f10q.htm
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
 
(Mark One)
 
  [X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
                                                                                                For the quarterly period ended December 31, 2012
 
                                                                                                                                          OR
 
  [  ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
                                         For the transition period from ----- to -----

Commission file number 0-13163
   
Acxiom Corporation
(Exact Name of Registrant as Specified in Its Charter)
 
DELAWARE
(State or Other Jurisdiction of
Incorporation or Organization)
 
71-0581897
(I.R.S. Employer
Identification No.)
 
P.O. Box 8180, 601 E. Third Street,
Little Rock, Arkansas
 
(Address of Principal Executive Offices)
72201
 
(Zip Code)
(501) 342-1000
 
(Registrant's Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
  
   
Yes  [X]
No  [ ]
 
      
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
 
 
Yes [X]
No [ ]
 
      
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
  
 
Large accelerated filer [X]
  
Accelerated filer   [ ]
 
    
 
Non-accelerated filer [ ]
  
Smaller reporting company [ ]
 
    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)
 
  
   
Yes  [ ]
No  [X]
      
             
The number of shares of Common Stock, $ 0.10 par value per share, outstanding as of February 4, 2013 was 73,827,393.
  

 
1 
 

ACXIOM CORPORATION AND SUBSIDIARIES
INDEX
REPORT ON FORM 10-Q
December 31, 2012
 
 Part I.           Financial Information          Page No.
    Item 1. Financial Statements    
                     Condensed Consolidated Balance Sheets
                             as of December 31, 2012 and March 31, 2012 (Unaudited)  
 
  3
                     Condensed Consolidated Statements of Operations
                             for the Three Months ended December 31, 2012 and 2011 (Unaudited) 
 
    4
                     Condensed Consolidated Statements of Operations
                            for the Nine Months ended December 31, 2012 and 2011 (Unaudited) 
  
 
5
       
                     Condensed Consolidated Statements of Comprehensive Income
                            for the Three Months ended December 31, 2012 and 2011 (Unaudited) 
  
 
6
       
             Condensed Consolidated Statements of Comprehensive Income
                             for the Nine Months ended December 31, 2012 and 2011 (Unaudited) 
  
 
7
       
                     Condensed Consolidated Statement of Stockholders’ Equity
                             for the Nine Months ended December 31, 2012 (Unaudited)
  
 
8
       
                    Condensed Consolidated Statements of Cash Flows
                            for the Nine Months ended December 31, 2012 and 2011 (Unaudited)  
  
 
9-10
       
                    Notes to Condensed Consolidated Financial Statements      11-22
       
                    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  23-33
       
                    Item 3. Quantitative and Qualitative Disclosures about Market Risk  34
       
                    Item 4. Controls and Procedures  34
       
Part II.           Other Information      
       
                    Item 1. Legal Proceedings  35
       
                    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds  35
       
                    Item 6. Exhibits  36
     
Signature         37
     
Exhibit Index      38
 
2 
 

PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
   
December 31,
2012
    
March 31, 2012
  
ASSETS
            
Current assets:
            
Cash and cash equivalents
   $ 186,220     $ 229,648  
Trade accounts receivable, net
     182,457       169,446  
Deferred income taxes
     15,082       15,107  
Other current assets
     52,750       57,804  
Total current assets
     436,509       472,005  
Property and equipment, net of accumulated depreciation and amortization
     231,774       253,373  
Software, net of accumulated amortization
     19,491       13,211  
Goodwill
     382,704       382,285  
Purchased software licenses, net of accumulated amortization
     21,583       25,294  
Deferred costs, net
     47,211       61,977  
Data acquisition costs, net
     11,540       15,009  
Other assets, net
     2,831       3,697  
    $ 1,153,643     $ 1,226,851  
LIABILITIES AND EQUITY
                
Current liabilities:
                
Current installments of long-term debt
   $ 19,814     $ 26,336  
Trade accounts payable
     19,873       31,030  
Accrued expenses
                
Payroll
     47,041       54,839  
Other
     73,696       77,062  
Deferred revenue
     47,389       59,949  
Income taxes payable
     3,229       16,400  
Total current liabilities
     211,042       265,616  
Long-term debt
     240,774       251,886  
Deferred income taxes
     86,614       93,039  
Other liabilities
     4,178       4,455  
Commitments and contingencies
                
Equity:
                
Common stock
     12,108       12,003  
Additional paid-in capital
     877,619       860,165  
Retained earnings
     580,728       536,359  
Accumulated other comprehensive income
     14,714       13,601  
Treasury stock, at cost
     (873,893 )     (810,381 )
Total Acxiom stockholders' equity
     611,276       611,747  
Noncontrolling interest
     (241 )     108  
Total equity
     611,035       611,855  
    $ 1,153,643     $ 1,226,851  
See accompanying notes to condensed consolidated financial statements.
                

