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Stock Option Plan (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options Issued

The following table summarizes the amount and activity of each grant, the total value and variables used in the computation and the amount expensed and included in general and administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011:

The following table summarizes the amount and activity of each grant, the total value and variables used in the computation and the amount expensed and included in general and administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011:

SAUL CENTERS, INC. Notes to Consolidated Financial Statements
Stock options issued
	Directors
Grant date	4/26/2004				5/6/2005				5/1/2006				4/27/2007				4/25/2008				4/24/2009				5/7/2010				5/13/2011				5/4/2012				5/10/2013				Subtotals
Total grant	30,000				30,000				30,000				30,000				30,000				32,500				32,500				32,500				35,000				35,000				317,500
Vested	30,000				30,000				30,000				30,000				30,000				32,500				32,500				32,500				35,000				35,000				317,500
Exercised	25,000				22,500				5,000				—				—				17,500				5,000				5,000				5,000				2,500				87,500
Forfeited	—				—				2,500				7,500				7,500				—				2,500				2,500				—				—				22,500
Exercisable at December 31, 2013	5,000				7,500				22,500				22,500				22,500				15,000				25,000				25,000				30,000				32,500				207,500
Remaining unexercised	5,000				7,500				22,500				22,500				22,500				15,000				25,000				25,000				30,000				32,500				207,500
Exercise price	$	25.78			$	33.22			$	40.35			$	54.17			$	50.15			$	32.68			$	38.76			$	41.82			$	39.29			$	44.42
Volatility	0.183				0.198				0.206				0.225				0.237				0.344				0.369				0.358				0.348				0.333
Expected life (years)	5.0				10.0				9.0				8.0				7.0				6.0				5.0				5.0				5.0				5.0
Assumed yield	5.75		%		6.91		%		5.93		%		4.39		%		4.09		%		4.54		%		4.23		%		4.16		%		4.61		%		4.53		%
Risk-free rate	3.57		%		4.28		%		5.11		%		4.65		%		3.49		%		2.19		%		2.17		%		1.86		%		0.78		%		0.82		%
Total value at grant date	$	66,600			$	71,100			$	143,400			$	285,300			$	254,700			$	222,950			$	287,950			$	297,375			$	244,388			$	262,946			$	2,136,709
Forfeited options	—				—				—				—				—				—				—				—				—				—				—
Expensed in previous years	66,600				71,100				143,400				285,300				254,700				222,950				287,950				—				—				—				1,332,000
Expensed in 2011	—				—				—				—				—				—				—				297,375				—				—				297,375
Expensed in 2012	—				—				—				—				—				—				—				—				244,388				—				244,388
Expensed in 2013	—				—				—				—				—				—				—				—				—				262,946				262,946
Future expense	—				—				—				—				—				—				—				—				—				—				—
	Officers
Grant date	4/26/2004				5/6/2005				4/27/2007				5/13/2011				5/4/2012				5/10/2013								Subtotals												Grand Totals
Total grant	122,500				132,500				135,000				162,500				242,500				202,500								997,500												1,315,000
Vested	115,000				118,750				67,500				67,500				28,125				—								396,875												714,375
Exercised	103,750				69,500				—				16,250				1,875				—								191,375												278,875
Forfeited	7,500				13,750				67,500				41,250				130,000				—								260,000												282,500
Exercisable at December 31, 2013	11,250				49,250				67,500				51,250				26,250				—								205,500												413,000
Remaining unexercised	11,250				49,250				67,500				105,000				110,625				202,500								546,125												753,625
Exercise price	$	25.78			$	33.22			$	54.17			$	41.82			$	39.29			$	44.42
Volatility	0.183				0.207				0.233				0.330				0.315				0.304
Expected life (years)	7.0				8.0				6.5				8.0				8.0				8.0
Assumed yield	5.75		%		6.37		%		4.13		%		4.81		%		5.28		%		5.12		%
Risk-free rate	4.05		%		4.15		%		4.61		%		2.75		%		1.49		%		1.49		%
Total value at grant date	$	292,775			$	413,400			$	1,258,848			$	1,277,794			$	1,442,148			$	1,254,164							$	5,939,129											$	8,075,838
Forfeited options	17,925				35,100				—				252,300				813,800				—								1,119,125												1,119,125
Expensed in previous years	274,850				378,300				1,153,957				—				—				—								1,807,107												3,139,107
Expensed in 2011									104,891				186,347				—				—								291,238												588,613
Expensed in 2012									—				270,391				104,724				—								375,115												619,503
Expensed in 2013	—				—				—				235,350				157,083				209,027								601,460												864,406
Future expense	—				—				—				333,406				366,541				1,045,137								1,745,084												1,745,084
Weighted average term of remaining future expense									2.8			years

Summary of Option Activity

The table below summarizes the option activity for the years 2013, 2012, and 2011:

	2013							2012							2011
	Shares			Weighted Average Exercise Price				Shares			Weighted Average Exercise Price				Shares			Weighted Average Exercise Price
Outstanding at January 1	570,840			$	41.04			674,585			$	40.40			532,881			$	39.12
Granted	237,500			44.42				277,500			39.29				195,000			41.82
Exercised	(49,715	)		33.15				(149,995	)		31.03				(40,796	)		29.03
Expired/Forfeited	(5,000	)		52.16				(231,250	)		43.56				(12,500	)		45.05
Outstanding December 31	753,625			42.55				570,840			41.04				674,585			40.40
Exercisable at December 31	413,000			42.42				377,715			41.41				512,085			39.96

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- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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- Definition

Tabular disclosure of the change in stock options.

+ References

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