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Stock-Based Compensation Plans
3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans
Stock-based Compensation Plans
Grant Activities
During the three months ended March 31, 2015 and 2014, the Company granted 60,165 and 95,572 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 $65.26 and $37.11, respectively.
In the first quarter of 2015, the Company granted 90,264 performance-based shares to certain of its employees at a weighted-average grant date fair value of $65.21. The performance shares of 90,264 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 2015. In 2014, the Company granted 138,800 performance-based shares to employees at a weighted-average grant date fair value of $36.80, of which 116,800 shares were earned.
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 $1.9 million and $1.3 million for the three months ended March 31, 2015 and 2014, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $11.7 million at March 31, 2015, 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.