shares, and 27,000 shares, respectively, of restricted stock with performance and service conditions. Each of the grants shall vest on March 1, 2012, provided that: (i) the Company’s total operating revenue for 2011 is equal to or greater than $3.7 billion, and (ii) the respective officer continues to be employed by the Company as of March 1, 2012. In the event both vesting conditions are not achieved, the equity compensation awards shall lapse. As of June 30, 2011, we expect these awards to vest in full.

Charged to general and administrative expenses, total stock-based compensation expense was as follows for the three month and six month periods ended June 30, 2011 and 2010:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(in thousands)
Restricted stock awards	$	3,932	$	2,106	$	7,738	$	3,745
Stock options (including shares issued under our employee stock purchase plan)		378		265		636		763
Total stock-based compensation expense	$	4,310	$	2,371	$	8,374	$	4,508

As of June 30, 2011, there was $22.0 million of total unrecognized compensation expense related to unvested restricted stock awards, which we expect to recognize over a remaining weighted-average period of 2.2 years. As of June 30, 2011, there was no remaining unrecognized compensation expense related to unvested stock options.

Unvested restricted stock and restricted stock activity for the six months ended June 30, 2011 is summarized below:

				Weighted
				Average
				Grant Date
	Shares			Fair Value
Unvested balance as of December 31, 2010		1,253,624		$	15.55
Granted		754,800			23.53
Vested		(450,324	)		16.88
Forfeited		(53,029	)		15.22
Unvested balance as of June 30, 2011		1,505,071			19.16

The total fair value of restricted shares granted during the six months ended June 30, 2011 and 2010 was $17.7 million and $11.2 million, respectively. The total fair value of restricted shares vested during the six months ended June 30, 2011 and 2010 was $10.9 million and $4.6 million, respectively.

Stock option activity for the six months ended June 30, 2011 is summarized below:

								Weighted
				Weighted				Average
				Average		Average		Remaining
				Grant Date		Intrinsic		Contractual
	Shares			Fair Value		Value		term
						(In thousands)		(Years)
Stock options outstanding as of December 31, 2010		770,421		$	20.39
Exercised		(185,672	)		19.23
Forfeited		(8,275	)		22.29
Stock options outstanding as of June 30, 2011		576,474			20.75	$	3,839		4.4
Stock options exercisable and expected to vest as of June 30, 2011		576,369			20.75	$	3,838		4.3
Exercisable as of June 30, 2011		570,849			20.72	$	3,817		4.4