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Stock-Based Compensation Plans
6 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans
Stock-Based Compensation Plans
Grant Activities
During the six months ended June 30, 2014 and 2013, the Company granted 95,572 and 174,536 restricted stock units to employees and non-employee directors from the 2010 Long-Term Incentive Plan at a weighted-average grant date fair value of $37.10 and $24.69, respectively. There were no restricted stock units granted during the three months ended June 30, 2014 and 2013.
In February 2014, the Company granted 138,800 performance-based shares to certain of its employees at a weighted-average grant date fair value of $36.79. The performance shares of 138,800 represent the maximum that can be earned. The number of performance shares that employees ultimately earn will be based on the Company’s achievement of certain specified performance targets in 2014. In February 2013, we granted 181,000 performance-based shares to employees at a weighted-average grant date fair value of $24.56, of which none were ultimately earned and the shares were canceled in 2013.
Stock-Based Compensation Cost
Total stock-based compensation cost recognized in the condensed consolidated statements of operations as a component of selling, general and administrative expenses was $1.5 million and $1.4 million for the three months ended June 30, 2014 and 2013, respectively. During the six months ended June 30, 2014 and 2013, the Company recognized stock-based compensation cost of $2.8 million and $2.7 million, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $8.2 million at June 30, 2014, which is expected to be recognized over a weighted-average period of 2.0 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.