Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2014

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

Stock-based compensation expense for the three and six months ended June 30, 2014 and 2013 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	(In thousands)
Employees	$	2,183	$	2,074	$	4,272	$	3,920
Non-employee directors		152		106		379		258
Total stock-based compensation	$	2,335	$	2,180	$	4,651	$	4,178

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, 2014, the Company granted to employees restricted stock or restricted stock units of 117,656 shares, 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 $62.09 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 June 30, 2014, the total unrecognized compensation cost related to non-vested awards was $15.2 million. That cost is expected to be recognized over a weighted-average period of 1.9 years.