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Long-Term Compensation | 3 Months Ended
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Mar. 31, 2019
Share-based Compensation [Abstract] |
Long-Term Compensation | Awards of LTIP Units During 2018, the Company modified its stock incentive program to allow for the granting of awards to certain officers, certain employees and directors in the form of LTIP units ("LTIP Units"). An LTIP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes. Generally, LTIP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such LTIP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an LTIP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such LTIP Unit (which will initially be zero) to equal, on a per-unit basis, the book capital account balance associated with a “common” Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder into one share of Common Stock or a cash equivalent, at the Company’s option. Awards with Performance Measures During the three months ended March 31, 2019, the Company granted 36,064 performance units and 166,942 LTIP Units, based on performance-based criteria ("Performance LTIP Units" and collectively the "Performance Awards") to officers and certain employees, which had a fair value of $2,527 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The Performance Awards vest based upon the relative total shareholder return ("TSR") of the Company's common stock compared to a weighted average TSR of the MSCI US REIT Index and the NAREIT Industrial Index over a performance period of three years. Compensation expense is charged to earnings over the vesting periods for both the performance units and the Performance LTIP Units. Service Based Awards For the three months ended March 31, 2019, the Company awarded 82,494 shares of restricted stock awards and 102,198 of LTIP Units based on service-based criteria ("Service LTIP Units") to officers and certain employees, which had an aggregate fair value of $6,202 on the date such awards were approved by the Compensation Committee of the Board of Directors. Both the restricted stock awards and Service LTIP Units were granted based upon the prior achievement of certain corporate performance goals and will vest ratably over a period of three years based on continued employment. The Operating Partnership issued restricted Unit awards to the Company in the same amount for the restricted stock awards. Compensation expense is charged to earnings over the vesting periods for both the restricted stock or restricted Unit awards and the Service LTIP Units. Outstanding Restricted Stock or Restricted Unit Awards and LTIP Units We recognized $1,762 and $1,689 for the three months ended March 31, 2019 and 2018, respectively, in compensation expense related to the amortization of restricted stock or restricted Unit awards, performance units, and LTIP Units. Restricted stock or restricted Unit award, performance unit and LTIP Unit amortization capitalized in connection with development activities was not significant. At March 31, 2019, we had $14,923 in unrecognized compensation related to unvested restricted stock or restricted Unit awards, performance units and LTIP Units. The weighted average period that the unrecognized compensation is expected to be recognized is 1.13 years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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