| Unrecognized Share-Based Compensation Expense |
As of September 30, 2013, unrecognized share-based
compensation expense was as follows:
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| |
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Average Expected
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| |
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Unrecognized
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Recognition
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| |
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Expense |
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|
Period |
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| |
|
(In
thousands) |
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|
Stock option awards
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|
$ |
2,158 |
|
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|
2.7 years |
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|
Restricted stock awards
|
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|
1,794 |
|
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|
2.9 years |
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|
|
|
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|
|
|
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Total unrecognized share-based compensation expense
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|
$ |
3,952 |
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|
2.8 years |
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| Share-Based Payment Award Activity |
The table below provides stock option information for the three
months ended September 30, 2013:
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Aggregate
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| |
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Weighted-
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Weighted |
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Intrinsic
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| |
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Average |
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Average |
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Value of |
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| |
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|
|
Exercise |
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Remaining
|
|
|
In-the- |
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| |
|
Number of
|
|
|
Price
Per |
|
|
Contractual
|
|
|
Money |
|
| |
|
Shares |
|
|
Share |
|
|
Life |
|
|
Options |
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| |
|
(In thousands,
except share and per share data) |
|
|
Options outstanding at beginning of period
|
|
|
329,970 |
|
|
$ |
37.43 |
|
|
|
7.5 years |
|
|
$ |
1,015 |
(1) |
|
Options granted
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|
|
305,000 |
|
|
$ |
16.43 |
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|
|
9.9 years |
|
|
|
|
|
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Options exercised
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|
(38,437 |
) |
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$ |
11.18 |
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|
|
7.7 years |
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|
|
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Options forfeited
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|
(16,125 |
) |
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$ |
12.46 |
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9.0 years |
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|
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|
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Options expired
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|
(8,750 |
) |
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$ |
45.28 |
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4.7 years |
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Options outstanding at end of period
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|
571,658 |
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$ |
28.58 |
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8.6 years |
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$ |
636 |
(2)
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Options exercisable at end of period
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124,220 |
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$ |
76.83 |
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4.9 years |
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|
$ |
258 |
(2) |
| (1) |
Intrinsic value represents the
excess of the closing stock price on the last trading day of the
period, which was $17.67 as of June 30, 2013, over the
exercise price, multiplied by the number of options. |
| (2) |
Intrinsic value represents the
excess of the closing stock price on the last trading day of the
period, which was $16.57 as of September 30, 2013, over the
exercise price, multiplied by the number of options. |
The table below provides stock option information for the nine
months ended September 30, 2013:
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| |
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|
|
Aggregate
|
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| |
|
|
|
|
Weighted-
|
|
|
Weighted |
|
|
Intrinsic
|
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| |
|
|
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Average |
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Average |
|
|
Value of |
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| |
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|
|
Exercise |
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Remaining
|
|
|
In-the- |
|
| |
|
Number of
|
|
|
Price
Per |
|
|
Contractual
|
|
|
Money |
|
| |
|
Shares |
|
|
Share |
|
|
Life |
|
|
Options |
|
| |
|
(In thousands,
except share and per share data) |
|
|
Options outstanding at beginning of period
|
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|
342,950 |
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|
$ |
37.44 |
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|
8.0 years |
|
|
$ |
359 |
(1) |
|
Options granted
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|
305,000 |
|
|
$ |
16.43 |
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|
9.9 years |
|
|
|
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Options exercised
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|
(40,678 |
) |
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$ |
11.25 |
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|
7.7 years |
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|
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Options forfeited
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|
(22,501 |
) |
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$ |
12.48 |
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9.1 years |
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Options expired
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(13,113 |
) |
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$ |
59.36 |
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|
4.3 years |
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|
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|
|
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|
|
|
|
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Options outstanding at end of period
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|
571,658 |
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|
$ |
28.58 |
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|
8.6 years |
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|
$ |
636 |
(2)
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|
|
|
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|
|
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|
|
|
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|
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Options exercisable at end of period
|
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|
124,220 |
|
|
$ |
76.83 |
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|
|
4.9 years |
|
|
$ |
258 |
(2) |
| (1) |
Intrinsic value represents the
excess of the closing stock price on the last trading day of the
period, which was $13.59 as of December 31, 2012, over the
exercise price, multiplied by the number of options. |
| (2) |
Intrinsic value represents the
excess of the closing stock price on the last trading day of the
period, which was $16.57 as of September 30, 2013, over the
exercise price, multiplied by the number of options. |
|
| Schedule of Restricted Stock Awards |
The table below provides information for restricted stock awards
for the three and nine months ended September 30, 2013:
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Three Months Ended |
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Nine Months Ended |
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| |
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Weighted-
|
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|
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|
Weighted-
|
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| |
|
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|
|
Average |
|
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|
|
Average |
|
| |
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|
Grant Date
|
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|
Grant Date
|
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| |
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Number of
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Fair
Value |
|
|
Number of
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|
Fair
Value |
|
| |
|
Shares |
|
|
Per Share |
|
|
Shares |
|
|
Per Share |
|
|
Restricted stock at beginning of period
|
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|
3,500 |
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|
$ |
10.99 |
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|
10,500 |
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|
$ |
10.83 |
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|
Restricted stock granted
|
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|
111,332 |
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|
$ |
16.43 |
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|
|
111,332 |
|
|
$ |
16.43 |
|
|
Restricted stock vested
|
|
|
— |
|
|
|
— |
|
|
|
(7,000 |
) |
|
$ |
10.75 |
|
|
Restricted stock forfeited
|
|
|
(750 |
) |
|
$ |
10.80 |
|
|
|
(750 |
) |
|
$ |
10.80 |
|
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|
|
Restricted stock at end of period
|
|
|
114,082 |
|
|
$ |
16.30 |
|
|
|
114,082 |
|
|
$ |
16.30 |
|
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