Stock Plans and Equity Transactions (Tables)

12 Months Ended

Dec. 31, 2011

Stock Plans and Equity Transactions [Abstract]

The following tables summarize information related to stock-based compensation transactions and plans:

	Restricted Stock Units					Stock Options
				Weighted Average					Weighted Average
	Number of			Measurement		Number of			Exercise
	Units			Date Fair Value		Options			Price
Outstanding at December 31, 2008		877,794		$	23.01		2,500,233		$	9.01
Granted (1)		86,760			15.14		—			—
Exercised		—			—		(107,728	)		9.82
Vested		(466,155	)		21.69		—			—
Forfeited		(24,784	)		23.18		(7,500	)		12.15
Expired		—			—		(83,700	)		27.52
Outstanding at December 31, 2009		473,615			22.88		2,301,305			8.29
Granted (1)		520,470			14.47		—			—
Exercised		—			—		(1,038,624	)		10.21
Vested		(300,969	)		23.17		—			—
Forfeited		(8,442	)		19.98		(2,599	)		6.29
Expired		—			—		(33,500	)		16.24
Outstanding at December 31, 2010		684,674			16.38		1,226,582			6.46
Granted (1)		442,110			17.39		—			—
Exercised		—			—		(317,647	)		4.26
Vested		(330,356	)		18.47		—			—
Forfeited		(14,316	)		16.57		(448	)		5.79
Expired		—			—		(6,200	)		3.91
Outstanding at December 31, 2011		782,112		$	16.07		902,287	(2)	$	7.25

____________

(1)

The fair value of restricted stock unit grants is determined based on the closing market price of Orbital’s common stock on the date of grant. Such value is recognized as expense over the service period, net of estimated forfeitures.

(2)

The weighted average remaining contractual term is 1.60 years.

Information by Exercise Price Range

		Options Outstanding (1)
				Weighted Average		Weighted
Range of		Number		Remaining Contractual		Average
Exercise Prices		Outstanding		Term (Years)		Exercise Price
	$4.33-$7.08		545,711		1.29		$	5.89
	7.09-12.18		306,576		1.77			8.73
	12.19-12.98		50,000		4.01			12.98
	$4.33-$12.98		902,287		1.60		$	7.25

_____________

(1)

All outstanding options were exercisable as of December 31, 2011.

Equity Transactions, Additional Disclosures

(in millions)	Years Ended December 31,
	2011		2010		2009
Stock-based compensation expense recognized	$	6.2	$	7.0	$	9.2
Income tax benefit related to stock-based compensation expense		2.0		2.3		3.1
Intrinsic value of options exercised, computed as the market price
on the exercise date less the price paid to exercise the options		3.8		8.1		0.6
Cash received from exercise of options		1.4		10.6		1.1
Grant date fair value of vested restricted stock units		6.1		7.0		10.1
Tax benefit (expense) recorded as an increase (decrease) to additional
paid-in capital related to stock-based compensation transactions		1.2		1.1		(1.1	)

	As of
(in millions)	December 31, 2011
Shares of common stock available for grant under the company’s stock-based incentive plans		0.9
Aggregate intrinsic value of restricted stock units that are expected to vest	$	11.4
Unrecognized compensation expense related to non-vested restricted stock units, expected to
be recognized over a weighted-average period of 2.17 years		10.1
Aggregate intrinsic value of stock options outstanding, all fully vested		6.6

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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