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Share and Unit-Based Plans: | 3 Months Ended
--- | ---
Mar. 31, 2013
Share and Unit-Based Plans: |
Share and Unit-Based Plans: | 18. Share and Unit-Based Plans: On February 15, 2013, the Company granted 332,189 limited partnership units of the Operating Partnership ("LTIP Units") under the Long-Term Incentive Plan to seven executive officers at a weighted average grant date fair value of $49.67 per LTIP Unit. The new grants vest over a service period ending December 31, 2013 based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock 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 2013 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 stock price of the Company and the peer group REITs were estimated based on a one-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, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
LTIP Units |  | $ | 2,957 |  | $ | 1,547 |
Stock awards |  |  | 110 |  |  | 96 |
Stock units |  |  | 1,824 |  |  | 2,220 |
Stock options |  |  | 4 |  |  | — |
Phantom stock units |  |  | 242 |  |  | 254 |
|  | $ | 5,137 |  | $ | 4,117 |
The Company capitalized share and unit-based compensation costs of $1,437 and $1,319 for the three months ended March 31, 2013 and 2012, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2013 consisted of $14,180 from LTIP Units, $957 from stock awards, $4,990 from stock units, $74 from stock options and $1,246 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 at January 1, 2013 |  |  | 200,000 |  | $ | 38.63 |  |  | 20,924 |  | $ | 49.36 |  |  | — |  | $ | — |  |  | 114,677 |  | $ | 52.19 |
Granted |  |  | 332,189 |  |  | 49.67 |  |  | 8,963 |  |  | 61.84 |  |  | 25,441 |  |  | 58.47 |  |  | 67,920 |  |  | 62.01 |
Vested |  |  | (200,000 | ) |  | 38.63 |  |  | (10,720 | ) |  | 46.63 |  |  | (4,021 | ) |  | 60.15 |  |  | (45,279 | ) |  | 51.29 |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2013 |  |  | 332,189 |  | $ | 49.67 |  |  | 19,167 |  | $ | 56.72 |  |  | 21,420 |  | $ | 58.16 |  |  | 137,318 |  | $ | 57.24 |
(1) Value represents the weighted-average grant date fair value. The following table summarizes the activity of the SARs and stock options outstanding:
|  | SARs |  | Stock Options |
--- | --- | --- | --- | --- | ---
|  | Shares |  | Value(1) |  | Shares |  | Value(1) |
Balance at January 1, 2013 |  |  | 1,164,185 |  | $ | 56.55 |  |  | 12,768 |  | $ | 54.69 |
Granted |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2013 |  |  | 1,164,185 |  | $ | 56.55 |  |  | 12,768 |  | $ | 54.69 |
(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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