Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2012

Employee Benefits and Share-based Compensation [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation Plans

Total stock-based compensation cost recognized in the condensed consolidated statements of operations as a component of selling, general and administrative expenses was $1.4 million and $1.3 million for the three months ended March 31, 2012 and 2011, respectively. Total unrecognized compensation cost related to non-vested share-based compensation arrangements was $9.3 million at March 31, 2012. This balance is expected to be recognized over a weighted-average period of 2.1 years.

During the three months ended March 31, 2012, we granted 78,760 restricted stock units to employees and non-employee directors from the 2010 Long Term Incentive Plan (“LTIP”) at a weighted-average grant date fair value of $39.57, compared to 137,532 restricted stock units from the 2010 LTIP at a weighted-average grant date fair value of $34.12 for the same period in 2011. During the three months ended March 31, 2012, we also granted 81,375 performance-based shares to employees from the 2010 LTIP at a weighted-average grant date fair value of $39.45, compared to 28,192 performance-based shares to employees from the 2010 LTIP at the weighted-average grant date fair value of $34.12 for the same period in 2011. The number of performance shares granted during 2012 that the employee ultimately earns is based upon achievement of certain specified performance metrics. The weighted-average grant date fair value is based on the fair market value of our common stock at the date of grant.

The following table summarizes the activity for all stock options, restricted stock units and performance shares under all of the LTIPs for the three months ended March 31, 2012:

		December 31, 2011			Activity during 2012											March 31, 2012
		Outstanding			Granted			Exercised				Canceled				Outstanding			Exercisable
Plans	Securities	Number	Price		Number	Price		Number		Price		Number		Price		Number	Price		Number	Price
2004 LTIP	RSUs	188	$	0.01	—	$	—	(188	)	$	0.01	—		$	—	—	$	—	—	$	—
	Options	41,077	35.08		—	—		(6,188	)	34.48		—		—		34,889	35.18		34,889	35.18
2005 LTIP	RSUs	3,053	0.01		—	—		—		—		—		—		3,053	0.01		3,053	0.01
2005 Directors’ Plan	Options	7,500	27.03		—	—		(1,500	)	27.03		—		—		6,000	27.03		6,000	27.03
2007 LTIP (1)	RSUs	78,509	0.01		—	—		(17,803	)	0.01		(167	)	0.01		60,539	0.01		25,660	0.01
	Options	274,034	25.71		—	—		(11,271	)	27.70		—		—		262,763	25.62		262,763	25.62
	Perf. shares	11,271	0.01		—	—		(2,818	)	0.01		—		—		8,453	0.01		8,453	0.01
2010 LTIP (1)	RSUs	137,532	0.01		78,760	0.01		(60,271	)	0.01		(500	)	0.01		155,521	0.01		2,083	0.01
	Options	7,500	32.78		—	—		—		—		—		—		7,500	32.78		—	—
	Perf. shares	28,192	0.01		81,375	0.01		(15,646	)	0.01		—		—		93,921	0.01		1,666	0.01
Total		588,856			160,135			(115,685	)			(667	)			632,639			344,567

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 Note: Price is weighted-average price per share.

(1) The 2007 and 2010 LTIPs are for officers, employees and non-employee directors.