 
3 
 

ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
     
For the Three Months ended
December 31
  
   
2012
    
2011
  
             
Revenues
   $ 273,102     $ 280,893  
Operating costs and expenses:
                
Cost of revenue
     209,027       213,925  
Selling, general and administrative
     37,303       36,318  
Impairment of goodwill and other intangibles
     -       17,803  
Gains, losses and other items, net
     (126 )     (2,671 )
Total operating costs and expenses
     246,204       265,375  
Income from operations
     26,898       15,518  
Other expense:
                
Interest expense
     (3,178 )     (3,883 )
Other, net
     565       (98 )
Total other expense
     (2,613 )     (3,981 )
Earnings from continuing operations before income taxes
     24,285       11,537  
Income taxes
     9,836       9,700  
Net earnings from continuing operations
   $ 14,449     $ 1,837  
Earnings from discontinued operations, net of tax
     -       814  
Net earnings
   $ 14,449     $ 2,651  
Less: Net loss attributable to noncontrolling interest
     (76 )     (5,279 )
Net earnings attributable to Acxiom
   $ 14,525     $ 7,930  
                 
Basic earnings per share:
                
Net earnings from continuing operations
   $ 0.19     $ 0.02  
Net earnings from discontinued operations
     -       0.01  
Net earnings
   $ 0.19     $ 0.03  
                 
Net earnings attributable to Acxiom stockholders
   $ 0.20     $ 0.10  
                 
Diluted earnings per share:
                
Net earnings from continuing operations
   $ 0.19     $ 0.02  
Net earnings from discontinued operations
     -       0.01  
Net earnings
   $ 0.19     $ 0.03  
                 
Net earnings attributable to Acxiom stockholders
   $ 0.19     $ 0.10  
                 
                 
See accompanying notes to condensed consolidated financial statements.
                


 
4 
 


ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
     
For the Nine Months ended
December 31
  
   
2012
    
2011
  
             
Revenues
   $ 822,228     $ 843,369  
Operating costs and expenses:
                
Cost of revenue
     628,239       649,701  
Selling, general and administrative
     111,393       112,554  
Impairment of goodwill and other intangibles
     -       17,803  
Gains, losses and other items, net
     66       38  
Total operating costs and expenses
     739,698       780,096  
Income from operations
     82,530       63,273  
Other expense:
                
Interest expense
     (9,735 )     (14,057 )
Other, net
     (36 )     (1,150 )
Total other expense
     (9,771 )     (15,207 )
Earnings from continuing operations before income taxes
     72,759       48,066  
Income taxes
     28,739       25,291  
Net earnings from continuing operations
   $ 44,020     $ 22,775  
Earnings from discontinued operations, net of tax
     -       2,868  
Net earnings
   $ 44,020     $ 25,643  
Less: Net loss attributable to noncontrolling interest
     (349 )     (5,554 )
Net earnings attributable to Acxiom
   $ 44,369     $ 31,197  
                 
Basic earnings per share:
                
Net earnings from continuing operations
   $ 0.59     $ 0.28  
Net earnings from discontinued operations
     -       0.04  
Net earnings
   $ 0.59     $ 0.32  
                 
Net earnings attributable to Acxiom stockholders
   $ 0.59     $ 0.39  
                 
Diluted earnings per share:
                
Net earnings from continuing operations
   $ 0.57     $ 0.28  
Net earnings from discontinued operations
     -       0.04  
Net earnings
   $ 0.57     $ 0.32  
                 
Net earnings attributable to Acxiom stockholders
   $ 0.58     $ 0.39  
                 
                 
                 
See accompanying notes to condensed consolidated financial statements.
                


