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Share-Based Compensation and Other Compensation Matters (Tables)

12 Months Ended

Dec. 31, 2021

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,
						2021						2020						2019
General, administrative and leasing expenses						$	6,881					$	5,385					$	5,748
Property operating expenses						1,098						1,119						966
Capitalized to development activities						719						556						742
Share-based compensation cost						$	8,698					$	7,060					$	7,456

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 2019, 2020 and 2021:

						Shares						Weighted Average Grant Date Fair Value
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
Granted						177,995						$	26.17
Forfeited						(39,664)						$	26.62
Vested						(164,575)						$	25.95
Unvested as of December 31, 2021						334,573						$	26.22
Unvested shares as of December 31, 2021 that are expected to vest						306,658						$	26.22

(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, 2020 and 2021:

						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
Granted						93,983						$	26.16
Vested						(45,244)						$	25.28
Unvested as of December 31, 2021						163,073						$	25.99
Unvested TB-PIUs as of December 31, 2021 that are expected to vest						162,472						$	25.99

(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, 2020 and 2021 (dollars in thousands, except per share data):

Grant Date						Number of PB-PIUs Granted																		Grant Date Fair Value						Number of PB-PIUs Outstanding as of December 31, 2021 (1)
1/1/2019						193,682																		$	2,415					156,104
1/1/2020						176,758																		$	2,891					141,152
1/1/2021						227,544																		$	3,417					227,544

(1)Excludes 73,184 PB-PIUs previously awarded to our former Executive Vice President and Chief Operating Officer that were forfeited upon his resignation.

As of December 31, 2021, we had no PSU grants outstanding. Below is information for executive grants of PSUs with performance periods included in these consolidated financial statements (dollars in thousands):

Grant Date						Number of PSUs Granted																		Grant Date Fair Value
1/1/2017						39,351																		$	1,415
1/1/2018						59,110																		$	1,890

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, 2020 and 2021 are set forth below:

Grant Date						Grant Date Fair Value Per PB-PIU at Target-Level Award						Baseline Common Share Value						Expected Volatility of Common Shares						Risk-free Interest Rate
1/1/2019						$	24.94					$	21.03					21.0		%				2.51		%
1/1/2020						$	32.71					$	29.38					18.0		%				1.65		%
1/1/2021						$	30.03					$	26.08					34.7		%				0.18		%

Deferred Shares Granted

We made the following grants of deferred share awards to non-employee Trustees in 2019, 2020 and 2021 (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 Award
2019						3,432						$	95					$	27.60
2020						10,679						$	253					$	23.68
2021						3,416						$	93					$	27.12

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