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
Variables Used in Black-Scholes Option Pricing Model to Determine Estimated Grant Date Fair Value for Options Granted

The following are the variables we used in the Black-Scholes option pricing model to determine the estimated grant date fair value for options granted under our 2009 and 1999 Long-Term Incentive Plans for each of the years presented:

 

     2012   2011   2010

Expected volatility

    59%   58% - 61%   60% - 62%

Weighted-average volatility

    59%   59%   61%

Expected dividends

    —%   2.8% - 4.2%   1.7% - 2.4%

Expected term (in years)

    7.1   7.1 - 9.3   5.0 - 6.7

Risk-free rate

    1.36% - 1.61%   1.50% - 3.13%   1.25% - 3.13%
Summary of Option Activity

The table below presents a summary of option activity under our 2009 and 1999 Long-Term Incentive Plans as of December 31, 2012, and changes during the year then ended:

 

     Shares     Weighted-
Average
Exercise
Price		      Weighted-
Average
Remaining
Contractual
Term		      Aggregate
Intrinsic
Value		  

Outstanding at January 1, 2012

      1,325,010      $ 5.74         

Granted

      105,000        4.05         

Exercised

      —          —           

Cancelled or forfeited

      (22,000 )      6.04         

Expired

      (1,560 )      5.80         
  

 

 

          

Outstanding at December 31, 2012

      1,406,450      $ 5.61         4.3       $ —     
  

 

 

    

 

 

     

 

 

     

 

 

  

Exercisable at December 31, 2012

      892,610      $ 5.74         2.8       $ —