Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v2.4.0.8
Stock Plans and Management Compensation (Tables)
12 Months Ended
Dec. 31, 2013
Share-based Compensation [Abstract]  
SARs and stock option activity
SARs and stock option activity for all plans for the three years ended December 31, 2013, 2012, and 2011, was as follows:
 
2013
 
2012
 
2011
(in thousands, except exercise price and terms)

SARs/Stock
Options
Outstanding
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining Contractual Term
 
Aggregate Intrinsic Value
 

SARs/Stock
Options
Outstanding
 
Weighted
Average
Exercise
Price
 

SARs/Stock
Options
Outstanding
 

Weighted
Average
Exercise
Price
Outstanding on January 1
8,166

 
$
17.33

 
 
 


 
9,347

 
$
16.66

 
9,168

 
$
16.53

Granted

 
$

 
 
 


 
400

 
$
23.80

 
1,105

 
$
20.45

Exercised
(4,156
)
 
$
14.80

 
 
 
$
109,660

 
(1,120
)
 
$
11.05

 
(556
)
 
$
15.22

Forfeited
(185
)
 
$
37.38

 
 
 


 
(461
)
 
$
25.69

 
(370
)
 
$
26.66

Outstanding on December 31
3,825

 
$
19.09

 
5.3 years
 
$
103,164

 
8,166

 
$
17.33

 
9,347

 
$
16.66

Exercisable on December 31
2,607

 
$
19.73

 
4.7 years
 
$
68,654

 
5,489

 
$
18.89

 
5,103

 
$
20.32

SARs and stock options outstanding
The following table summarizes information about SARs and stock options outstanding as of December 31, 2013:
 
 
Outstanding
 
Exercisable


Range of Exercise
Price
 


Number
(in thousands)
 
Weighted
Average Remaining Years of
Contractual
Life
 
Weighted
Average
Exercise
Price
 


Number
(in thousands)
 
Weighted
Average Remaining Years of
Contractual
Life
 
Weighted
Average
Exercise
Price
$3.37 to $5.99
 
501

 
5.0
 years
 
$
5.25

 
501

 
5.0
 years
 
$
5.25

$6.00 to $19.90
 
1,631

 
5.7
 years
 
$
12.46

 
1,102

 
5.6
 years
 
$
12.83

$19.91 to $39.56
 
1,407

 
5.7
 years
 
$
26.22

 
718

 
4.4
 years
 
$
29.89

$39.57 to $46.25
 
286

 
1.1
 years
 
$
46.04

 
286

 
1.1
 years
 
$
46.04

Weighted average assumptions used to estimate fair value
The Company estimated the fair value of each grant on the date of grant using the Black-Scholes-Merton pricing model, utilizing the following weighted average assumptions for 2012 and 2011:
 
2012
 
2011
Risk-free interest rate
1.1
%
 
2.5
%
Dividend yield
0.2
%
 
0.2
%
Volatility factor (A)
58.3
%
 
53.7
%
Weighted average expected life
5.2 - 6.7 years

 
5.2 – 6.7 years



(A) The Company uses a combination of implied and historical volatility in calculating the fair value of each grant
Non-vested stock award activity
Non-vested stock award activity for all plans for the three years ended December 31 was as follows:
(in thousands)
2013
 
2012
 
2011
Outstanding at January 1
798

 
541

 
332

Granted
298

 
306

 
237

Released
(266
)
 
(20
)
 
(16
)
Forfeited
(15
)
 
(29
)
 
(12
)
Outstanding at December 31
815

 
798

 
541

Fair value assumptions for performance awards
$35.93 and $26.81, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
 
2013
 
2012
Risk-free interest rate
0.4
%
 
0.4
%
Dividend yield
0.1
%
 
0.2
%
Volatility factor
53.0
%
 
67.9
%
Expected life of award
2.9 years

 
2.9 years

Performance award activity
Performance award activity for the year ended December 31, 2013 was as follows:
(in thousands)
2013
 
2012
Outstanding at January 1
96

 

Granted
153

 
99

Forfeited

 
(3
)
Outstanding at December 31
249

 
96