Share-Based Compensation

3 Months Ended

Mar. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Share-Based Compensation

Stock Option Activity

A summary of our stock option activity for the three months ended March 31, 2012 is as follows (in thousands):

	Stock Options		Weighted- Average Exercise Price
Outstanding at December 31, 2011	3,776		$	16.92
Granted	—		$	—
Exercised	(172	)	$	15.20
Canceled	(39	)	$	20.13
Outstanding at March 31, 2012	3,565		$	16.96
Exercisable at March 31, 2012	2,671		$	17.29
Vested and expected to vest at March 31, 2012	3,525		$	16.98

There were no stock options granted during the three months ended March 31, 2012. The aggregate intrinsic value of our stock options exercised during the three months ended March 31, 2012 was $1.1 million, and the actual tax benefit realized on options exercised during this period was $450,000.

At March 31, 2012 there was $3.8 million of total unrecognized compensation cost related to our stock options. This cost is expected to be recognized over a weighted-average period of 3.5 years.

7. Share-Based Compensation, continued

The compensation cost that has been charged against income for stock options for the three months ended March 31, 2012 and 2011 was $474,000 and $347,000, respectively. The corresponding income tax benefit recognized was $186,000 and $136,000 for the three months ended March 31, 2012 and 2011, respectively.

Nonvested Stock Activity

During the three months ended March 31, 2012 we granted 36,112 shares of nonvested common stock as incentives to certain employees. Assuming continued service through each vesting date, the majority of these awards will vest in four equal annual installments beginning February 2013 through April 2016.

Total compensation cost charged against income related to nonvested stock awards was $3.7 million and $721,000 for the three months ended March 31, 2012 and 2011, respectively. The corresponding income tax benefit recognized in the income statement was $1.5 million and $281,000 for the three months ended March 31, 2012 and 2011, respectively.

At March 31, 2012, there was $19.5 million of unrecognized compensation cost related to these nonvested shares, which will be recognized over a weighted-average period of 3.1 years. A summary of our nonvested stock activity for the three months ended March 31, 2012 is as follows:

	Shares		Grant Date Weighted- Average Fair Value Per Share
Outstanding at December 31, 2011	1,516		$	20.76
Granted	36		$	22.85
Vested	(84	)	$	30.22
Forfeited/Canceled	2		$	25.10
Outstanding at March 31, 2012	1,470		$	20.27