Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2012

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

Stock-based compensation expense for the three and nine months ended September 30, 2012 and 2011 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
	(In thousands)
Employee:
Restricted stock and performance shares	$	1,796	$	1,627	$	5,270	$	4,309
Stock options		172		99		478		226
		1,968		1,726		5,748		4,535
Non-employee directors:
Restricted stock		188		172		436		462
Total stock-based compensation	$	2,156	$	1,898	$	6,184	$	4,997

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. In conjunction with the June 2011 resignation of the Company’s President, unvested stock options, restricted stock and performance shares were canceled and the previously recorded expense amounting to $1.4 million was reversed.

During the nine months ended September 30, 2012, the Company granted to employees a total of 206,965 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 6,375 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 $31.06 and $30.64, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $12.57 per share. As of September 30, 2012, the total unrecognized compensation costs related to non-vested awards was $13.6 million. That cost is expected to be recognized over a weighted-average period of 2.1 years.