Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.0.6
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2011
STOCK-BASED COMPENSATION [Abstract]  
Summary of Stock-Based Compensation Expense
The following is a summary of stock-based compensation expense recorded by the Company during the respective periods:
 
   
2011
   
2010
   
2009
 
   
(in thousands)
 
Selling, general and administrative expenses
  $ 40,496     $ 34,509     $ 4,696  
Corporate expenses
    20,149       27,098       7,801  
Total stock-based compensation expense
  $ 60,645     $ 61,607     $ 12,497  
 
Assumptions Used to Calculate Fair Value of Options
The following assumptions were used to calculate the fair value of the Company's options on the date of grant:
 
             
   
 2011
 
 2010
 
 2009
Risk-free interest rate
 
0.99% - 2.16%
 
1.93%
 
2.00%
Dividend yield
 
0.0%
 
0.0%
 
0.0%
Volatility factors
 
39.6% - 62.5%
 
39.6%
 
39.0%
Weighted average expected life (in years)
 
6.25
 
                 6.25
 
6.25 - 6.5
 
Summary of Stock Options Activity
The following table presents a summary of the Company's stock options outstanding at, and stock option activity during, the years ended December 31, 2011, 2010 and 2009 (“Price” reflects the weighted average exercise price per share):
 
   
2011
   
2010
   
2009
 
   
Options
   
Price
   
Options
   
Price
   
Options
   
Price
 
   
(in thousands, except per share data)
 
Outstanding January 1
    20,464     $ 12.41       7,099     $ 12.13       4,804     $ 16.78  
Granted
    2,512       11.22       2,471       11.01       2,385       2.75  
Merger conversion
    -       -       15,476       12.72       -       -  
Exercised
    (529 )     5.13       (1,642 )     4.76       -       -  
Forfeited or expired
    (1,018 )     15.20       (2,940 )     16.35       (90 )     11.59  
                                                 
Outstanding December 31
    21,429     $ 12.33       20,464     $ 12.41       7,099     $ 12.13  
                                                 
Exercisable December 31
    12,276     $ 14.71       9,454     $ 16.43       2,078     $ 17.21  
Weighted average fair value per option granted
          $ 5.27             $ 4.59             $ 1.16  
 
Summary of Stock Options, by Range of Exercise Prices
Vesting dates on the stock options range from January 2012 to October 2015, and expiration dates range from January 2012 to October 2021 at exercise prices and average contractual lives as follows:
 
Range of
Exercise
Prices
   
Outstanding
as of
12/31/11
(in thousands)
   
Weighted
Average
Remaining
 Contractual
 Life
(in years)
   
Weighted
Average
 Exercise
Price
   
Exercisable
 as of
12/31/11
(in thousands)
   
Weighted
 Average
Remaining
 Contractual Life
(in years)
   
Weighted
Average
 Exercise
Price
 
                                       
$ 1.00 - $4.99       3,165       7.2     $ 3.07       1,146       7.2     $ 3.01  
$ 5.00 - $9.99       3,924       7.6     $ 6.68       2,036       7.3     $ 5.76  
$ 10.00 - $14.99       9,929       7.4     $ 11.89       4,963       6.1     $ 12.18  
$ 15.00 - $19.99       1,390       5.8     $ 18.38       1,110       5.7     $ 18.41  
$ 20.00 - $24.99       1,717       5.1     $ 24.47       1,717       5.1     $ 24.47  
$ 25.00 - $29.99       883       3.0     $ 29.19       883       3.0     $ 29.19  
$ 30.00 - $34.99       5       1.7     $ 32.50       5       1.7     $ 32.50  
$ 35.00 - $39.99       416       3.4     $ 39.93       416       3.4     $ 39.93  
 
Summary of Unvested Restricted Stock and RSUs Activity
The following table presents a summary of the Company's unvested restricted stock awards and equity-settled RSUs outstanding at December 31, 2011, 2010 and 2009 (“Price” reflects the weighted average share price at the date of grant):
 
   
Restricted Stock
   
RSUs
 
   
Awards
   
Price
   
Awards
   
Price
 
   
(in thousands, except per share data)
 
Unvested at December 31, 2008
    994     $ 15.76       -     $ -  
Granted
    163       2.54       -       -  
Forfeited
    (14 )     18.29       -       -  
Vested
    (451 )     16.56       -       -  
Unvested at December 31, 2009
    692     $ 12.08       -     $ -  
Granted
    3,191       11.74       586       9.94  
Merger conversion
    -       -       1,026       10.51  
Forfeited
    (71 )     10.76       (147 )     10.51  
Vested
    (787 )     11.93       (459 )     10.51  
Unvested at December 31, 2010
    3,025     $ 11.76       1,006     $ 10.16  
Granted
    1,220       9.97       -       -  
Forfeited
    (35 )     11.19       (66 )     10.51  
Vested
    (885 )     11.68       (237 )     10.51  
Unvested at December 31, 2011
    3,325     $ 10.98       703     $ 10.03  
 
Summary of Compensation Expense Related to Bonus Incentives
The following table presents a summary of the Company's non-cash and stock-based compensation expense related to bonus incentives recorded for the years ending December 31, 2010 and 2009:
 
   
2010
   
2009
 
   
(in thousands)
 
Selling, general and administrative expenses
  $ 313     $ 4,820  
Corporate expenses
    -       (625 )
Total non-cash and stock-based compensation expense for bonus incentives
  $ 313     $ 4,195  
                 
Total non-cash and stock-based compensation expense for bonus incentives from discontinued operations
  $ -     $ (17 )