Share-Based Compensation Plans

9 Months Ended

Sep. 30, 2014

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

Share-based incentive awards are provided to employees under the terms of various share-based compensation plans (collectively, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Awards under the Plans principally include at-the-money stock options, nonvested stock and cash awards. Nonvested stock awards include grants of market-based, performance-based, and time-vested restricted stock rights. Under the terms of our Plans, dividends may be paid on our nonvested stock awards. Dividends on nonvested stock granted after 2011 are not paid unless the award vests. Upon vesting, the amount of the dividends paid is equal to the aggregate dividends declared on common shares during the period from the date of grant of the award until the date the shares underlying the award are delivered.

The following table provides information on share-based compensation expense and income tax benefits recognized during the periods:



	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014			2013
	(In thousands)
Stock option and stock purchase plans	$	2,353		1,753		$	6,831		6,056
Nonvested stock	3,104			2,909		8,615			8,208
Share-based compensation expense	5,457			4,662		15,446			14,264
Income tax benefit	(1,864		)	(1,549	)	(5,253		)	(4,876	)
Share-based compensation expense, net of tax	$	3,593		3,113		$	10,193		9,388

The following table is a summary of compensation expense recognized for market-based cash awards in addition to the share-based compensation expense reported in the previous table:



	Three months ended September 30,			Nine months ended September 30,
	2014		2013	2014		2013
	(In thousands)
Cash awards	$	389	934	$	1,655	3,101

Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at September 30, 2014 was $30.5 million and is expected to be recognized over a weighted-average period of 1.9 years.

The following table is a summary of the awards granted under the Plans during the periods presented:



	September 30, 2014	September 30, 2013
	(In thousands)

Stock options	406	391
Market-based restricted stock rights	22	23
Performance-based restricted stock rights	30	16
Time-vested restricted stock rights	184	153
Total	642	583

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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