XML 58 R43.htm IDEA: XBRL DOCUMENT v3.22.4

Share-Based Compensation and Other Compensation Matters (Tables)

12 Months Ended

Dec. 31, 2022

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,
						2022						2021						2020
General, administrative and leasing expenses						$	7,643					$	6,881					$	5,385
Property operating expenses						1,147						1,098						1,119
Capitalized to development activities						847						719						556
Share-based compensation cost						$	9,637					$	8,698					$	7,060

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 2020, 2021 and 2022:

						Shares						Weighted Average Grant Date Fair Value
Unvested as of December 31, 2019						392,863						$	27.49
Granted						166,918						$	25.22
Forfeited						(25,773)						$	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
Granted						186,515						$	26.50
Forfeited						(43,420)						$	26.47
Vested						(152,585)						$	26.39
Unvested as of December 31, 2022						325,083						$	26.27
Unvested shares as of December 31, 2022 that are expected to vest						297,282						$	26.25

The following table summarizes TB-PIUs under the share-based compensation plan for 2020, 2021 and 2022:

						Number of TB-PIUs						Weighted Average Grant Date Fair Value
Unvested as of December 31, 2019						61,820						$	26.01
Granted						98,318						$	25.47
Forfeited						(20,622)						$	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
Granted						101,966						$	26.39
Vested						(77,709)						$	26.04
Unvested as of December 31, 2022						187,330						$	26.19
Unvested TB-PIUs as of December 31, 2022 that are expected to vest						186,345						$	26.19

Schedule of PB-PIU's Granted

We made the following grants of PB-PIUs to senior management team members from 2019 through 2022 (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, 2022
1/1/2019						193,682																		$	2,415					—
1/1/2020						176,758																		$	2,891					141,152
1/1/2021						227,544																		$	3,417					227,544
1/1/2022						231,838																		$	3,810					231,838

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 2020, 2021 and 2022 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
1/1/2020						$	32.71					$	29.38					18.0		%				1.65		%
1/1/2021						$	30.03					$	26.08					34.7		%				0.18		%
1/1/2022						$	32.87					$	27.97					31.7		%				0.98		%

Deferred Shares Granted

We made the following grants of deferred share awards to non-employee Trustees in 2020, 2021 and 2022 (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
2020						10,679						$	253					$	23.68
2021						3,416						$	93					$	27.12
2022						6,771						$	166					$	24.50

X

- Definition

Deferred Shares Granted

+ References

No definition available.

+ Details

Name:	ofc_DeferredSharesGrantedTableTextBlock
Namespace Prefix:	ofc_
Data Type:	dtr-types: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:	dtr-types: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:	dtr-types: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:	dtr-types: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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration