Annual report pursuant to Section 13 and 15(d)

Stock Incentive Plans (Tables)

v2.4.0.8
Stock Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2013
Stock Incentive Plans [Abstract]  
Summary Of Stock Option Activity
Option activity for the year ended December 31, 2013 is summarized below:

 
Shares
 
Weighted Average Exercise Price
 
Aggregate Intrinsic Value
 
Weighted Average Remaining Contractual Term
Outstanding as of December 31, 2012
1,299,396

 
$
22.39

 
 
 
 
Granted
10,000

 
44.58

 
 
 
 
Exercised
(361,538
)
 
20.32

 
 
 
 
Forfeited
(663
)
 
17.86

 
 
 
 
Outstanding as of December 31, 2013
947,195

 
$
23.41

 
$
33,659

 
2.8
 
 
 
 
 
 
 
 
Exercisable as of December 31, 2013
921,462

 
$
23.21

 
$
32,937

 
2.7
Option Pricing Assumptions
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Year Ended December 31,
 
2013
 
2012 (1)
 
2011
Expected life (in years)
5.1
 
 
5.2
Risk-free interest rate
0.8%
 
 
0.9%
Expected volatility
48.1%
 
 
49.9%
Expected dividend yield
 
 
 
 
 
 
 
 
(1) No options were awarded in the year ended December 31, 2012.
Stock Option Awards
Other information pertaining to option activity is as follows:
 
Year Ended December 31,
 
2013
 
2012 (1)
 
2011
Weighted-average fair value of options granted
$
19.04

 
$

 
$
13.94

Total intrinsic value of stock options exercised
$
12,845

 
$
24,120

 
$
11,744

 
 
 
 
 
 
(1) No options were awarded in the year ended December 31, 2012.
Non-Vested Restricted Stock And Restricted Stock
A summary of the Company's non-vested restricted stock and restricted stock unit shares as of December 31, 2013, and changes during the year ended December 31, 2013, is presented below:
 
Shares
 
Weighted Average Grant Date Fair Value
Non-vested balance as of December 31, 2012
2,058,908

 
$
37.25

Granted
1,037,542

 
55.36

Vested
(961,741
)
 
33.57

Forfeited
(45,116
)
 
38.91

Non-vested balance as of December 31, 2013
2,089,593

 
$
47.90