XML 63 R42.htm IDEA: XBRL DOCUMENT
v3.20.4

Share-Based Compensation and Other Compensation Matters (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Reporting for share-based compensation expense | The table below sets forth our reporting for share based compensation cost (in thousands):
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
General, administrative and leasing expenses |  | $ | 5,385 |  |  | $ | 5,748 |  |  | $ | 5,415 |
Property operating expenses |  | 1,119 |  |  | 966 |  |  | 961 |
Capitalized to development activities |  | 556 |  |  | 742 |  |  | 587 |
Share-based compensation cost |  | $ | 7,060 |  |  | $ | 7,456 |  |  | $ | 6,963 |
Summary of restricted share and TB-PIU transactions under the entity's share-based compensation plans | The following table summarizes restricted shares under the share-based compensation plans for 2018, 2019 and 2020:
|  | Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2017 |  | 425,626 |  |  | $ | 30.37 |
Granted |  | 219,716 |  |  | 25.62 |
Forfeited |  | (25,419) |  |  | 30.02 |
Vested |  | (181,238) |  |  | 29.49 |
Unvested as of December 31, 2018 |  | 438,685 |  |  | 28.38 |
Granted |  | 195,520 |  |  | 26.56 |
Forfeited |  | (56,341) |  |  | 29.44 |
Vested |  | (185,001) |  |  | 28.01 |
Unvested as of December 31, 2019 |  | 392,863 |  |  | 27.49 |
Granted |  | 166,918 |  |  | 25.22 |
Forfeited |  | (25,773) |  | (1) | 27.12 |
Vested |  | (173,191) |  |  | 28.14 |
Unvested as of December 31, 2020 |  | 360,817 |  |  | $ | 26.16 |
Unvested shares as of December 31, 2020 that are expected to vest |  | 330,605 |  |  | $ | 26.14 |
(1)Includes 9,064 restricted shares previously awarded to our former Executive Vice President and Chief Operating Officer that were forfeited upon his resignation. The following table summarizes TB-PIUs under the share-based compensation plan for 2019 and 2020:
|  | Number of TB-PIUs |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2018 |  | — |  |  | N/A
Granted |  | 61,820 |  |  | $ | 26.01 |
Unvested as of December 31, 2019 |  | 61,820 |  |  | 26.01 |
Granted |  | 98,318 |  |  | 25.47 |
Forfeited |  | (20,622) |  | (1) | 25.50 |
Vested |  | (25,182) |  |  | 26.30 |
Unvested as of December 31, 2020 |  | 114,334 |  |  | $ | 25.57 |
Unvested TB-PIUs as of December 31, 2020 that are expected to vest |  | 114,334 |  |  | $ | 25.57 |
(1)Represents TB-PIUs previously awarded to our former Executive Vice President and Chief Operating Officer that were forfeited upon his resignation.
Schedule of PB-PIU/PSUs Granted | We made the following grants of PB-PIUs to executives in 2019 and 2020: (dollars in thousands, except per share data):
Grant Date |  | Number of PB-PIUs Granted |  | Performance Period Commencement Date |  | Performance Period End Date |  | Grant Date Fair Value |  | Number of PB-PIUs Outstanding as of December 31, 2020 (1)
1/1/2019 |  | 193,682 |  |  | 1/1/2019 |  | 12/31/2021 |  | $ | 2,415 |  |  | 156,104 |
1/1/2020 |  | 176,758 |  |  | 1/1/2020 |  | 12/31/2022 |  | $ | 2,891 |  |  | 141,152 |
(1)Excludes 73,184 PB-PIUs previously awarded to our former Executive Vice President and Chief Operating Officer that were forfeited upon his resignation. We made the following grants of PSUs to executives from 2016 through 2018 (dollars in thousands):
Grant Date |  | Number of PSUs Granted |  | Performance Period Commencement Date |  | Performance Period End Date |  | Grant Date Fair Value |  | Number of PSUs Outstanding as of December 31, 2020 |
3/1/2016 |  | 26,299 |  |  | 1/1/2016 |  | 12/31/2018 |  | $ | 1,005 |  |  | — |  |
1/1/2017 |  | 39,351 |  |  | 1/1/2017 |  | 12/31/2019 |  | $ | 1,415 |  |  | — |  |
1/1/2018 |  | 59,110 |  |  | 1/1/2018 |  | 12/31/2020 |  | $ | 1,890 |  |  | 46,912 |  | (1)
(1)Excludes 12,198 PSUs previously awarded to our former Executive Vice President and Chief Operating Officer that were forfeited upon his resignation.
