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Share and Unit-Based Plans: | 9 Months Ended
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Sep. 30, 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. On April 16, 2012, the Company granted 10,000 LTIP Units to a new executive officer at a weighted average grant date fair value of $54.97 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 0.92-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 September 30, |  | For the Nine Months Ended September 30, |
--- | --- | --- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
LTIP Units |  | $ | 2,778 |  | $ | 2,239 |  | $ | 6,646 |  | $ | 6,716 |
Stock awards |  |  | 125 |  |  | 85 |  |  | 345 |  |  | 663 |
Stock units |  |  | 383 |  |  | 891 |  |  | 2,991 |  |  | 6,634 |
Stock options |  |  | 18 |  |  | — |  |  | 18 |  |  | — |
SARs |  |  | 210 |  |  | 3 |  |  | 291 |  |  | 626 |
Phantom stock units |  |  | 211 |  |  | 243 |  |  | 721 |  |  | 726 |
|  | $ | 3,725 |  | $ | 3,461 |  | $ | 11,012 |  | $ | 15,365 |
The Company capitalized share and unit-based compensation costs of $436 and $609 for the three months ended September 30, 2012 and 2011, respectively, and $2,209 and $5,621 for the nine months ended September 30, 2012 and 2011, respectively. Unrecognized compensation cost of share and unit-based plans at September 30, 2012 consisted of $3,427 from LTIP Units, $637 from stock awards, $2,947 from stock units, $80 from stock options, $291 from SARs and $118 from phantom stock units. The following table summarizes the activity of the non-vested LTIP Units, stock awards, phantom stock units and stock units:
|  | LTIP Units |  | Stock Awards |  | Phantom Stock |  | Stock Units |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | Units |  | Value(1) |  | Shares |  | Value(1) |  | Units |  | Value(1) |  | Units |  | Value(1) |
Balance January 1, 2012 |  |  | 190,000 |  | $ | 43.30 |  |  | 21,130 |  | $ | 40.68 |  |  | 15,745 |  | $ | 34.84 |  |  | 576,340 |  | $ | 11.71 |
Granted(2) |  |  | 315,000 |  |  | 40.53 |  |  | 9,639 |  |  | 54.43 |  |  | 5,930 |  |  | 57.50 |  |  | 72,322 |  |  | 54.43 |
Vested(2) |  |  | (305,000 | ) |  | 44.85 |  |  | (9,845 | ) |  | 35.69 |  |  | (16,844 | ) |  | 45.81 |  |  | (533,985 | ) |  | 15.24 |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,462 | ) |  | 33.74 |  |  | — |  |  | — |
Balance at September 30, 2012 |  |  | 200,000 |  | $ | 38.63 |  |  | 20,924 |  | $ | 49.36 |  |  | 3,369 |  | $ | 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 |
--- | --- | --- | --- | --- | ---
|  | Shares |  | Value(1) |  | Shares |  | Value(1) |
Balance January 1, 2012 |  |  | 1,156,985 |  | $ | 56.55 |  |  | 13,500 |  | $ | 30.08 |
Granted |  |  | 39,932 |  |  | 59.57 |  |  | 10,068 |  |  | 59.57 |
Exercised |  |  | (32,732 | ) |  | 56.63 |  |  | (8,100 | ) |  | 28.47 |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at September 30, 2012 |  |  | 1,164,185 |  | $ | 56.65 |  |  | 15,468 |  | $ | 50.12 |
(1) Value represents the weighted-average exercise price.

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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://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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