Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [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 $1.3 million and $1.4 million for the three months ended March 31, 2013 and 2012, respectively. Total unrecognized compensation cost related to non-vested share-based compensation arrangements was $11.4 million at March 31, 2013. This balance is expected to be recognized over a weighted-average period of 2.2 years.

During the three months ended March 31, 2013, we granted 87,268 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 $49.38, compared to 78,760 restricted stock units from the 2010 LTIP at a weighted-average grant date fair value of $39.57 for the same period in 2012. During the three months ended March 31, 2013, we also granted 90,500 performance-based shares to employees from the 2010 LTIP at a weighted-average grant date fair value of $49.13, compared to 81,375 performance-based shares to employees from the 2010 LTIP at the weighted-average grant date fair value of $39.45 for the same period in 2012. The 90,500 performance shares granted during 2013 represent the maximum that can be earned. The number of performance shares that the employee ultimately earns is based upon achievement of certain specified 2013 performance metrics. The 2013 grants generally vest over a three-year period with one-third vesting twelve months following the date of grant, one-third vesting in January 2015 and the remaining one-third vesting in January 2016. 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 Long-Term Incentive Plans for the three months ended March 31, 2013:

		December 31, 2012			Activity during 2013											March 31, 2013
		Outstanding			Granted			Exercised				Canceled				Outstanding			Exercisable
Plans	Securities	Number	Price		Number	Price		Number		Price		Number		Price		Number	Price		Number	Price
2004 LTIP	Options	17,376	$	34.94	—	$	—	(750	)	$	36.03	—		$	—	16,626	$	34.89	16,626	$	34.89
2005 LTIP	RSUs	3,053	0.01		—	—		—		—		—		—		3,053	0.01		3,053	0.01
2007 LTIP	RSUs	24,920	0.01		—	—		(24,514	)	0.01		—		—		406	0.01		406	0.01
	Options	169,107	25.62		—	—		(33,373	)	24.40		—		—		135,734	25.92		135,734	25.92
	Perf. shares	8,453	0.01		—	—		(8,453	)	0.01		—		—		—	—		—	—
2010 LTIP	RSUs	120,126	0.01		87,268	0.01		(47,033	)	0.01		(667	)	0.01		159,694	0.01		—	—
	Options	7,500	32.78		—	—		—		—		—		—		7,500	32.78		3,125	32.78
	Perf. shares	77,047	0.01		90,500	0.01		(33,010	)	0.01		(13,202	)	0.01		121,335	0.01		—	—
Total		427,582			177,768			(147,133	)			(13,869	)			444,348			158,944

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 Note: Price is weighted-average price per share.