Schedule of payouts for defined performance under PB-PIU/PSUs | The number of earned awards at the end of the performance period will be determined based on the percentile rank of COPT’s total shareholder return (“TSR”) relative to a peer group of companies, as set forth in the following schedule:
Percentile Rank |  | Earned Awards Payout %
75th or greater |  | 100% of PB-PIUs granted
50th (target) |  | 50% of PB-PIUs granted
25th |  | 25% of PB-PIUs granted
Below 25th |  | 0% of PB-PIUs granted
The number of PSUs earned (“earned PSUs”) at the end of the performance period were determined based on the percentile rank of COPT’s TSR relative to a peer group of companies, as set forth in the following schedule:
Percentile Rank |  | Earned PSUs Payout %
75th or greater |  | 200% of PSUs granted
50th (target) |  | 100% of PSUs granted
25th |  | 50% of PSUs granted
Below 25th |  | 0% of PSUs granted
Schedule of assumptions used in Monte Carlo models for PB-PIUs | The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PB-PIUs granted in 2019 and 2020 are set forth below:
Grant Date |  | Grant Date Fair Value Per PB-PIU |  | Baseline Common Share Value |  | Expected Volatility of Common Shares |  | Risk-free Interest Rate
1/1/2019 |  | $ | 12.47 |  |  | $ | 21.03 |  |  | 21.0 | % |  | 2.51 | %
1/1/2020 |  | $ | 16.36 |  |  | $ | 29.38 |  |  | 18.0 | % |  | 1.65 | %
Deferred Shares Granted | We made the following grants of deferred share awards to nonemployee members of our Board of Trustees in 2018, 2019 and 2020 (dollars in thousands, except per share data):
Year of Grant |  | Number of Deferred Share Awards Granted |  | Aggregate Grant Date Fair Value |  | Grant Date Fair Value Per Share
2018 |  | 13,832 |  |  | $ | 388 |  |  | $ | 28.08 |
2019 |  | 3,432 |  |  | $ | 95 |  |  | $ | 27.60 |
2020 |  | 10,679 |  |  | $ | 253 |  |  | $ | 23.68 |
Share-based compensation, common shares issued in settlement of vested deferred share awards | We issued the following common shares in settlement of deferred shares in 2018, 2019 and 2020 (dollars in thousands, except per share data):
Year of Settlement |  | Number of Common Shares Issued |  | Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value
2018 |  | 5,515 |  |  | $ | 29.32 |  |  | $ | 154 |
2019 |  | 3,097 |  |  | $ | 26.77 |  |  | $ | 86 |
2020 |  | — |  |  | N/A |  | N/A

X
- Definition Deferred Shares Granted + References No definition available. + Details
Name: | ofc_DeferredSharesGrantedTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of payouts for defined performance under performance-based awards of share-based compensation + References No definition available. + Details
Name: | ofc_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardForDefinedPerformanceTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to grants of performance shares/units. + References No definition available. + Details
Name: | ofc_ScheduleOfShareBasedCompensationByAwardPerformanceSharesAndUnitsGrantsTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of performance share units, including, but not limited to: (a) Grant date fair value (b) baseline common share value (c) expected volatility of the entity's shares, and (d) risk-free rate(s). + References No definition available. + Details
Name: | ofc_ScheduleOfShareBasedPaymentAwardPerformanceShareUnitsValuationAssumptionsTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Share-based Compensation, Common Shares Issued in Settlement of Vested Deferred Share Awards + References No definition available. + Details
Name: | ofc_ShareBasedCompensationCommonSharesIssuedInSettlementOfVestedDeferredShareAwardsTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration