Share-Based Compensation

3 Months Ended

Mar. 31, 2012

Share-Based Compensation [Abstract]

Share-Based Compensation

(4) Share-Based Compensation:  Through March 31, 2012, the Company granted non-qualified stock options to purchase 132,681 shares of the Company's common stock. The grant-date fair value of each stock option granted using the Black-Scholes-Merton option pricing model, was $10.74 using the following weighted average assumptions: volatility of 31.77%, risk-free interest rate of 1.2%, dividend yield of 2.7%, and expected term of 6.1 years.

Activity in the Company's stock option plans for the first quarter of 2012 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, 2012		1,545			836			173			2,554		$	38.39
Granted		133			--			--			133		$	46.27
Exercised		(253	)		(121	)		(17	)		(391	)	$	28.27
Forfeited and expired		(3	)		(1	)		--			(4	)	$	38.79
Outstanding, March 31, 2012		1,422			714			156			2,292		$	40.57		5.4	$	18,540
Exercisable, March 31, 2012		938			714			156			1,808		$	40.68		4.5	$	14,569

The following table summarizes non-vested restricted stock unit activity through March 31, 2012 (in thousands, except weighted average grant-date fair value amounts):

	2007
	Plan			Weighted
	Restricted			Average
	Stock			Grant-Date
	Units			Fair Value
Outstanding, January 1, 2012		409		$	35.48
Granted		154		$	46.21
Vested		(150	)	$	30.92
Canceled		(89	)	$	40.28
Outstanding, March 31, 2012		324		$	41.37

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

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

	Quarter Ended
	March 31,
	2012			2011
Share-based expense (net of estimated forfeitures):
Stock options	$	0.5		$	0.5
Non-vested stock/Restricted stock units		1.2			1.5
Total share-based expense		1.7			2.0
Total recognized tax benefit		(0.5	)		(0.6	)
Share-based expense (net of tax)	$	1.2		$	1.4