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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Summary of Fair Values for Stock-based Awards Granted Using Black-Scholes Option Pricing Model

The fair values for option awards granted in 2012, 2011 and 2010 were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

 

     For the Year Ended December 31,
     2012    2011    2010

Weighted-average fair value of grants

   $5.07    $5.63    $5.30

Risk-free interest rate (range)

   0.5% - 1.1%    1.4% -3.0%    1.4% -2.6%

Dividend yield (range)

   3.6% - 4.7%    3.4% - 4.9%    4.2% - 5.6%

Expected life (range)

   4 - 5 years    7 years    4 - 5 years

Expected volatility (range)

   50.8% - 66.8%    52.1% - 69.0%    87.0% - 97.8%
Summary of Stock Option Activity

The following table reflects the stock option activity described above:

 

           Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term
(years)
     Aggregate
Intrinsic
Value
(thousands)
 
     Number of Options          
     Employees     Directors          
     (thousands)                      

Balance December 31, 2009

     3,330       22     $ 29.02         

Granted

     373             10.37         

Exercised

     (212           6.02         

Forfeited

     (268     (2     30.21         
  

 

 

   

 

 

   

 

 

       

Balance December 31, 2010

     3,223       20     $ 28.28         

Granted

     276             13.72         

Exercised

     (192           6.39         

Forfeited

     (624     (10     41.02         
  

 

 

   

 

 

   

 

 

       

Balance December 31, 2011

     2,683       10     $ 25.35         

Granted

     345             13.87         

Exercised

     (266           6.54         

Forfeited

     (166     (10     26.21         
  

 

 

   

 

 

   

 

 

       

Balance December 31, 2012

     2,596           $ 25.70         5.3       $ 7,877   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Options exercisable at December 31,

            

2012

     2,035           $ 29.12         4.5       $ 6,538   

2011

     2,230       10     $ 28.00         5.2       $ 5,177   

2010

     2,900       20     $ 30.27         5.8       $ 8,035   
Summary of Characteristics of Options Outstanding

The following table summarizes the characteristics of the options outstanding at December 31, 2012 (in thousands):

 

     Options Outstanding         

Range of Exercise Prices

   Outstanding
as of
12/31/12
     Weighted-
Average
Remaining
Contractual Life
(years)
     Weighted-
Average
Exercise Price
     Options Exercisable  
            Exercisable as of
12/31/12
     Weighted-
Average
Exercise Price
 

$0.00-$6.50

     569         6.0       $ 6.01         569       $ 6.01   

$6.51-$12.50

     276         7.3         10.42         172         10.37   

$12.51-$29.50

     611         7.6         15.11         154         18.65   

$29.51-$49.50

     781         3.1         38.05         781         38.05   

$49.51-$69.50

     359         3.7         59.87         359         59.87   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     2,596         5.3       $ 25.70         2,035       $ 29.12   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Activities for Unvested Stock Option Awards

The following table reflects the activity for unvested stock option awards for the year ended December 31, 2012 (options in thousands):

 

     Options     Weighted-
Average
Grant Date
Fair Value
 

Unvested at December 31, 2011

     453     $ 5.34   

Granted

     345       5.06   

Vested

     (184     5.21   

Forfeited

     (53     5.19   
  

 

 

   

 

 

 

Unvested at December 31, 2012

     561     $ 5.21   
  

 

 

   

 

 

 
Activities for Unvested Restricted Stock Awards

The following table reflects the activity for unvested restricted stock awards for the year ended December 31, 2012 (awards in thousands):

 

     Awards     Weighted-
Average
Grant Date
Fair Value
 

Unvested at December 31, 2011

     728     $ 9.31   

Granted

     299       13.92   

Vested

     (433     8.22   

Forfeited

     (46     12.76   
  

 

 

   

 

 

 

Unvested at December 31, 2012

     548     $ 12.39   
  

 

 

   

 

 

 
Activities for Unvested VSEP Awards

The following table reflects the activity for unvested VSEP awards for the year ended December 31, 2012 (awards in thousands):

 

     Awards     Weighted-
Average
Grant Date
Fair Value
 

Unvested at December 31, 2011

     1,182     $ 13.34   

Issued

     1,401       14.98   

Vested

     (706     14.04   

Forfeited

     (9     13.42   
  

 

 

   

 

 

 

Unvested at December 31, 2012

     1,868     $ 14.31   
  

 

 

   

 

 

 
VSEP awards [Member]
 
Summary of Fair Values for Stock-based Awards Granted Using Black-Scholes Option Pricing Model

The Company’s common shares granted to a participant are subject to an additional time-based vesting period and will generally vest in 20% annual increments beginning on the date of grant and on each of the first four anniversaries of the date of grant. The fair value of the VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions:

 

     Range

Risk-free interest rate

   1.9%

Dividend yield

   6.2%

Expected life

   3.4 years

Expected volatility

   88%