Annual report pursuant to Section 13 and 15(d)

STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)

v2.4.0.6
STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)
12 Months Ended
Dec. 31, 2011
STOCK INCENTIVE AND STOCK OPTION PLANS  
Activity in stock option plans

 

 

 
  Options   Weighted-average
Exercise Price
  Weighted-
average
Remaining
Contractual
Life
(in years)
  Aggregate
Intrinsic
Value
 

Balance at December 31, 2008

    440,080   $ 16.14              

Granted

    598,510     25.31              

Exercised

    (117,830 )   14.66              

Forfeited

    (3,530 )   25.05              

Expired

    (20,400 )   10.63              
                       

Balance at December 31, 2009

    896,830   $ 22.55              

Granted

    387,250     62.74              

Exercised

    (195,530 )   17.36              

Forfeited

    (8,555 )   41.54              

Expired

    (6,400 )   9.33              
                       

Balance at December 31, 2010

    1,073,595   $ 37.92              

Granted

    316,159     115.71              

Exercised

    (134,520 )   23.93              

Forfeited

    (12,197 )   57.68              
                       

Balance at December 31, 2011

    1,243,037   $ 59.02     7.29   $ 45,224,497  
                       

Exercisable, December 31, 2009

    376,450   $ 18.50     4.82   $ 10,709,436  

Exercisable, December 31, 2010

    222,110   $ 26.36     5.40   $ 18,683,972  

Exercisable, December 31, 2011

    721,210   $ 38.75     6.25   $ 37,526,500  
Weighted-average grant date fair value of performance and restricted shares

 

 

 
  Performance Shares   Restricted Shares  
 
  Shares   Weighted-average
Fair Value
  Shares   Weighted-average
Fair Value
 

Nonvested at December 31, 2008

    2,206,486   $ 32.98     138,130   $ 27.51  

Granted

    440,168     31.67          

Vested

    (1,382,720 )   25.34     (68,264 )   27.33  

Forfeited

    (50,548 )   47.40          
                   

Nonvested at December 31, 2009

    1,213,386   $ 40.63     69,866   $ 27.68  

Granted

    186,947     60.92     68,290     52.16  

Vested

    (704,931 )   38.62     (68,266 )   27.33  

Cancelled

    (200,324 )   56.53          

Forfeited

    (13,307 )   30.98          
                   

Nonvested at December 31, 2010

    481,771   $ 45.10     69,890   $ 51.94  

Granted

    229,436     86.65     13,555     108.51  

Vested

    (178,653 )   48.03     (1,600 )   42.61  

Forfeited

    (7,163 )   59.15          
                   

Nonvested at December 31, 2011

    525,391   $ 62.05     81,845   $ 61.49  
                   
Fair value of option grant estimated on the grant date using Black-Scholes option pricing model assumptions

 

 

 
  Years ended
December 31,
 
 
  2011   2010   2009  

Expected life (years)

    5     5     5  

Risk-free interest rate

    1.87 %   2.26 %   2.55 %

Expected volatility

    55.39 %   54.23 %   50.55 %

Dividend yield

    1.3 %   1.4 %   1.5 %