Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v2.4.0.6
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2012
Weighted Average Assumptions Used in Calculation of Fair Value for Service Condition Awards

The following table summarizes the weighted average assumptions used in the calculation of the fair value for service condition awards for the years ended December 31, 2012, 2011, and 2010:

 

     SARs     Independent Director’s SARs  
     Year Ended December 31,     Year Ended December 31,  
     2012     2011     2010     2012     2011     2010  

Expected volatility

     48.4     46.6     48.3     52.1     49.4     48.2

Dividends yield

     2.7     1.5     1.8     2.7     1.5     1.7

Expected term

     5.3 years        6.2 years        6.4 years        3.8 years        3.8 years        3.8 years   

Risk-free interest rate

     0.7     1.9     2.4     0.4     1.0     1.3

 

     SARs  
     Year Ended
December 31,
2011
 

Expected volatility

     44.0

Dividends yield

     1.4

Expected term

     5.2 years   

Risk-free interest rate

     1.2
Summary of Activity Under all Share-Based Compensation Plans

The following tables summarize the activity under all share-based compensation plans, which includes all stock awards, for the year ended December 31, 2012:

Stock Options & SARs

  Awards     Weighted
Average
Exercise Price
    Weighted
Average
Remaining
Contractual Term
     Aggregate
Intrinsic
Value(1)
 
    (In thousands)                  (In millions)  

Outstanding at December 31, 2011(2) (3)

    11,169      $ 22.54        5.5 years       $ 332.8   

Granted

    2,109      $ 45.10        

Exercised

    (1,862   $ 10.23        

Forfeited

    (83   $ 41.54        
 

 

 

        

Outstanding at December 31, 2012(2) (3)

    11,333      $ 28.62        5.9 years       $ 119.1   
 

 

 

        

Exercisable at December 31, 2012(3)

    5,751      $ 18.29        3.9 years       $ 89.8   
 

 

 

        

 

 

(1) The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock award.

 

(2) Includes 0.9 million SARs with market and performance conditions.

 

(3) Includes 1.5 million SARs with market conditions.

 

Incentive Plan and Independent Directors Stock Units

   Shares     Weighted
Average
Grant Date
Fair Value
 
     (In thousands)        

Outstanding and nonvested at December 31, 2011

     717.6      $ 12.25   

Granted

          $   

Vested

     (395.7   $ 12.71   

Forfeited

     (0.3   $ 6.82   
  

 

 

   

Outstanding and nonvested at December 31, 2012

     321.6      $ 11.70