Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

Stock-based compensation expense for the three months ended March 31, 2012 and 2011 was as follows:

	Three Months Ended March 31,
	2012		2011
	(In thousands)
Employee:
Restricted stock and performance shares	$	1,668	$	1,822
Stock options		145		295
		1,813		2,117
Non-employee directors:
Restricted stock		149		173
Total stock-based compensation	$	1,962	$	2,290

The Company records stock-based compensation for employees in employee compensation and benefits and for non-employee directors in general and administrative expenses in the Consolidated Statements of Operations.

During the three months ended March 31, 2012, the Company granted to employees a total of 183,988 shares of restricted stock or restricted stock units, performance-based shares with an expected pay-out at target of 44,843 shares of common stock and 375 options to purchase shares of common stock. The fair value of the restricted stock and performance-based share awards was based on a weighted-average grant date fair value per share of $31.03 and $30.64, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $11.99 per share. As of March 31, 2012, the total unrecognized compensation costs related to non-vested awards was $17.3 million. That cost is expected to be recognized over a weighted-average period of 2.6 years.