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Stock Option Plan (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014, 2013 and 2012:

SAUL CENTERS, INC. Notes to Consolidated Financial Statements
Stock options issued
	Directors
Grant date	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				5/9/2014				Subtotals
Total grant	30,000				30,000				30,000				30,000				32,500				32,500				32,500				35,000				35,000				30,000				317,500
Vested	30,000				30,000				30,000				30,000				32,500				32,500				32,500				35,000				35,000				30,000				317,500
Exercised	22,500				10,000				—				—				20,000				10,000				10,000				10,000				7,500				—				90,000
Forfeited	—				2,500				7,500				7,500				—				2,500				2,500				—				—				—				22,500
Exercisable at December 31, 2014	7,500				17,500				22,500				22,500				12,500				20,000				20,000				25,000				27,500				30,000				205,000
Remaining unexercised	7,500				17,500				22,500				22,500				12,500				20,000				20,000				25,000				27,500				30,000				205,000
Exercise price	$	33.22			$	40.35			$	54.17			$	50.15			$	32.68			$	38.76			$	41.82			$	39.29			$	44.42			$	47.03
Volatility	0.198				0.206				0.225				0.237				0.344				0.369				0.358				0.348				0.333				0.173
Expected life (years)	10.0				9.0				8.0				7.0				6.0				5.0				5.0				5.0				5.0				5.0
Assumed yield	6.91		%		5.93		%		4.39		%		4.09		%		4.54		%		4.23		%		4.16		%		4.61		%		4.53		%		4.48		%
Risk-free rate	4.28		%		5.11		%		4.65		%		3.49		%		2.19		%		2.17		%		1.86		%		0.78		%		0.82		%		1.63		%
Total value at grant date	$	71,100			$	143,400			$	285,300			$	254,700			$	222,950			$	287,950			$	297,375			$	257,250			$	278,250			$	109,500			$	2,207,775
Expensed in previous years	71,100				143,400				285,300				254,700				222,950				287,950				297,375				—				—				—				1,562,775
Expensed in 2012	—				—				—				—				—				—				—				257,250				—				—				257,250
Expensed in 2013	—				—				—				—				—				—				—				—				278,250				—				278,250
Expensed in 2014	—				—				—				—				—				—				—				—				—				109,500				109,500
Future expense	—				—				—				—				—				—				—				—				—				—				—
	Officers
Grant date	5/6/2005				4/27/2007				5/13/2011				5/4/2012				5/10/2013				5/9/2014				Subtotals																Grand Totals
Total grant	132,500				135,000				162,500				242,500				202,500				170,000				1,045,000																1,362,500
Vested	118,750				67,500				105,625				56,250				50,625				—				398,750																716,250
Exercised	115,750				3,528				46,889				30,000				15,625				—				211,792																301,792
Forfeited	13,750				67,500				43,750				135,000				30,000				—				290,000																312,500
Exercisable at December 31, 2014	3,000				63,972				47,486				26,250				35,000				—				175,708																380,708
Remaining unexercised	3,000				63,972				71,861				77,500				156,875				170,000				543,208																748,208
Exercise price	$	33.22			$	54.17			$	41.82			$	39.29			$	44.42			$	47.03
Volatility	0.207				0.233				0.330				0.315				0.304				0.306
Expected life (years)	8.0				6.5				8.0				8.0				8.0				7.0
Assumed yield	6.37		%		4.13		%		4.81		%		5.28		%		5.12		%		4.89		%
Risk-free rate	4.15		%		4.61		%		2.75		%		1.49		%		1.49		%		2.17		%
Gross value at grant date	$	413,400			$	1,339,200			$	1,366,625			$	1,518,050			$	1,401,300			$	1,349,800			$	7,388,375															$	9,596,150
Estimated forfeitures	35,100				62,000				387,550				889,690				280,468				168,749				1,823,557																1,823,557
Expensed in previous years	378,300				1,277,200				186,347				—				—				—				1,841,847																3,404,622
Expensed in 2012					—				270,391				104,724				—				—				375,115																632,365
Expensed in 2013					—				235,350				157,083				209,027				—				601,460																879,710
Expensed in 2014	—				—				217,475				157,092				283,910				196,848				855,325																964,825
Future expense	—				—				69,512				209,461				627,895				984,203				1,891,071																1,891,071
Weighted average term of remaining future expense					2.7			years

Summary of Option Activity

The table below summarizes the option activity for the years 2014, 2013, and 2012:

	2014							2013							2012
	Shares			Weighted Average Exercise Price				Shares			Weighted Average Exercise Price				Shares			Weighted Average Exercise Price
Outstanding at January 1	753,625			$	42.55			570,840			$	41.04			674,585			$	40.40
Granted	200,000			47.03				237,500			44.42				277,500			39.29
Exercised	(167,917	)		37.71				(49,715	)		33.15				(149,995	)		31.03
Expired/Forfeited	(37,500	)		43.56				(5,000	)		52.16				(231,250	)		43.56
Outstanding December 31	748,208			44.79				753,625			42.55				570,840			41.04
Exercisable at December 31	380,708			44.85				413,000			42.42				377,715			41.41

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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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