Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2013

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, 2013 and 2012 was as follows:

	Three Months Ended March 31,
	2013		2012
	(In thousands)
Employee:
Restricted stock and performance shares	$	1,649	$	1,668
Stock options		197		145
		1,846		1,813
Non-employee directors:
Restricted stock		151		149
Total stock-based compensation	$	1,997	$	1,962

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, 2013, the Company granted to employees a total of 209,501 shares of restricted stock or restricted stock units, performance-based shares with an expected pay-out at target of 42,908 shares of common stock and 51,597 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 $37.68 and $35.98, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $19.62 per share. As of March 31, 2013, the total unrecognized compensation costs related to non-vested awards was $18.5 million. That cost is expected to be recognized over a weighted-average period of 2.6 years.