Stock-based Compensation Plans

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans

Stock-based Compensation Plans

Grant Activities

During the three months ended September 30, 2013 and 2012, the Company did not grant restricted stock units to employees or non-employee directors. During the nine months ended September 30, 2013 and 2012, the Company granted 87,268 and 81,468 restricted stock units to employees and non-employee directors at a weighted-average grant date fair value of $49.38 and $39.67, respectively.

In February 2013, the Company granted 90,500 performance-based shares to certain of its employees at a weighted-average grant date fair value of $49.13. The performance shares of 90,500 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 fiscal 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 $1.3 million and $1.4 million for the three months ended September 30, 2013 and 2012, respectively, and $4.0 million and $4.1 million for the nine months ended September 30, 2013 and 2012, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $8.7 million at September 30, 2013, which is expected to be recognized over a weighted-average period of 1.9 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.