Stock Option Plan (Tables)

12 Months Ended

Dec. 31, 2015

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

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, 2015, 2014 and 2013.



SAUL CENTERS, INC. Notes to Consolidated Financial Statements (Dollars in thousands, except per share data)
Stock options issued
	Directors
Grant date		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			5/8/2015			Subtotals
Total grant		30,000				30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			322,500
Vested		30,000				30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			322,500
Exercised		20,000				5,000			7,500			22,500			15,000			15,000			15,000			12,500			7,500			5,000			125,000
Forfeited		2,500				7,500			7,500			—			2,500			2,500			—			—			—			—			22,500
Exercisable at December 31, 2015		7,500				17,500			15,000			10,000			15,000			15,000			20,000			22,500			22,500			30,000			175,000
Remaining unexercised		7,500				17,500			15,000			10,000			15,000			15,000			20,000			22,500			22,500			30,000			175,000
Exercise price		$	40.35			$	54.17		$	50.15		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07
Volatility		0.206				0.225			0.237			0.344			0.369			0.358			0.348			0.333			0.173			0.166
Expected life (years)		9.0				8.0			7.0			6.0			5.0			5.0			5.0			5.0			5.0			5.0
Assumed yield		5.93		%		4.39		%	4.09		%	4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%	4.54		%
Risk-free rate		5.11		%		4.65		%	3.49		%	2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%	1.50		%
Total value at grant date		$	144			$	285		$	255		$	223		$	288		$	297		$	257		$	278		$	110		$	125		$	2,262
Expensed in previous years		144				285			255			223			288			297			257			—			—			—			1,749
Expensed in 2013		—				—			—			—			—			—			—			278			—			—			278
Expensed in 2014		—				—			—			—			—			—			—			—			110			—			110
Expensed in 2015		—				—			—			—			—			—			—			—			—			125			125
Future expense		—				—			—			—			—			—			—			—			—			—			—
	Officers
Grant date		4/27/2007				5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			Subtotals												Grand Totals
Total grant		135,000				162,500			242,500			202,500			170,000			190,000			1,102,500												1,425,000
Vested		67,500				118,750			81,875			91,250			42,500			—			401,875												724,375
Exercised		14,097				58,754			40,625			24,375			3,125			—			140,976												265,976
Forfeited		67,500				43,750			135,000			30,000			—			—			276,250												298,750
Exercisable at December 31, 2015		53,403				59,996			41,250			66,875			39,375			—			260,899												435,899
Remaining unexercised		53,403				59,996			66,875			148,125			166,875			190,000			685,274												860,274
Exercise price		$	54.17			$	41.82		$	39.29		$	44.42		$	47.03		$	51.07
Volatility		0.233				0.330			0.315			0.304			0.306			0.298
Expected life (years)		6.5				8.0			8.0			8.0			7.0			7.0
Assumed yield		4.13		%		4.81		%	5.28		%	5.12		%	4.89		%	4.94		%
Risk-free rate		4.61		%		2.75		%	1.49		%	1.49		%	2.17		%	1.89		%
Gross value at grant date		$	1,339			$	1,367		$	1,518		$	1,401		$	1,350		$	1,585		$	8,560											$	10,822
Estimated forfeitures		62				368			890			280			169			142			1,911												1,911
Expensed in previous years		1,277				457			105			—			—			—			1,839												3,588
Expensed in 2013		—				236			157			209			—			—			602												880
Expensed in 2014		—				217			157			284			197			—			855												965
Expensed in 2015		—				89			157			269			295			241			1,051												1,176
Future expense		—				—			52			359			689			1,202			2,302												2,302
Weighted average term of remaining future expense		2.7			years

Summary of Option Activity

The table below summarizes the option activity for the years 2015, 2014, and 2013:



	2015				2014				2013
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding at January 1	748,208		$	44.79	753,625		$	42.55	570,840		$	41.04
Granted	225,000		51.07		200,000		47.03		237,500		44.42
Exercised	(112,934	)	43.67		(167,917	)	37.71		(49,715	)	33.15
Expired/Forfeited	—		—		(37,500	)	43.56		(5,000	)	52.16
Outstanding December 31	860,274		46.58		748,208		44.79		753,625		42.55
Exercisable at December 31	435,899				380,708		44.85		413,000		42.42