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Share and Unit-Based Plans: | 3 Months Ended
--- | ---
Mar. 31, 2012
Share and Unit-Based Plans: |
Share and Unit-Based Plans: |
19. Share and Unit-Based Plans: On February 23, 2012, the Company granted 190,000 limited partnership units of the Operating Partnership ("LTIP Units") under the Long-Term Incentive Plan ("LTIP") to four executive officers at a weighted average grant date fair value of $37.77 per LTIP Unit. The new grants vest over a service period ending January 31, 2013 based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company on a one-unit for one-share basis. The fair value of the Company's LTIP Units granted in 2012 was estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs, was assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion Process modeling is commonly used in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value based on the stock price's expected volatility and current market interest rates. The volatilities of the returns on the price of the Company and the peer group REITs were estimated based on a .92-year look-back period. The expected growth rate of the stock prices over the derived service period was determined with consideration of the risk free rate as of the grant date. The following summarizes the compensation cost under the share and unit-based plans:
|  | For the Three Months Ended March 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
LTIP units |  | $ | 1,547 |  | $ | 1,901 |
Stock awards |  |  | 96 |  |  | 493 |
Stock units |  |  | 2,220 |  |  | 2,813 |
SARs |  |  | — |  |  | 321 |
Phantom stock units |  |  | 254 |  |  | 240 |
|  | $ | 4,117 |  | $ | 5,768 |
The Company capitalized share and unit-based compensation costs of $1,319 and $3,081 for the three months ended March 31, 2012 and 2011, respectively. The following table summarizes the activity of the non-vested LTIP Units, stock awards, phantom stock and stock units:
|  | LTIP Units |  | Stock Awards |  | Phantom Stock |  | Stock Units |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | Units |  | Value(1) |  | Shares |  | Value(1) |  | Units |  | Value(1) |  | Shares |  | Value(1) |
Balance at January 1, 2012 |  |  | 190,000 |  | $ | 43.30 |  |  | 21,130 |  | $ | 40.68 |  |  | 15,745 |  | $ | 34.84 |  |  | 576,340 |  | $ | 11.71 |
Granted(2) |  |  | 285,000 |  |  | 39.61 |  |  | 9,639 |  |  | 54.43 |  |  | 2,134 |  |  | 54.93 |  |  | 72,322 |  |  | 54.43 |
Vested(2) |  |  | (285,000 | ) |  | 43.30 |  |  | (9,511 | ) |  | 35.68 |  |  | (6,066 | ) |  | 41.90 |  |  | (533,985 | ) |  | 15.24 |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |
Balance at March 31, 2012 |  |  | 190,000 |  | $ | 37.77 |  |  | 21,258 |  | $ | 49.15 |  |  | 11,813 |  | $ | 34.84 |  |  | 114,677 |  | $ | 52.19 |
(1) Value represents the weighted-average grant date fair value. (2) On February 7, 2012, the compensation committee determined that the LTIP Units granted under the LTIP on February 28, 2011 had vested at the 150% level based on the Company's percentile ranking in terms of Total Return per common stock share to the Total Return of a group of peer REITs during the period of February 1, 2011 to January 31, 2012. As a result, the compensation committee granted an additional 95,000 LTIP Units, which vested as of January 31, 2012. The following table summarizes the activity of the SARs and stock options outstanding:
|  | SARs |  | Stock Options |
--- | --- | --- | --- | --- | ---
|  | Units |  | Value(1) |  | Shares |  | Value(1) |
Balance at January 1, 2012 |  |  | 1,156,985 |  | $ | 56.55 |  |  | 13,500 |  | $ | 30.08 |
Granted |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2012 |  |  | 1,156,985 |  | $ | 56.55 |  |  | 13,500 |  | $ | 30.08 |
(1) Value represents the weighted-average exercise price. Unrecognized compensation cost of share and unit-based plans at March 31, 2012 consisted of $6,384 from LTIP Units, $994 from stock awards, $412 from phantom stock units and $3,762 from stock units.

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