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Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2013
Black-Scholes-Merton Option Pricing Model

The assumptions used to determine the fair market value of the stock options granted during the six months ended June 30, 2012 were as follows:

 

 

2012

 

Expected volatility             

 

  39.71

%

Risk-free interest rate             

 

  1.18

%

Expected life (years)             

 

  6.25

  

Expected dividend yield             

 

  5.06

%

 

Summary of Stock Option Activity

Stock option awards as of December 31, 2012 and June 30, 2013, and changes during the six months ended June 30, 2013, were as follows:

 

 

Shares Under Option
(thousands)

 

 

Weighted
Average
Exercise
Price

 

  

Weighted
Average
Remaining
Contractual
Term
(years)

 

  

Aggregate
Intrinsic
Value
(millions)

 

Outstanding at December 31, 2012             

 

  4,726

  

 

$

  18.90

 

  

 

  6.2

 

  

$

  2.1

  

Exercised             

 

(88

)

 

 

  7.09

 

 

 

 

 

 

 

 

 

Cancelled/forfeited/expired             

 

(361

)

 

 

  18.20

 

  

 

 

 

  

 

 

 

Outstanding at June 30, 2013             

 

  4,277

  

 

 

  19.20

 

  

 

  6.2

 

  

 

  7.9

  

Vested and expected to vest at June 30, 2013             

 

  4,235

  

 

 

  19.26

 

  

 

  6.2

 

  

 

  7.9

  

Exercisable at June 30, 2013             

 

  1,356

  

 

$

  8.68

 

  

 

  6.5

 

  

$

  7.2

  

 

Nonvested Restricted Stock Unit Awards

Nonvested restricted stock unit awards as of December 31, 2012 and June 30, 2013, and changes during the six months ended June 30, 2013, were as follows:

 

 

Shares
(thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

Nonvested at December 31, 2012             

 

  3,246

  

 

$

  11.85

  

Granted             

 

  1,377

  

 

 

  9.59

  

Vested             

 

(1,998

) 

 

 

  10.19

  

Forfeited             

 

(72

) 

 

 

  11.27

  

Nonvested at June 30, 2013             

 

  2,553

  

 

$

  11.94

  

 

Nonvested Performance Share Unit Awards

Nonvested performance share unit awards as of December 31, 2012 and June 30, 2013, and changes during the six months ended June 30, 2013, were as follows:

 

 

Shares
(thousands)

 

  

Weighted
Average Grant

 Date Fair Value

 

Nonvested at December 31, 2012             

 

  468

  

  

$

  12.84

  

Granted             

 

  485

  

  

 

  8.85

  

Nonvested at June 30, 2013             

 

  953

  

  

$

  10.81