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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of restricted stock units issued and compensation expense
The following table summarizes RSUs issued and the compensation expense recorded for 2013, 2012 and 2011:
Stock-Based Compensation Expense
 
 
Restricted
Stock Units
 
Weighted Average Fair Value
 
Expense
 
(Dollars in thousands, except per unit)
 
 
 
2013
 
2012
 
2011
 
Directors:
 
 
 
 
 
 
 
 
 
 
 
2010
 
16,000

 
30.99

 
$
—

 
$
—

 
$
165

 
2011
 
20,192

 
34.79

 
—

 
234

 
468

 
2012
 
30,618

 
21.44

 
255

 
402

 
—

 
2013
 
46,287

 
20.60

 
636

 
—

 
—

 
Employees:
 
 
 
 
 
 
 
 
 
 
 
2008
 
130,950

 
45.95

 
—

 
—

 
68

 
2009
 
121,625

 
25.98

 
—

 
43

 
626

 
2010
 
26,000

 
23.78

 
—

 
21

 
383

 
2011
 
17,250

 
23.55

 
69

 
195

 
140

 
2012
 
141,486

 
18.75

 
383

 
525

 
—

 
2013
 
170,582

 
20.63

 
633

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 

 
 

 
$
1,976

 
$
1,420

 
$
1,850

 
Schedule of restricted stock unit activity
Restricted stock unit activity for 2013, 2012 and 2011 was as follows:
 
 
Restricted
Stock Units
 
Weighted Average
Grant-Date
Fair Value
Nonvested at January 1, 2011
 
140,535

 
$
30.83

Granted
 
37,442

 
29.61

Vested
 
(113,136
)
 
33.55

Forfeited
 
(2,200
)
 
25.15

Nonvested at December 31, 2011
 
62,641

 
25.39

Granted
 
172,104

 
19.23

Vested
 
(67,861
)
 
24.86

Forfeited
 
(25,411
)
 
20.35

Nonvested at December 31, 2012
 
141,473

 
19.19

Granted
 
216,869

 
20.62

Vested
 
(69,955
)
 
20.54

Forfeited
 
(74,546
)
 
22.61

Nonvested at December 31, 2013
 
213,841

 
$
19.95
Schedule of stock option activity
Stock option activity for 2013, 2012 and 2011 was as follows:
 
 
Shares
Under Option
 
Weighted Average
Exercise Price
 
Aggregate
Intrinsic Value
(in millions)(a)
Outstanding, January 1, 2011
 
273,672

 
$
16.46

 
$
3.3

Granted
 
617,500

 
31.75

 
—

Exercised
 
(199,032
)
 
15.95

 
—

Expired
 
(30,300
)
 
30.92

 
—

Outstanding, December 31, 2011
 
661,840

 
30.22

 
0.2

Exercised
 
(38,900
)
 
18.23

 
—

Forfeited/Expired
 
(294,940
)
 
31.29

 
—

Outstanding, December 31, 2012
 
328,000

 
30.67

 
0.2

Exercised
 
(20,000
)
 
16.96

 


Forfeited/Expired
 
(79,000
)
 
31.00

 


Outstanding, December 31, 2013
 
229,000

 
$
31.75

 
$
—

(a)
Intrinsic value is defined as the difference between the current market value and the exercise price, for those options where the market price exceeds the exercise price.
Schedule of outstanding and exercisable options
The following table summarizes information concerning outstanding and exercisable options at December 31, 2013:
 
 
Options Outstanding
 
Options Exercisable
Range of Exercisable Prices
 
Vested
 
Unvested
 
Weighted Average
Exercise
Price Per
Share
 
Weighted Average
Remaining
Contractual
Life in
Years
 
Number
Exercisable
 
Weighted Average
Exercise
Price Per
Share
$31.75 - $31.75
 
80,000

 
149,000

 
31.75

 
4.1
 
80,000

 
31.75
Schedule of stock appreciation rights valuation assumptions
The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes pricing model with the following assumptions:
 
 
March 2012 Grant
 
May 2012 Grant
 
September 2012 Grant
 
May 2013 Grant
 
June 2013 Grant
 
November 2013 Grant
Risk-free interest rate
 
1.56
%
 
1.18
%
 
1.00
%
 
1.17
%
 
1.41
%
 
1.91
%
Dividend yield
 
3.50
%
 
4.20
%
 
3.80
%
 
3.61
%
 
3.56
%
 
3.13
%
Expected life (years)
 
6.5

 
6.5

 
6.5

 
6.5

 
6.5

 
6.5

Volatility
 
43.9
%
 
44.0
%
 
44.3
%
 
44.1
%
 
44.1
%
 
43.8
%
SAR grant price
 
$
23.73

 
$
19.65

 
$
21.37

 
$
22.70

 
$
23.03

 
$
26.22

Fair value of SAR
 
$
6.10

 
$
4.77

 
$
6.20

 
$
6.86

 
$
7.07

 
$
8.60
Schedule of Stock Appreciation Rights award activity
SARs activity for 2013 and 2012 was as follows:
 
 
SARs
 
 
Number of Shares
 
Weighted Average Exercise Price
 
Aggregate Intrinsic Value (in millions) (a)
Outstanding, January 1, 2012
 
—

 
$
—

 
$
—

Granted
 
707,012

 
21.23

 
 
Forfeited/expired
 
(181,725
)
 
21.23

 
 
Outstanding, December 31, 2012
 
525,287

 
21.23

 
1.2

Granted
 
923,832

 
22.76

 
 
Exercised
 
(11,037
)
 
19.65

 
 
Forfeited
 
(476,624
)
 
22.28

 
 
Outstanding, December 31, 2013
 
961,458

 
$
22.20

 
$
5.6
Schedule of nonvested awards activity
The following table summarizes information concerning outstanding and exercisable SARs at December 31, 2013:
 
 
SARs Outstanding
 
SARs Exercisable
Range of exercisable prices
 
Vested
 
Unvested
 
Weighted-Average Exercise Price per Share
 
Weighted-Average Remaining Contractual Life in Years
 
Number Exercisable
 
Weighted-Average Exercise Price per Share
$19.65 - $22.70
 
77,576

 
783,239

 
$
21.98

 
9.1
 
77,576

 
$
20.47

$23.03 - $26.22
 
44,377

 
56,266

 
24.07

 
8.5
 
44,377

 
23.73

 
 
121,953

 
839,505

 
$
22.20

 
9.1
 
121,953

 
$
21.65
Stock options
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of weighted-average grant-date fair value of unvested options
Weighted-average grant-date fair value of unvested options during the year ended December 31, 2013 was as follows:
 
 
Shares Under Option
 
Weighted Average Grant-Date Fair Value
Outstanding, January 1, 2013
 
304,000

 
$
10.90

Vested
 
(80,000
)
 
10.90

Forfeited
 
(75,000
)
 
10.90

Outstanding, December 31, 2013
 
149,000

 
$
10.90
Stock Appreciation Rights (SARs)
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of weighted-average grant-date fair value of unvested options
Weighted-average grant date fair value of unvested SARs during the year ended December 31, 2013 was as follows:
 
 
Shares
 
Weighted-Average Grant Date Fair Value
Unvested shares, January 1, 2013
 
525,287

 
$
21.23

Granted
 
923,832

 
22.76

Vested
 
(121,953
)
 
21.65

Exercised
 
(11,037
)
 
19.65

Forfeited
 
(476,624
)
 
22.28

Unvested shares, December 31, 2013
 
839,505

 
$
22.27