 
5 
 



ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands)
 
     
For the Three Months ended
December 31
  
   
2012
    
2011
  
             
Net earnings
   $ 14,449     $ 2,651  
Other comprehensive income:
                
Change in foreign currency translation adjustment
     862       1,528  
Unrealized gain on interest rate swap
     200       494  
Other comprehensive income
     1,062       2,022  
Comprehensive income
     15,511       4,673  
Less: Comprehensive loss attributable to noncontrolling interest
     (76 )     (5,279 )
Comprehensive income attributable to Acxiom stockholders
   $ 15,587     $ 9,952  
                 
                 
                 
                 
                 
See accompanying notes to condensed consolidated financial statements.
                


 
6 
 



ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands)
 
     
For the Nine Months ended
December 31
  
   
2012
    
2011
  
             
Net earnings
   $ 44,020     $ 25,643  
Other comprehensive income (loss):
                
Change in foreign currency translation adjustment
     1,046       (4,190 )
Unrealized gain on interest rate swap
     67       194  
Other comprehensive income (loss)
     1,113       (3,996 )
Comprehensive income
     45,133       21,647  
Less: Comprehensive loss attributable to noncontrolling interest
     (349 )     (5,554 )
Comprehensive income attributable to Acxiom stockholders
   $ 45,482     $ 27,201  
                 
                 
                 
                 
                 
See accompanying notes to condensed consolidated financial statements.
                

 
7 
 

ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
NINE MONTHS ENDED DECEMBER 31, 2012
(Unaudited)
(Dollars in thousands)

                   
Accumulated
                  
   
Common Stock
  
Additional
      
other
  
Treasury Stock
        
   
Number
      
paid-in
  
Retained
  
comprehensive
  
Number
      
Noncontrolling
  
Total
   
of shares
  
Amount
  
Capital
  
earnings
  
income
  
of shares
  
Amount
  
Interest
  
Equity
Balances at March 31, 2012
  
120,027,013
  
$12,003
  
$    860,165
  
$    536,359
  
$13,601
  
(43,213,027)
  
$(810,381)
  
$      108
  
$611,855
Employee stock awards, benefit plans and other issuances
  
590,028
  
59
  
8,594
  
-
  
-
  
(56,600)
  
(790)
  
-
  
7,863
Restricted stock units vested
  
464,688
  
46
  
(46)
  
-
  
-
  
-
  
-
  
-
  
-
Non-cash share-based compensation
  
-
  
-
  
8,906
  
-
  
-
  
-
  
-
  
-
  
8,906
Acquisition of treasury stock
  
-
  
-
  
-
  
-
  
-
  
(4,059,090)
  
(62,722)
  
-
  
(62,722)
Comprehensive income:
                                    
Foreign currency translation
  
-
  
-
  
-
  
-
  
1,046
  
-
  
-
  
-
  
1,046
Unrealized loss on interest rate swap
  
-
  
-
  
-
  
-
  
67
  
-
  
-
  
-
  
67
Net earnings (loss)
  
-
  
-
  
-
  
44,369
  
-
  
-
  
-
  
(349)
  
44,020
                                     
Balances at December 31, 2012
  
121,081,729
  
$12,108
  
$      877,619
  
$    580,728
  
$14,714
  
(47,328,717)
  
$(873,893)
  
$    (241)
  
$611,035
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
 
See accompanying notes to condensed consolidated financial statements

 
8 
 

ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
 
     
For the Nine Months ended
December 31
  
   
2012
    
2011
  
Cash flows from operating activities:
            
Net earnings
   $ 44,020     $ 25,643  
Adjustments to reconcile net earnings to net cash from operating activities:
                
Depreciation and amortization
     89,594       103,240  
Loss on disposal or impairment of assets
     25       183  
Impairment of goodwill and other intangibles
     -       17,803  
Deferred income taxes
     (6,428 )     2,539  
Non-cash share-based compensation expense
     8,906       6,910  
Changes in operating assets and liabilities:
                
Accounts receivable, net
     (13,925 )     (2,763 )
Other assets
     756       (202 )
Deferred costs
     (1,600 )     (1,879 )
Accounts payable and other liabilities
     (32,607 )     7,391  
Deferred revenue
     (12,830 )     14,143  
Net cash provided by operating activities
     75,911       173,008  
 
Cash flows from investing activities:
                
Disposition of operations
     -       (1,043 )
Capitalized software development costs
     (13,190 )     (3,167 )
Capital expenditures
     (21,976 )     (39,147 )
Payments received for investments
     -       370  
Data acquisition costs
     (6,464 )     (8,549 )
Net cash paid in acquisitions
     -       (255 )
Net cash used in investing activities
     (41,630 )     (51,791 )
 
