Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2012

Stock-Based Compensation Plans

Stock-Based Compensation Plans

19.Stock-Based Compensation Plans

Refer to Note 1 within the footnotes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, for a detailed discussion of the accounting policy related to stock-based compensation.

The Company recognized stock-based compensation expense related to its various employee and non-employee director stock-based incentive plans of approximately $0.0 million and $4.1 million for the three months ended September 30, 2012 and 2011, respectively, and approximately $4.5 million and $13.4 million for the nine months ended September 30, 2012 and 2011, respectively.  Stock-based compensation expense for the three months ended September 30, 2012 includes the reversal of accrued severance expense of $1.0 million, which was previously recognized during the first quarter of 2012.  The unvested stock grants offered in connection with a severance agreement have now been forfeited.  Stock-based compensation expense for the three and nine months ended September 30, 2012 was reduced by approximately $1.2 million and $4.1 million, respectively, as a result of forfeitures.

No stock-based compensation awards were granted during the three months ended September 30, 2012.