Stock Incentive Plans

12 Months Ended

Dec. 31, 2014

Stock Incentive Plans [Abstract]

Stock Incentive Plans

14. Stock Incentive Plans

     Our Amended and Restated 2005 Long-Term Incentive Planauthorizes up to 6,200,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. The 2005 Plan replaced the 1995 Stock Incentive Plan and the Stock Plan for Non-Employee Directors. The options granted to officers and key employees under the 1995 Plan vested through 2010 and expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2005 Plan. The 2005 Plan allows for the issuance of, among other things, stock options, restricted stock, deferred stock units and dividend equivalent rights. Under our long-term incentive plan, certain restricted stock awards are performance based. Compensation expense for these performance grants is measured based on the probability of achievement of certain objective and subjective performance goals and is recognized over both the performance period and vesting period. If the estimated number of performance based restricted stock to be earned changes, an adjustment will be recorded to recognize the accumulated difference between the revised and previous estimates. Vesting periods for options, deferred stock units and restricted shares generally range from one to three years for non-employee directors and from three to five years for officers and key employees. Options expire ten years from the date of grant.

The following table summarizes compensation expense recognized for the periods presented (in thousands):

		Year Ended December 31,
	2014		2013		2012
Stock options	$	912	$	1,113	$	2,777
Restricted stock		31,163		19,064		15,744
	$	32,075	$	20,177	$	18,521

Stock Options

We have not granted stock options since the year ended December 31, 2012 but some remain outstanding. As of December 31, 2014, there was $1,147,000 of total unrecognized compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of two years. Stock options outstanding at December 31, 2014 have an aggregate intrinsic value of $19,358,000.

Restricted Stock

The fair value of the restricted stock is equal to the market price of the company’s common stock on the date of grant and is amortized over the vesting periods.As of December 31, 2014, there was $30,692,000 of total unrecognized compensation expense related to unvested restricted stock that is expected to be recognized over a weighted-average period of three years. The following table summarizes information about non-vested restricted stock incentive awards as of and for the year ended December 31, 2014:

	Restricted Stock
	Number of	Weighted-Average
	Shares	Grant Date
	(000's)	Fair Value
Non-vested at December 31, 2013	788	$	56.92
Vested	(553)		56.29
Granted	324		57.59
Terminated	(5)		57.20
Non-vested at December 31, 2014	554	$	57.94