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Share and Unit-Based Plans: | 6 Months Ended
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Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share and Unit-Based Plans: | Share and Unit-Based Plans: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. 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, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. On January 1, 2015, the Company granted 49,451 LTIP Units with a grant date fair value of $83.41 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2017. Concurrently, the Company granted 186,450 market-indexed LTIP Units ("2015 LTIP Units") at a grant date fair value of $66.37 per LTIP Unit that vest over a service period ending December 31, 2015. The 2015 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award has an additional 3% absolute total stockholder return requirement, which if it is not met, then such LTIP Units will not vest. On March 6, 2015, the Company granted 132,607 LTIP Units at a fair value of $86.72 per LTIP Unit that were fully vested on the grant date. The fair value of the market-indexed LTIP Units are 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 (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is 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 June 30, |  | For the Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
LTIP Units | $ | 3,770 |  |  | $ | 3,428 |  |  | $ | 18,998 |  |  | $ | 21,668 |
Stock awards | 122 |  |  | 83 |  |  | 197 |  |  | 197 |
Stock units | 1,136 |  |  | 1,039 |  |  | 4,333 |  |  | 2,721 |
Stock options | 4 |  |  | 4 |  |  | 8 |  |  | 8 |
Phantom stock units | 268 |  |  | 300 |  |  | 579 |  |  | 606 |
| $ | 5,300 |  |  | $ | 4,854 |  |  | $ | 24,115 |  |  | $ | 25,200 |
The Company capitalized share and unit-based compensation costs of $561 and $519 for the three months ended June 30, 2015 and 2014, respectively, and $4,908 and $4,361 for the six months ended June 30, 2015 and 2014, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2015 consisted of $11,752 from LTIP Units, $75 from stock awards, $5,306 from stock units, $35 from stock options and $268 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 Units |  | Stock Units
| Units |  | Value(1) |  | Shares |  | Value(1) |  | Units |  | Value(1) |  | Units |  | Value(1)
Balance at January 1, 2015 | 46,695 |  |  | $ | 58.89 |  |  | 9,189 |  |  | $ | 59.25 |  |  | 9,269 |  |  | $ | 58.35 |  |  | 144,374 |  |  | $ | 59.94 |
Granted | 368,508 |  |  | 75.98 |  |  | — |  |  | — |  |  | 5,460 |  |  | 83.19 |  |  | 76,340 |  |  | 86.64 |
Vested | (132,607 | ) |  | 86.72 |  |  | (7,410 | ) |  | 58.65 |  |  | (8,238 | ) |  | 71.61 |  |  | (84,307 | ) |  | 61.11 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | (2,458 | ) |  | 55.62 |  |  | — |  |  | — |
Balance at June 30, 2015 | 282,596 |  |  | $ | 68.12 |  |  | 1,779 |  |  | $ | 61.72 |  |  | 4,033 |  |  | $ | 66.54 |  |  | 136,407 |  |  | $ | 74.66 |
(1) | Value represents the weighted average grant date fair value.
The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding:
| SARs |  | Stock Options
| Shares |  | Value(1) |  | Shares |  | Value(1)
Balance at January 1, 2015 | 772,639 |  |  | $ | 56.67 |  |  | 10,068 |  |  | $ | 59.57 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | (343,981 | ) |  | 56.88 |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Balance at June 30, 2015 | 428,658 |  |  | $ | 56.50 |  |  | 10,068 |  |  | $ | 59.57 |
(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 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 2: 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 3: 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 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 FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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