Stock-Based Compensation Plans

9 Months Ended

Sep. 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 nine months ended September 30, 2013 and 2012 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(In thousands)
Employee:
Restricted stock and performance shares	$	1,820	$	1,796	$	5,317	$	5,270
Stock options		238		172		661		478
		2,058		1,968		5,978		5,748
Non-employee directors:
Restricted stock		183		188		441		436
Total stock-based compensation	$	2,241	$	2,156	$	6,419	$	6,184

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 nine months ended September 30, 2013, the Company granted to employees and non-employee directors a total of 252,047 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 $39.98 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 September 30, 2013, the total unrecognized compensation cost related to non-vested awards was $15.6 million. That cost is expected to be recognized over a weighted-average period of 2.2 years.