Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2014 and 2013 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	(In thousands)
Employees	$	2,231	$	2,058	$	6,503	$	5,978
Non-employee directors		298		183		676		441
Total stock-based compensation	$	2,529	$	2,241	$	7,179	$	6,419

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, 2014, the Company granted to employees restricted stock or restricted stock units of 147,310 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 $61.13 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 September 30, 2014, the total unrecognized compensation cost related to non-vested awards was $14.3 million. That cost is expected to be recognized over a weighted-average period of 1.7 years.