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EMPLOYEE BENEFIT PLANS (Tables)
9 Months Ended
Sep. 30, 2013
EMPLOYEE BENEFIT PLANS  
Summary of stock option activity

 

 

 

 

Options

 

Weighted Average
Exercise Price Per
Share

 

Aggregate
Intrinsic Value

 

Weighted Average
Remaining Life

 

 

 

 

 

 

 

(In Millions)

 

 

 

Outstanding as of December 31, 2012

 

4,289,192

 

$

30.49

 

 

 

 

 

Granted

 

295,639

 

39.31

 

 

 

 

 

Exercised

 

(913,369

)

23.56

 

 

 

 

 

Forfeited/Expired

 

(227,016

)

58.16

 

 

 

 

 

Outstanding as of September 30, 2013

 

3,444,446

 

$

31.26

 

$

40

 

3.5 years

 

Vested and expected to vest at September 30, 2013

 

3,427,698

 

$

31.23

 

$

40

 

3.5 years

 

Exercisable as of September 30, 2013

 

2,880,799

 

$

31.21

 

$

35

 

3.0 years

Schedule of assumptions used to determine fair value of stock options

 

 

 

 

Nine Months Ended September 30,

 

 

 

2013

 

2012

 

Expected volatility

 

50%

 

52%

 

Expected dividend yield

 

0%

 

0%

 

Expected life

 

3.6 years

 

6.9 years

 

Expected forfeiture rate

 

6%

 

2%

 

Risk-free interest rate

 

0.48%

 

1.06%-1.41%

 

Early exercise threshold

 

100% gain

 

70% gain

 

Early exercise rate

 

50% per year

 

20% per year

Summary of information about stock options by range of exercise prices

The following table summarizes information about our outstanding stock options at September 30, 2013:

 

 

 

Options Outstanding

 

Options Exercisable

 

Range of Exercise Prices

 

Number of
Options

 

Weighted Average
Remaining
Contractual Life

 

Weighted Average
Exercise Price

 

Number of
Options

 

Weighted Average
Exercise Price

 

$0.00 to $4.569

 

345,066

 

5.4 years

 

$

4.56

 

345,066

 

$

4.56

 

$4.57 to $25.089

 

1,042,631

 

6.2 years

 

20.86

 

774,623

 

20.17

 

$25.09 to $32.569

 

522,889

 

2.8 years

 

29.66

 

522,889

 

29.66

 

$32.57 to $42.529

 

824,077

 

2.5 years

 

41.14

 

528,438

 

42.17

 

$42.53 to $55.129

 

671,033

 

0.4 years

 

48.46

 

671,033

 

48.46

 

$55.13 to $70.249

 

38,750

 

0.2 years

 

62.36

 

38,750

 

62.36

 

 

 

3,444,446

 

3.5 years

 

$

31.26

 

2,880,799

 

$

31.21

Summary of restricted stock unit activity

 

 

 

Restricted Stock
Units

 

Weighted Average Grant
Date Fair Value Per Unit

 

Unvested as of December 31, 2012

 

2,295,942

 

$

23.40

 

Granted

 

1,233,500

 

40.91

 

Vested

 

(948,539

)

24.13

 

Forfeited

 

(157,128

)

29.48

 

Unvested as of September 30, 2013

 

2,423,775

 

$

31.63