Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

Stock-based compensation expense for the three and six months ended June 30, 2013 and 2012 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(In thousands)
Employee:
Restricted stock and performance shares	$	1,848	$	1,806	$	3,497	$	3,474
Stock options		226		161		423		306
		2,074		1,967		3,920		3,780
Non-employee directors:
Restricted stock		106		99		258		248
Total stock-based compensation	$	2,180	$	2,066	$	4,178	$	4,028

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 six months ended June 30, 2013, the Company granted to employees a total of 214,622 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 $37.80 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 June 30, 2013, the total unrecognized compensation cost related to non-vested awards was $16.0 million. That cost is expected to be recognized over a weighted-average period of 2.4 years.