Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

Stock-based compensation expense for the three months ended March 31, 2014 and 2013 was as follows:

	Three Months Ended March 31,
	2014		2013
	(In thousands)
Employees	$	2,089	$	1,846
Non-employee directors		227		151
Total stock-based compensation	$	2,316	$	1,997

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.

During the three months ended March 31, 2014, the Company granted to employees a total of 140,949 shares of restricted stock or restricted stock units, performance-based shares with an expected pay-out at target of 29,678 shares of common stock and 382 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 $62.26 and $63.07, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $19.25 per share. As of March 31, 2014, the total unrecognized compensation cost related to non-vested awards was $17.4 million. That cost is expected to be recognized over a weighted-average period of 2.0 years.