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STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)
12 Months Ended
Dec. 31, 2013
STOCK INCENTIVE AND STOCK OPTION PLANS [Abstract]  
Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Weighted-

 

Remaining

 

Aggregate

 

 

 

 

Average

 

Contractual

 

Intrinsic

 

 

 

 

Exercise

 

Term

 

Value

 

 

Shares

 

Price

 

(years)

 

(In thousands)

Options

 

 

 

 

 

 

 

 

Outstanding at January 1, 2013

 

2,764,854 

 

$       20.58

 

 

 

 

Exercised

 

(64,000)

 

15.97 

 

 

 

 

Cancelled or forfeited

 

(509,236)

 

22.67 

 

 

 

 

Expired

 

(307,300)

 

23.60 

 

 

 

 

Outstanding at December 31, 2013

 

1,884,318 

 

$       19.69

 

2.7 

 

$         10,806

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2013

 

1,715,431 

 

$       20.45

 

2.5 

 

$           8,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Weighted-

 

Remaining

 

Aggregate

 

 

 

 

Average

 

Contractual

 

Intrinsic

 

 

 

 

Exercise

 

Term

 

Value

 

 

Shares

 

Price

 

(years)

 

(In thousands)

Options

 

 

 

 

 

 

 

 

Outstanding at January 1, 2012

 

2,714,023 

 

$       21.72

 

 

 

 

Granted

 

338,681 

 

11.93 

 

 

 

 

Exercised

 

(6,333)

 

12.94 

 

 

 

 

Cancelled or forfeited

 

(174,183)

 

22.04 

 

 

 

 

Expired

 

(107,334)

 

20.03 

 

 

 

 

Outstanding at December 31, 2012

 

2,764,854 

 

$       20.58

 

3.1 

 

$           1,374

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2012

 

2,306,860 

 

$       22.23

 

2.6 

 

$           1,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Weighted-

 

Remaining

 

Aggregate

 

 

 

 

Average

 

Contractual

 

Intrinsic

 

 

 

 

Exercise

 

Term

 

Value

 

 

Shares

 

Price

 

(years)

 

(In thousands)

Options

 

 

 

 

 

 

 

 

Outstanding at January 1, 2011

 

2,946,307 

 

$       21.41

 

 

 

 

Exercised

 

(2,225)

 

9.40 

 

 

 

 

Cancelled or forfeited

 

(76,659)

 

22.86 

 

 

 

 

Expired

 

(153,400)

 

15.39 

 

 

 

 

Outstanding at December 31, 2011

 

2,714,023 

 

$       21.72

 

3.6 

 

$                 2

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2011

 

2,330,234 

 

$       22.23

 

3.3 

 

$                 2

 

The following table presents the status of the Company’s nonvested options as of December 31, 2013

and changes during the year then ended:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

Weighted-

 

 

 

 

Average

 

Average

 

 

 

 

Exercise

 

Grant Date

 

 

Shares

 

Price

 

Fair Value

Nonvested Options

 

 

 

 

 

 

Outstanding at January 1, 2013

 

457,994 

 

$       12.30

 

$          4.11

Granted

 

 -

 

 -

 

 -

Vested

 

(257,399)

 

12.53 

 

4.08 

Forfeited or cancelled

 

(31,708)

 

12.38 

 

4.10 

Outstanding at December 31, 2013

 

168,887 

 

$       11.93

 

$          4.16

 

Assumptions Used for Stock Options

 

 

 

 

 

 

2012

 

 

 

 

 

Expected volatility

 

49.9%

 

Weighted-average volatility

 

49.9%

 

Expected dividends

 

2.50%

 

Expected term (in years)

 

4.8 -  4.9

 

Risk-free rate

 

0.81%

 

 

Stock Options Outstanding, By Exercise Price Range

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

Options exercisable

Range of

 

Number

 

Weighted-Avg

 

Weighted-Avg

 

Number

 

Weighted-Avg

Exercise Prices

 

Outstanding

 

Remaining Life (years)

 

Exercise Price

 

Exercisable

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

$10.07 to $13.25

 

635,251 

 

4.4 

 

$              12.63

 

466,364 

 

$              12.59

$17.10 to $22.97

 

539,217 

 

2.0 

 

22.32 

 

539,217 

 

22.32 

$23.19 to $24.03

 

349,000 

 

1.4 

 

23.58 

 

349,000 

 

23.58 

$24.27 to $25.31

 

360,850 

 

2.0 

 

24.39 

 

360,850 

 

24.39 

$10.07 to $25.31

 

1,884,318 

 

2.7 

 

$              19.69

 

1,715,431 

 

$              20.45