Cash flows from financing activities:
                
Payments of debt
     (19,790 )     (145,768 )
Acquisition liability payment
     -       (326 )
Acquisition of treasury stock
     (65,356 )     (42,827 )
Sale of common stock
     7,863       7,318  
Contingent consideration paid for prior acquisitions
     (287 )     -  
Net cash used in financing activities
     (77,570 )     (181,603 )
Effect of exchange rate changes on cash
     (139 )     (724 )
Net change in cash and cash equivalents
     (43,428 )     (61,110 )
Cash and cash equivalents at beginning of period
     229,648       206,973  
 
Cash and cash equivalents at end of period
   $ 186,220     $ 145,863  
                 


 
9 
 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(Dollars in thousands)
 
     
For the Nine Months ended
December 31
  
   
2012
    
2011
  
 
Supplemental cash flow information:
            
Cash paid during the period for:
            
Interest
   $ 9,678     $ 15,491  
Income taxes
     48,268       15,171  
Payments on capital leases and installment payment arrangements
     12,948       13,687  
Prepayments of debt
     -       125,000  
Other debt payments
     6,842       7,081  
Non-cash investing and financing activities:
                
Acquisition of property and equipment under capital leases and installment payment arrangements
     2,157       8,733  
 
 
See accompanying notes to condensed consolidated financial statements.
                
                 
                 
                 
                 


 
10 
 

ACXIOM CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.           BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

These condensed consolidated financial statements have been prepared by Acxiom Corporation (“Registrant,” “Acxiom” or “the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC” or “the Commission”).  In the opinion of the Registrant’s management all adjustments necessary for a fair presentation of the results for the periods included have been made and the disclosures are adequate to make the information presented not misleading.  All such adjustments are of a normal recurring nature.  Certain note information has been omitted because it has not changed significantly from that reflected in notes 1 through 18 of the Notes to Consolidated Financial Statements filed as part of Item 8 of the Registrant’s annual report on Form 10-K for the fiscal year ended March 31, 2012 (“2012 Annual Report”), as filed with the Commission on May 25, 2012.  This report and the accompanying condensed consolidated financial statements should be read in connection with the 2012 Annual Report.  The financial information contained in this report is not necessarily indicative of the results to be expected for any other period or for the full fiscal year ending March 31, 2013.

Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States.  Actual results could differ from those estimates.  Certain of the accounting policies used in the preparation of these condensed consolidated financial statements are complex and require management to make judgments and/or significant estimates regarding amounts reported or disclosed in these financial statements.  Additionally, the application of certain of these accounting policies is governed by complex accounting principles and their interpretation.  A discussion of the Company’s significant accounting principles and their application is included in note 1 and in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, to the Company’s 2012 Annual Report.

Discontinued Operations -

During the quarter ended December 31, 2011, the Company announced the sale of its background screening unit, Acxiom Information Security Systems (AISS).  The sale was completed in the quarter ended March 31, 2012.  As a result, AISS results for the prior year are presented as discontinued operations in the condensed consolidated statement of operations.  Revenue and expenses related to discontinued operations are netted and presented on one line, net of tax, in the statement of operations.

Reclassifications -

Certain amounts reported in previous periods have been reclassified to conform to the current presentation.

Recent Accounting Pronouncements -

In June 2011, the FASB issued an amendment to an existing accounting standard which requires companies to present net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements.  The Company adopted the standard in the first quarter of fiscal 2013.

 
11 
 


2.           EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY:

Earnings Per Share

A reconciliation of the numerator and denominator of basic and diluted earnings per share is shown below (in thousands, except per share amounts):
 
   
For the quarter ended
December 31
    
For the nine months ended
December 31
  
   
2012
    
2011
    
2012
    
2011
  
Basic earnings per share:
                        
Net earnings from continuing operations
   $ 14,449     $ 1,837     $ 44,020     $ 22,775  
Net earnings from discontinued operations
     -       814       -       2,868  
Net earnings
   $ 14,449     $ 2,651     $ 44,020     $ 25,643  
Net loss attributable to noncontrolling interest
     (76 )     (5,279 )     (349 )     (5,554 )
Net earnings attributable to Acxiom
   $ 14,525     $ 7,930     $ 44,369     $ 31,197  
                                 
Basic weighted-average shares outstanding
     74,103       78,189       75,195       80,039  
Basic earnings per share:
                                
