|
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:
|
|
|
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 |
) |
|