| | 2013 | 2012 | 2011 |
| | | | Weighted- | | | Weighted- | | | Weighted- |
| | Number of SARs | Average | Number of SARs | Average | Number of SARs | Average |
SARs (Number of SARs in thousands) | | | Grant Price | | Grant Price | | Grant Price |
Outstanding at January 1 | | 44,120 | $ | 20.41 | | 36,502 | $ | 22.20 | | 31,152 | $ | 24.67 | |
Granted | | 10,267 | | 16.16 | | 12,179 | | 14.36 | | 8,633 | | 13.36 | |
Exercised | | (2,904) | | 11.18 | | (1,271) | | 6.29 | | (521) | | 3.96 | |
Forfeited or expired | | (2,884) | | 21.78 | | (3,290) | | 23.33 | | (2,762) | | 25.76 | |
Outstanding at December 31 | | 48,599 | $ | 19.98 | | 44,120 | $ | 20.41 | | 36,502 | $ | 22.20 | |
Exercisable at December 31 | | 26,462 | $ | 24.14 | | 23,248 | $ | 26.76 | | 20,070 | $ | 30.29 | |