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Share and Unit-Based Plans | 6 Months Ended
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Jun. 30, 2017
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 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, 2017, the Company granted 66,079 LTIP Units with a grant date fair value of $70.84 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2019. Concurrently, the Company granted 297,849 market-indexed LTIP Units ("2017 LTIP Units") at a grant date fair value of $47.15 per LTIP Unit that vest over a service period ending December 31, 2019. The fair value of the 2017 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.49% and an expected volatility of 20.75%. On March 3, 2017, the Company granted 134,742 LTIP Units at a fair value of $66.57 per LTIP Unit that were fully vested on the grant date. On May 30, 2017, the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that will vest on May 30, 2019. The Company measured the value of each option awarded using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 30.19%, dividend yield of 4.93%, risk free rate of 2.08%, current value of $57.55 and an expected term of 8 years. On June 1, 2017, the Company granted 1,522 LTIP Units with a grant date fair value of $58.31 per LTIP Unit that will vest in equal annual installments over a service period ending May 29, 2020. Concurrently, the Company granted 6,714 market-indexed LTIP Units at a grant date fair value of $39.66 per LTIP Unit that vest over a service period ending May 29, 2020. The fair value of the market-indexed LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.45% and an expected volatility of 21.40%. 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,
| 2017 |  | 2016 |  | 2017 |  | 2016
LTIP Units | $ | 5,242 |  |  | $ | 5,149 |  |  | $ | 19,623 |  |  | $ | 22,548 |
Stock awards | — |  |  | — |  |  | — |  |  | 20 |
Stock units | 1,333 |  |  | 1,002 |  |  | 3,945 |  |  | 4,374 |
Stock options | 15 |  |  | 4 |  |  | 19 |  |  | 8 |
Phantom stock units | 183 |  |  | 194 |  |  | 360 |  |  | 798 |
| $ | 6,773 |  |  | $ | 6,349 |  |  | $ | 23,947 |  |  | $ | 27,748 |
The Company capitalized share and unit-based compensation costs of $926 and $781 for the three months ended June 30, 2017 and 2016, respectively, and $4,295 and $5,740 for the six months ended June 30, 2017 and 2016, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2017 consisted of $10,823 from LTIP Units, $5,545 from stock units, $242 from stock options and $560 from phantom stock units. The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
| LTIP Units |  | Phantom Stock Units |  | Stock Units
| Units |  | Value(1) |  | Units |  | Value(1) |  | Units |  | Value(1)
Balance at January 1, 2017 | 322,572 |  |  | $ | 58.18 |  |  | 5,845 |  |  | $ | 81.47 |  |  | 148,428 |  |  | $ | 78.53 |
Granted | 506,906 |  |  | 55.33 |  |  | 6,772 |  |  | 71.73 |  |  | 85,979 |  |  | 66.53 |
Vested | (134,742 | ) |  | 66.57 |  |  | (5,268 | ) |  | 76.29 |  |  | (78,573 | ) |  | 75.79 |
Balance at June 30, 2017 | 694,736 |  |  | $ | 54.48 |  |  | 7,349 |  |  | $ | 76.20 |  |  | 155,834 |  |  | $ | 73.28 |
(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, 2017 | 284,146 |  |  | $ | 53.85 |  |  | 10,565 |  |  | $ | 56.77 |
Granted | — |  |  | — |  |  | 25,000 |  |  | 57.55 |
Exercised | — |  |  | — |  |  | — |  |  | — |
Balance at June 30, 2017 | 284,146 |  |  | $ | 53.85 |  |  | 35,565 |  |  | $ | 57.32 |
(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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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