XML 105 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit Benefits and Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award  
Schedule of non-cash compensation expense and capitalized non-cash compensation
The following table summarizes non-cash compensation expense and capitalized non-cash compensation for each of the three years ended December 31, 2013, 2012 and 2011 (dollars in millions):

 
2013
 
2012
 
2011
OSO
$
21

 
$
14

 
$
10

Restricted Stock Units and Shares
38

 
40

 
22

401(k) Match Expense
24

 
23

 
13

Restricted Stock Unit Bonus Grant
59

 
46

 
57

Management Incentive and Retention Plan
10

 
13

 
—

 
152

 
136

 
102

Capitalized Non-Cash Compensation
(1
)
 
(1
)
 
(1
)
 
$
151

 
$
135

 
$
101
Schedule of performance benchmark
ility to outperform the market in general, as measured by the Standard & Poor's ("S&P") 500® Index. Participants in the OSO program do not realize any value from awards unless the Company's common stock price outperforms the S&P 500® Index duri
Schedule of OSO valuation assumptions
The Company believes that given the relative short life of the OSOs and the other variables used in the model, the modified Black-Scholes model provides a reasonable estimate of the fair value of the OSO units at the time of grant.

 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
S&P 500 Expected Dividend Yield Rate
 
2.24%
 
2.05%
 
1.83%
Expected Life
 
3 years
 
3 years
 
3 years
S&P 500 Expected Volatility Rate
 
19%
 
23%
 
30%
Level 3 Common Stock Expected Volatility Rate
 
39%
 
39%
 
44%
Expected S&P 500 Correlation Factor
 
0.44
 
0.32
 
0.39
Calculated Theoretical Value
 
101%
 
110%
 
120%
Estimated Forfeiture Rate
 
15%
 
20%
 
20%
Schedule of restricted stock and restricted stock units
The changes in nonvested restricted stock and restricted stock units are shown in the following table:
 
 
Number
 
Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 2011
 
2,021,707

 
$
22.95

Stock and units granted
 
1,030,676

 
$
33.99

Lapse of restrictions
 
(845,717
)
 
$
27.79

Stock and units forfeited
 
(175,883
)
 
$
27.06

Nonvested at December 31, 2011
 
2,030,783

 
$
26.25

Stock and units granted
 
2,869,584

 
$
24.13

Lapse of restrictions
 
(1,048,757
)
 
$
26.06

Stock and units forfeited
 
(214,634
)
 
$
24.92

Nonvested at December 31, 2012
 
3,636,976

 
$
24.71

Stock and units granted
 
1,617,592

 
$
21.26

Lapse of restrictions
 
(1,841,757
)
 
$
25.19

Stock and units forfeited
 
(488,461
)
 
$
23.10

Nonvested at December 31, 2013
 
2,924,350

 
$
22.77
Schedule OSO activity
Transactions involving OSO units awarded are summarized in the table below. The Option Price Per Unit identified in the table below represents the initial strike price, as determined on the day prior to the OSO grant date for those grants.
 
 
Units
 
Initial Strike Price Per Unit
 
Weighted
Average
Initial
Strike
Price
 
Aggregate
Intrinsic
Value
 
Weighted
Average
Remaining
Contractual
Term (years)
 
 
 
 
 
 
 
 
 
 
(in millions)
 
 
Balance January 1, 2011
 
1,056,392

 
$
10.50

-
$
51.60

 
$
22.05

 
$
—

 
1.73
Options granted
 
498,618

 
$
14.70

-
$
36.60

 
$
23.96

 
 
 
 
Options forfeited
 
(96,174
)
 
$
10.50

-
$
51.60

 
$
22.36

 
 
 
 
Options expired
 
(140,655
)
 
$
31.80

-
$
51.60

 
$
44.64

 
 
 
 
Options exercised
 
(29,469
)
 
$
14.10

-
$
15.75

 
$
14.93

 
 
