Annual report pursuant to Section 13 and 15(d)

CAPITAL STOCK (Tables)

v2.4.0.6
CAPITAL STOCK (Tables)
12 Months Ended
Dec. 31, 2012
Treasury stock

Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2011 and 2012:

 

     Number of
Treasury
Shares
     Cost  

Balance at January 1, 2011

     3,359,859       $ 44,725   

Restricted stock forfeitures (1)

     1,920         —     

Restricted stock withholdings (2)

     25,200         494   

Restricted stock awards canceled (1)

     4,613         —     
  

 

 

    

 

 

 

Balance at December 31, 2011

     3,391,592       $ 45,219   

Restricted stock forfeitures (1)

     14,423         —     

Restricted stock withholdings (2)

     147,070         3,263   
  

 

 

    

 

 

 

Balance at December 31, 2012

     3,553,085       $ 48,482   
  

 

 

    

 

 

 

 

(1) 

The Company repurchased forfeited and canceled restricted shares at a cost of $0.001 per share in accordance with the Company’s Amended and Restated 2006 Long Term Incentive Plan.

(2) 

The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock. The Company determined the number of shares to be withheld based upon market values that ranged from $19.60 to $22.50 per share.

Stock Options

Below is a summary of stock option activity and related information for the years ended December 31, 2010, 2011 and 2012:

 

     Year Ended
December 31, 2010
     Year Ended
December 31, 2011
     Year Ended
December 31, 2012
        
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
     Aggregate
Intrinsic
Value
 

Outstanding at January 1

     1,231,892      $ 7.63         140,356      $ 7.63         82,166      $ 7.63      

Exercised

     (1,091,536   $ 7.63         (58,190   $ 7.63         (60,144   $ 7.63      
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

Outstanding at December 31

     140,356      $ 7.63         82,166      $ 7.63         22,022      $ 7.63       $ 404   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Vested options at December 31

     140,356      $ 7.63         82,166      $ 7.63         22,022      $ 7.63       $ 404   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 
Restricted stock

Below is a summary of restricted stock activity for the years ended December 31, 2010, 2011 and 2012:

 

     Year Ended
December 31, 2010
     Year Ended
December 31, 2011
     Year Ended
December 31, 2012
 
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
 

Outstanding at January 1

     764,078      $ 11.10         1,254,691      $ 14.60         1,384,390      $ 16.85   

Granted

     683,921      $ 17.94         424,436      $ 19.45         653,229      $ 21.70   

Vested

     (190,589   $ 12.63         (288,204   $ 10.84         (489,033   $ 17.00   

Canceled

     —        $ —           (4,613   $ 18.35         —        $ —     

Forfeited

     (2,719   $ 11.03         (1,920   $ 14.34         (14,423   $ 18.58   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Outstanding at December 31

     1,254,691      $ 14.60         1,384,390      $ 16.85         1,534,163      $ 18.85   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
Number of shares vested under restricted stock unit awards

Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the years ended December 31, 2010, 2011 and 2012 at each of the three levels of financial performance (excluding forfeitures):

 

     Granted During the Year Ended December 31,  
     2010      2011      2012  
     Number of
Shares
Vesting
     Value at
Grant
     Number of
Shares
Vesting
     Value at
Grant
     Number of
Shares
Vesting
     Value at
Grant
 

at IRR of at least 8.5%

     132,144       $ 2,423         51,239       $ 991         50,981       $ 1,103   

at IRR of at least 10.5%

     264,288       $ 4,847         102,488       $ 1,983         101,974       $ 2,206   

at IRR of at least 12.5%

     396,429       $ 7,271         153,727       $ 2,975         152,955       $ 3,308