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3.5
5.2
0.0
4.3
.10
5.48
•
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67
Company’s Board of Directors. The fair value of shares awarded under this plan is based on the closing market price of the
Company’s common stock on the date of award and compensation expense is recorded evenly over the vesting period.
The table below identifies the director restricted stock activity under this plan during the year ended December 31, 2011:
Shares
(in thousands)
Non-vested at December 31, 2010 - $ -
Granted during the period 8 59.65
Vested during the period - -
Forfeited during the period - -
Non-vested at December 31, 2011 8 $ 59.65
Weighted-
Average Grant-
Date Fair Value
The following table summarizes activity related to restricted stock awarded by the Company for the periods ending December 31,
2011, 2010 and 2009:
Compensation expense for restricted shares awarded (in millions) $ 1.7 $ 0.9 $0.5
Income tax benefit from compensation expense related to restricted shares (in millions) 0.6 0.4 0.2
Total fair value of restricted shares at vest date (in millions) $ 2.6 $ 1.6 $0.7
Shares awarded under the plans (in thousands) 49.9 41.1 21.8
Average grant-date fair value of shares awarded under the plans $ 56.18 $ 39.57 $33.36
2010
2009
2011
For the Years Ended December 31,
The remaining unrecognized compensation expense related to unvested restricted share awards at December 31, 2011, was $2.5
million and the weighted-average period of time over which this cost will be recognized is 1.9 years.
Employee stock purchase plan:
The Company’s employee stock purchase plan (the ―ESPP‖) permits eligible employees to purchase shares of the Company’s
common stock at 85% of the fair market value. Employees may authorize the Company to withhold up to 5% of their annual salary to
participate in the plan. The fair value of shares issued under the ESPP is based on the average of the high and low market prices of the
Company’s common stock during the offering periods. Compensation expense is recognized based on the discount between the grant-
date fair value and the employee purchase price for the shares sold to employees.
The following table summarizes activity related to the Company’s ESPP for the periods ending December 31, 2011, 2010 and 2009:
Compensation expense for shares issued under the ESPP (in millions) $ 1.3 $ 1.1 $1.0
Income tax benefit from compensation expense for shares issued under the ESPP (in millions) $ 0.5 $ 0.4 $ 0.4
Shares issued under the ESPP (in thousands) 134.5 152.9 178.5
Weighted-average price of shares issued under the ESPP $ 53.93 $ 40.86 $30.47
2010
2009
2011
For the Years Ended December 31,
Profit sharing and savings plan:
The Company sponsors a contributory profit sharing and savings plan that covers substantially all employees who are at least 21 years
of age and have at least six months of service. The Company makes matching contributions equal to 100% of the first 2% of each
employee’s wages that are contributed and 25% of the next 4% of each employee’s wages that are contributed. The Company may
also make additional discretionary profit sharing contributions to the plan on an annual basis as determined by the Board of Directors.
Beginning in the fourth quarter of 2009, the Company’s matching and discretionary profit sharing contributions under this plan began
being funded in the form of cash. Prior to that time, the Company’s matching and discretionary profit sharing contributions under this
plan were funded in the form of the Company’s common stock. The Company did not record any share based compensation expense
for contributions to this plan for the years ended December 31, 2011 or 2010. The Company recorded $6.8 million of share based
compensation expense for contributions to this plan for the year ended December 31, 2009, and recognized a corresponding income
tax benefit of $2.7 million. The Company did not issue any shares under this plan for the years ended December 31, 2011 or 2010.
The Company issued 0.2 million shares to fund matching contributions for the year ended December 31, 2009, at an average grant
date fair value of $35.37. The Company did not make any discretionary contributions to the Profit Sharing and Savings Plan during
the years ended December 31, 2011, 2010 or 2009. The Company does not anticipate funding the plan with the issuance of shares in
the future.
FORM 10-K