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SHARE-BASED COMPENSATION
9 Months Ended
Sep. 30, 2014
SHARE-BASED COMPENSATION  
SHARE-BASED COMPENSATION

 

6.SHARE-BASED COMPENSATION

 

During the three and nine-month periods ended September 30, 2014, the Company granted 557 and 350,550 in total of time-based and performance-based shares to certain of its employees at a weighted-average grant date fair value of $26.97 and $23.59, respectively.  The number of performance shares awarded represents the maximum that can be earned, and will ultimately depend on the Company’s performance.

 

Total stock-based compensation cost recognized in the Condensed Consolidated Financial Statements of Income and Comprehensive Income as a component of selling, general and administrative costs was $1.9 million and $1.5 million for the three-month periods ended September 30, 2014 and 2013, and $5.6 million and $4.3 million for the nine-month periods ended September 30, 2014 and 2013, respectively.  Total unrecognized compensation cost related to unvested share-based compensation arrangements was $10.8 million at September 30, 2014, and is expected to be recognized over a weighted-average period of 1.8 years.  Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.