Continuing operations
   $ 0.19     $ 0.02     $ 0.59     $ 0.28  
Discontinued operations
     -     $ 0.01       -     $ 0.04  
Net earnings
   $ 0.19     $ 0.03     $ 0.59     $ 0.32  
Net loss attributable to noncontrolling interest
     -     $ (0.07 )     -     $ (0.07 )
Net earnings attributable to Acxiom
   $ 0.20     $ 0.10     $ 0.59     $ 0.39  
                                 
Diluted earnings per share:
                                
Basic weighted-average shares outstanding
     74,103       78,189       75,195       80,039  
Dilutive effect of common stock options, warrants, and restricted stock as computed under the treasury stock method
     1,775       831       1,792       838  
Diluted weighted-average shares outstanding
     75,878       79,020       76,987       80,877  
Diluted earnings per share:
                                
Continuing operations
   $ 0.19     $ 0.02     $ 0.57     $ 0.28  
Discontinued operations
     -     $ 0.01       -     $ 0.04  
Net earnings
   $ 0.19     $ 0.03     $ 0.57     $ 0.32  
Net loss attributable to noncontrolling interest
     -     $ (0.07 )     -     $ (0.07 )
Net earnings attributable to Acxiom
   $ 0.19     $ 0.10     $ 0.58     $ 0.39  
                                 

Some earnings per share amounts may not add due to rounding.


 
12 
 


As of December 31, 2012, the Company had options and warrants outstanding providing for the purchase of approximately 9.7 million shares of common stock together with restricted stock units relating to 1.2 million shares of stock.  Options, warrants and restricted stock units that were outstanding during the periods presented, but were not included in the computation of diluted earnings per share because the effect was antidilutive are shown below (in thousands, except per share amounts):
   
For the quarter ended
December 31
    
For the nine months ended
December 31
  
   
2012
    
2011
    
2012
    
2011
  
Number of shares outstanding under options, warrants and restricted stock units
     4,752       9,515       7,872       9,438  
Range of exercise prices for options and warrants
   $ 17.76-$62.06     $ 12.25-$62.06     $ 13.10-$62.06     $ 13.14-$62.06  
                                 

Stockholders’ Equity

On August 29, 2011, the board of directors adopted a common stock repurchase program.  That program was subsequently modified and expanded on December 5, 2011, on May 24, 2012, and again on February 5, 2013.  Under the modified common stock repurchase program, the Company may purchase up to $200.0 million of its common stock through the period ending February 5, 2014.  During the nine months ended December 31, 2012, the Company repurchased 4.1 million shares of its common stock for $62.7 million.  Cash paid for acquisition of treasury stock in the condensed consolidated statement of cash flows may differ from the aggregate purchase price due to trades made during one fiscal period that settle in a different fiscal period.  Through December 31, 2012, the Company had repurchased 9.9 million shares of its stock for $130.9 million, leaving remaining capacity of $69.1 million under the stock repurchase program.

3.           SHARE-BASED COMPENSATION:

Share-based Compensation Plans

Stock Option Activity
The Company has stock option and equity compensation plans for which a total of 38.2 million shares of the Company’s common stock have been reserved for issuance since inception of the plans.  These plans provide that the exercise prices of qualified options will be at or above the fair market value of the common stock at the time of the grant.  Board policy requires that nonqualified options be priced at or above the fair market value of the common stock at the time of grant.  At December 31, 2012, there were a total of 4.4 million shares available for future grants under the plans.

The Company granted 497,409 stock options in the nine months ended December 31, 2012.  The per-share weighted-average fair value of the stock options granted during the nine months ended December 31, 2012 was $5.00.  This valuation was determined using a customized binomial lattice approach with the following weighted-average assumptions: dividend yield of 0.0%; risk-free interest rate of 1.7%; expected option life of 4.5 years; expected volatility of 43% and a suboptimal exercise multiple of 1.4.

Option activity for the nine months ended December 31, 2012 was as follows:

   
Number
of shares
    
Weighted-average exercise price
per share
    
Weighted-average remaining contractual term (in years)
    
Aggregate intrinsic value
(in thousands)
  
Outstanding at March 31, 2012
     8,322,077     $ 20.91              
Granted
     497,409     $ 13.31              
Exercised
     (243,026 )   $ 13.14           $ 1,050  
Forfeited or cancelled
     (207,993 )   $ 18.66                
Outstanding at December 31, 2012
     8,368,467     $ 20.74