|
STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| 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:
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
(in thousands) |
|
Selling, general and administrative expenses |
|
$ |
14,297 |
|
|
$ |
40,496 |
|
|
$ |
34,509 |
|
Corporate expenses |
|
|
22,766 |
|
|
|
20,149 |
|
|
|
27,098 |
|
Total stock-based compensation expense |
|
$ |
37,063 |
|
|
$ |
60,645 |
|
|
$ |
61,607 |
|
|
| 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:
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
Risk-free interest rate |
|
|
0.83%-1.14 |
% |
|
|
0.99% - 2.16 |
% |
|
|
1.93 |
% |
Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Volatility factors |
|
|
54.6%-61.3 |
% |
|
|
39.6% - 62.5 |
% |
|
|
39.6 |
% |
Weighted average expected life (in years) |
|
|
6.46 |
|
|
|
6.25 |
|
|
|
6.25 |
|
|
| 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, 2012, 2011 and 2010 ("Price" reflects the weighted average exercise price per share):
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
| |
|
(in thousands, except per share data) |
|
Outstanding January 1 |
|
|
21,429 |
|
|
$ |
12.33 |
|
|
|
20,464 |
|
|
$ |
12.41 |
|
|
|
7,099 |
|
|
$ |
12.13 |
|
Granted |
|
|
5,495 |
|
|
|
8.80 |
|
|
|
2,512 |
|
|
|
11.22 |
|
|
|
2,471 |
|
|
|
11.01 |
|
Merger conversion |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15,476 |
|
|
|
12.72 |
|
Exercised |
|
|
(259 |
) |
|
|
4.39 |
|
|
|
(529 |
) |
|
|
5.13 |
|
|
|
(1,642 |
) |
|
|
4.76 |
|
Forfeited or expired |
|
|
(1,943 |
) |
|
|
11.70 |
|
|
|
(1,018 |
) |
|
|
15.20 |
|
|
|
(2,940 |
) |
|
|
16.35 |
|
Outstanding December 31 |
|
|
24,722 |
|
|
$ |
11.68 |
|
|
|
21,429 |
|
|
$ |
12.33 |
|
|
|
20,464 |
|
|
$ |
12.41 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable December 31 |
|
|
15,529 |
|
|
$ |
13.46 |
|
|
|
12,276 |
|
|
$ |
14.71 |
|
|
|
9,454 |
|
|
$ |
16.43 |
|
Weighted average fair value per option granted |
|
|
|
|
|
$ |
3.93 |
|
|
|
|
|
|
$ |
5.27 |
|
|
|
|
|
|
$ |
4.59 |
|
|
| Summary of Stock Options, by Range of Exercise Prices |
There were 8.0 million shares available for future grants under the stock incentive plan at December 31, 2012. Upon share option exercise or vesting of restricted stock and restricted stock units, the Company issues new shares or treasury shares to fulfill these grants. Vesting dates on the stock options range from January 2013 to December 2017, and expiration dates range from January 2013 to July 2021 at exercise prices and average contractual lives as follows:
| |
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
| |
|
|
Outstanding |
|
|
Remaining |
|
|
Weighted |
|
|
Exercisable |
|
|
Remaining |
|
|
Weighted |
|
Range of |
|
|
as of |
|
|
Contractual |
|
|
Average |
|
|
as of |
|
|
Contractual |
|
|
Average |
|
Exercise |
|
|
12/31/12 |
|
|
Life |
|
|
Exercise |
|
|
12/31/12 |
|
|
Life |
|
|
Exercise |
|
Prices |
|
|
(in thousands) |
|
|
(in years) |
|
|
Price |
|
|
(in thousands) |
|
|
(in years) |
|
|
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
0.02 - $4.99 |
|
|
|
2,936 |
|
|
|
6.2 |
|
|
$ |
3.04 |
|
|
|
1,731 |
|
|
|
6.2 |
|
|
$ |
3.03 |
|
| $ |
5.00 - $9.99 |
|
|
|
8,956 |
|
|
|
8.5 |
|
|
$ |
7.88 |
|
|
|
3,232 |
|
|
|
6.6 |
|
|
$ |
6.21 |
|
| $ |
10.00 - $14.99 |
|
|
|
8,646 |
|
|
|
6.9 |
|
|
$ |
12.07 |
|
|
|
6,382 |
|
|
|
6.4 |
|
|
$ |
12.35 |
|
| $ |
15.00 - $19.99 |
|
|
|
1,296 |
|
|
|
5.0 |
|
|
$ |
18.35 |
|
|
|
1,296 |
|
|
|
5.0 |
|
|
$ |
18.35 |
|
| $ |
20.00 - $24.99 |
|
|
|
1,692 |
|
|
|
4.1 |
|
|
$ |
24.50 |
|
|
|
1,692 |
|
|
|
4.1 |
|
|
$ |
24.50 |
|
| $ |
25.00 - $29.99 |
|
|
|
776 |
|
|
|
2.3 |
|
|
$ |
29.42 |
|
|
|
776 |
|
|
|
2.3 |
|
|
$ |
29.42 |
|
| $ |
30.00 - $34.99 |
|
|
|
5 |
|
|
|
1.4 |
|
|
$ |
32.76 |
|
|
|
5 |
|
|
|
1.4 |
|
|
$ |
32.76 |
|
| $ |
35.00 - $39.99 |
|
|
|
415 |
|
|
|
2.4 |
|
|
$ |
39.93 |
|
|
|
415 |
|
|
|
2.4 |
|
|
$ |
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, 2012, 2011 and 2010 ("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, 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 |
|
Granted |
|
|
1,243 |
|
|
|
8.96 |
|
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
(151 |
) |
|
|
7.90 |
|
|
|
(373 |
) |
|
|
9.61 |
|
Vested |
|
|
(1,215 |
) |
|
|
10.95 |
|
|
|
(325 |
) |
|
|
10.51 |
|
Unvested at December 31, 2012 |
|
|
3,202 |
|
|
$ |
10.32 |
|
|
|
5 |
|
|
$ |
10.51 |
|
|