Share Based Compensation

6 Months Ended

Jun. 30, 2011

Share Based Compensation [Abstract]

Share Based Compensation

(4) Share-Based Compensation:  In the first half of 2011, the Company granted non-qualified stock options to purchase 285,569 shares of the Company's common stock. The weighted average grant-date fair value of each stock option granted, using the Black-Scholes-Merton option pricing model, was $8.92 using the following weighted average assumptions: volatility of 29.1 percent, risk-free interest rate of 2.4 percent, dividend yield of 3.1 percent, and expected term of 6.0 years.

Activity in the Company's stock option plans for the first half of 2011 was as follows (in thousands, except weighted average exercise price and weighted average contractual life):

				Predecessor Plans									Weighted		Weighted
	2007 Plan			1998 Employee Plan			1998 Directors' Plan			Total Shares			Average Exercise Price		Average Contractual Life		Aggregate Intrinsic Value
Outstanding January 1, 2011		1,332			1,055			190			2,577		$	37.10
Granted		286			--			--			286		$	40.63
Exercised		(85	)		(171	)		(17	)		(273	)	$	29.69
Forfeited and expired		(10	)		(8	)		--			(18	)	$	45.95
Outstanding, June 30, 2011		1,523			876			173			2,572		$	38.22		5.7	$	25,942
Exercisable June 30, 2011		810			876			173			1,859		$	39.88		4.7	$	15,881

The following table summarizes restricted stock unit activity through June 30, 2011 (in thousands, except weighted-average grant-date fair value amounts):

	2007 Plan Restricted Stock Units			Weighted Average Grant-Date Fair Value
Outstanding, January 1, 2011		330		$	31.15
Granted		253		$	38.70
Vested		(175	)	$	32.24
Canceled		(3	)	$	35.51
Outstanding, June 30, 2011		405		$	35.37

A portion of the restricted stock unit awards are time-based awards that vest ratably over three years. The remaining portion of the awards represent performance-based awards that vest over three years, provided certain performance targets related to the first year of the performance period are achieved.

A summary of the compensation cost related to share-based payments is as follows (in millions):

	Quarter Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Share-based expense (net of estimated forfeitures):
Stock options	$	0.5		$	0.4		$	1.0		$	0.8
Restricted stock units		1.2			1.4			2.7			2.6
Total share-based expense		1.7			1.8			3.7			3.4
Total recognized tax benefit		(0.5	)		(0.6	)		(1.0	)		(1.1	)
Share-based expense (net of tax)	$	1.2		$	1.2		$	2.7		$	2.3