Share-Based Compensation

9 Months Ended

Sep. 30, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

(4) Share-Based Compensation:  Through September 30, 2011, the Company granted non-qualified stock options to purchase approximately 316,537 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 29.2 percent, risk-free interest rate of 2.3 percent, dividend yield of 3.1 percent, and expected term of 6.0 years.

Activity in the Company's stock option plans through September 30, 2011 was as follows (in thousands, except weighted average exercise price and weighted average contractual life):

			Predecessor Plans						Weighted	Weighted
			1998		1998				Average	Average	Aggregate
	2007		Employee		Directors'		Total		Exercise	Contractual	Intrinsic
	Plan		Plan		Plan		Shares		Price	Life	Value
Outstanding, January 1, 2011	1,332		1,055		190		2,577		$37.10
Granted	317		--		--		317		$40.75
Exercised	(86	)	(171	)	(17	)	(274	)	$29.70
Forfeited and expired	(14	)	(11	)	--		(25	)	$45.06
Outstanding, September 30, 2011	1,549		873		173		2,595		$38.25	5.6	$9,355
Exercisable September 30, 2011	805		873		173		1,851		$39.88	4.5	$6,042

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

	2007
	Plan		Weighted
	Restricted		Average
	Stock		Grant-Date
	Units		Fair Value
Outstanding January 1, 2011	330		$31.15
Granted	259		$38.78
Vested	(175	)	$32.24
Canceled	(3	)	$35.51
Outstanding September 30, 2011	411		$35.47

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 after 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						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Share-based expense (net of estimated forfeitures):
Stock options	$	0.5		$	0.5		$	1.5		$	1.3
Restricted stock units		1.4			1.4			4.1			4.0
Total share-based expense		1.9			1.9			5.6			5.3
Total recognized tax benefit		(0.5	)		(0.6	)		(1.6	)		(1.7	)
Share-based expense (net of tax)	$	1.4		$	1.3		$	4.0		$	3.6