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Share and Unit-Based Plans | 9 Months Ended
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Sep. 30, 2018
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 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. During the nine months ended September 30, 2018, the Company granted the following LTIP Units:
Grant Date |  | Units |  | Type |  | Fair Value per LTIP Unit |  | Vest Date
1/1/2018 |  | 65,466 |  |  | Service-based |  | $ | 65.68 |  |  | 12/31/2020
1/1/2018 |  | 291,326 |  |  | Market-indexed |  | $ | 44.28 |  |  | 12/31/2020
1/29/2018 |  | 13,632 |  |  | Service-based |  | $ | 66.02 |  |  | 2/1/2022
1/29/2018 |  | 1,893 |  |  | Service-based |  | $ | 66.02 |  |  | 12/31/2020
1/29/2018 |  | 7,775 |  |  | Market-indexed |  | $ | 48.23 |  |  | 12/31/2020
3/2/2018 |  | 99,407 |  |  | Service-based |  | $ | 59.04 |  |  | 3/2/2018
4/26/2018 |  | 89,637 |  |  | Service-based |  | $ | 55.78 |  |  | 4/26/2018
|  | 569,136 |  |  |  |  |  |  |
The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2018 were estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.98% and an expected volatility of 23.38%. The fair value of the market-indexed LTIP Units granted on January 29, 2018 were estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 2.25% and an expected volatility of 23.86%. 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, 2018 | 636,632 |  |  | $ | 52.36 |  |  | 4,054 |  |  | $ | 79.82 |  |  | 151,355 |  |  | $ | 73.32 |
Granted | 569,136 |  |  | 51.78 |  |  | 8,765 |  |  | 61.46 |  |  | 87,193 |  |  | 58.85 |
Vested | (189,044 | ) |  | 57.49 |  |  | (10,581 | ) |  | 54.70 |  |  | (108,201 | ) |  | 74.21 |
Forfeited | (23,666 | ) |  | 44.28 |  |  | (845 | ) |  | 77.91 |  |  | — |  |  | — |
Balance at September 30, 2018 | 993,058 |  |  | $ | 51.24 |  |  | 1,393 |  |  | $ | 66.79 |  |  | 130,347 |  |  | $ | 64.24 |
(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, 2018 | 235,439 |  |  | $ | 53.83 |  |  | 35,565 |  |  | $ | 57.32 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | (235,439 | ) |  | 53.83 |  |  | — |  |  | — |
Balance at September 30, 2018 | — |  |  | $ | — |  |  | 35,565 |  |  | $ | 57.32 |
(1) Value represents the weighted average exercise price.
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,
| 2018 |  | 2017 |  | 2018 |  | 2017
LTIP Units | $ | 3,440 |  |  | $ | 5,269 |  |  | $ | 21,823 |  |  | $ | 24,892 |
Stock units | 972 |  |  | 1,002 |  |  | 5,717 |  |  | 4,947 |
Stock options | 32 |  |  | 34 |  |  | 94 |  |  | 53 |
Phantom stock units | 172 |  |  | 185 |  |  | 585 |  |  | 545 |
| $ | 4,616 |  |  | $ | 6,490 |  |  | $ | 28,219 |  |  | $ | 30,437 |
The Company capitalized share and unit-based compensation costs of $1,062 and $983 for the three months ended September 30, 2018 and 2017, respectively, and $5,575 and $5,278 for the nine months ended September 30, 2018 and 2017, respectively. Unrecognized compensation costs of share and unit-based plans at September 30, 2018 consisted of $6,882 from LTIP Units, $3,023 from stock units, $83 from stock options and $40 from phantom stock units.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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