 
 
Balance December 31, 2011
 
1,288,712

 
$
10.50

-
$
36.60

 
$
20.51

 
$
1.8

 
1.53
Options granted
 
1,195,452

 
$
16.99

-
$
27.53

 
$
24.65

 
 
 
 
Options forfeited
 
(72,335
)
 
$
12.00

-
$
36.60

 
$
21.80

 
 
 
 
Options expired
 
(278,111
)
 
$
15.00

-
$
22.65

 
$
18.45

 
 
 
 
Options exercised
 
(67,299
)
 
$
10.50

-
$
13.80

 
$
12.48

 
 
 
 
Balance December 31, 2012
 
2,066,419

 
$
14.10

-
$
36.60

 
$
23.40

 
$
6.6

 
1.73
Options granted
 
748,481

 
$
20.29

-
$
26.69

 
$
22.64

 
 
 
 
Options forfeited
 
(271,883
)
 
$
14.10

-
$
36.60

 
$
22.33

 
 
 
 
Options expired
 
(286,924
)
 
$
16.35

-
$
24.30

 
$
21.48

 
 
 
 
Options exercised
 
(107,228
)
 
$
14.10

-
$
14.10

 
$
14.10

 
 
 
 
Balance December 31, 2013
 
2,148,865

 
$
14.10

-
$
36.60

 
$
23.99

 
$
31.6

 
1.46
Information regarding NQ Options outstanding is summarized below:
 
Number Outstanding
 
Weighted Average Exercise Price
Balance at October 4, 2011
765,585

 
$
10.82

Exercised
(167,395
)
 
$
10.93

Balance at December 31, 2011
598,190

 
$
10.79

Exercised
(533,717
)
 
$
10.61

Forfeited
(2,149
)
 
$
14.39

Balance at December 31, 2012
62,324

 
$
12.18

Exercised
(35,659
)
 
$
10.50

Balance at December 31, 2013
26,665

 
$
14.43
Schedule of OSO by exercise price range
 
 
 
 
OSO Units Outstanding
at December 31, 2013
 
OSO units Exercisable
at December 31, 2013
Range of Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Remaining
Life (years)
 
Weighted
Average
Initial
Strike Price
 
Number
Exercisable
 
Weighted
Average
Initial
Strike Price
$
14.10

-
$
16.99

 
227,733

 
0.53
 
$
15.90

 
—

 
$
—

$
20.29

-
$
24.30

 
1,030,279

 
1.69
 
$
21.92

 
—

 
$
—

$
26.69

-
$
36.60

 
890,853

 
1.43
 
$
28.46

 
—

 
$
—

 
 
 
 
2,148,865

 
1.46
 
$
23.99

 
—

 
$
—

The following table summarizes information concerning outstanding and exercisable NQ Options at December 31, 2013:
 
 
 
 
Options Outstanding and Exercisable
Exercise Price
 
Number Outstanding
 
Weighted Average Remaining Contractual Life (in years)
 
Weighted Average Exercise Price per Share
$
14.43

 
26,665

 
0.96 years
 
$
14.43

Total
 
26,665

 
0.96 years
 
$
14.43
Management Incentive and Retention Plan
  
Share-based Compensation Arrangement by Share-based Payment Award  
Schedule of restricted stock and restricted stock units
A summary of the retention restricted stock units granted under the MIRP is shown in the following table:
 
 
Number
 
Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 2012
 
—

 
$
—

Stock and units granted
 
465,000

 
$
25.92

Lapse of restrictions
 
—

 
$
—

Stock and units forfeited
 
—

 
$
—

Nonvested at December 31, 2012
 
465,000

 
$
25.92

Stock and units granted
 
—

 
$
—

Lapse of restrictions
 
(270,000
)
 
$
25.92

Stock and units forfeited
 
—

 
$
—

Nonvested at December 31, 2013
 
195,000

 
$
25.92