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Share and Unit-Based Plans:
 3 Months Ended
Mar. 31, 2016
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. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to the 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.
On January 1, 2016, the Company granted 58,786 LTIP Units with a grant date fair value of $80.69 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2018. Concurrently, the Company granted 266,899 market-indexed LTIP Units ("2016 LTIP Units") at a grant date fair value of $53.32 per LTIP Unit that vest over a service period ending December 31, 2018. The fair value of the 2016 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.32% and an expected volatility of 20.31%.
On March 4, 2016, the Company granted 154,686 LTIP Units at a fair value of $79.20 per LTIP Unit that were fully vested on the grant date.
The following summarizes the compensation cost under the share and unit-based plans:
 
For the Three Months Ended March 31,
 
2016
 
2015
LTIP Units
$
17,399

 
$
15,228

Stock awards
20

 
75

Stock units
3,372

 
3,197

Stock options
4

 
4

Phantom stock units
604

 
311

 
$
21,399

 
$
18,815


The Company capitalized share and unit-based compensation costs of $4,959 and $4,347 for the three months ended March 31, 2016 and 2015, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2016 consisted of $17,955 from LTIP Units, $6,628 from stock units, $23 from stock options and $746 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, 2016
56,315

 
$
73.24

 
1,612

 
$
62.01

 
—

 
$
—

 
132,086

 
$
74.58

Granted
480,371

 
65.00

 
—

 
—

 
14,534

 
80.42

 
85,045

 
79.24

Vested
(154,686
)
 
79.20

 
(1,612
)
 
62.01

 
(5,237
)
 
80.83

 
(67,703
)
 
71.64

Forfeited
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Balance at March 31, 2016
382,000

 
$
60.47

 
—

 
$
—

 
9,297

 
$
80.20

 
149,428

 
$
78.55

 
 
 
(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
 
Units
 
Value(1)
 
Units
 
Value(1)
Balance at January 1, 2016
417,783

 
$
55.13

 
10,314

 
$
58.15

Granted
—

 
—

 
—

 
—

Exercised
(25,988
)
 
52.77

 
—

 
—

Special dividend adjustment
10,185

 
53.88

 
251

 
56.77

Balance at March 31, 2016
401,980

 
$
53.88

 
10,565

 
$
56.77

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)    Value represents the weighted average exercise price.