Stock Option Plan (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014.



SAUL CENTERS, INC. Notes to Consolidated Financial Statements (Dollars in thousands, except per share data)
Stock options issued
	Directors
Grant date		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			5/6/2016			Subtotals
Total grant		30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			325,000
Vested		30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			325,000
Exercised		10,000			12,500			25,000			17,500			17,500			17,500			15,000			10,000			5,000			—			130,000
Forfeited		7,500			7,500			—			2,500			2,500			—			—			—			—			—			20,000
Exercisable at December 31, 2016		12,500			10,000			7,500			12,500			12,500			17,500			20,000			20,000			30,000			32,500			175,000
Remaining unexercised		12,500			10,000			7,500			12,500			12,500			17,500			20,000			20,000			30,000			32,500			175,000
Exercise price		$	54.17		$	50.15		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74
Volatility		0.225			0.237			0.344			0.369			0.358			0.348			0.333			0.173			0.166			0.166
Expected life (years)		8.0			7.0			6.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Assumed yield		4.39		%	4.09		%	4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%	4.54		%	3.75		%
Risk-free rate		4.65		%	3.49		%	2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%	1.50		%	1.23		%
Total value at grant date		$	285		$	255		$	223		$	288		$	298		$	257		$	278		$	110		$	125		$	151		$	2,270
Expensed in previous years		285			255			223			288			298			257			278			—			—			—			1,884
Expensed in 2014		—			—			—			—			—			—			—			110			—			—			110
Expensed in 2015		—			—			—			—			—			—			—			—			125			—			125
Expensed in 2016		—			—			—			—			—			—			—			—			—			151			151
Future expense		—			—			—			—			—			—			—			—			—			—			—
	Officers
Grant date		4/27/2007			5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			5/6/2016			Subtotals									Grand Totals
Total grant		135,000			162,500			242,500			202,500			170,000			190,000			194,000			1,296,500									1,621,500
Vested		67,500			118,750			107,500			131,875			85,000			47,500			—			558,125									883,125
Exercised		67,500			92,915			91,205			68,750			31,250			6,250			—			357,870									487,870
Forfeited		67,500			43,750			135,000			30,625			1,250			1,875			—			280,000									300,000
Exercisable at December 31, 2016		—			25,835			16,295			63,125			53,750			41,250			—			200,255									375,255
Remaining unexercised		—			25,835			16,295			103,125			137,500			181,875			194,000			658,630									833,630
Exercise price		$	54.17		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74
Volatility		0.233			0.330			0.315			0.304			0.306			0.298			0.185
Expected life (years)		6.5			8.0			8.0			8.0			7.0			7.0			7.0
Assumed yield		4.13		%	4.81		%	5.28		%	5.12		%	4.89		%	4.94		%	3.80		%
Risk-free rate		4.61		%	2.75		%	1.49		%	1.49		%	2.17		%	1.89		%	1.55		%
Gross value at grant date		$	1,339		$	1,366		$	1,518		$	1,401		$	1,350		$	1,585		$	1,137		$	9,696								$	11,966
Estimated forfeitures		62			368			845			280			169			142			87			1,953									1,953
Expensed in previous years		1,277			692			262			209			—			—			—			2,440									4,324
Expensed in 2014		—			217			157			284			197			—			—			855									965
Expensed in 2015		—			89			157			269			295			241			—			1,051									1,176
Expensed in 2016					—			97			269			295			361			175			1,197									1,348
Future expense		—			—			—			90			394			841			875			2,200									2,200
Weighted average term of remaining future expense		2.5			years

Summary of Option Activity

The table below summarizes the option activity for the years 2016, 2015, and 2014:



	2016				2015				2014
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding at January 1	860,274		$	46.58	748,208		$	44.79	753,625		$	42.55
Granted	226,500		57.74		225,000		51.07		200,000		47.03
Exercised	(246,894	)	45.59		(112,934	)	43.67		(167,917	)	37.71
Expired/Forfeited	(6,250	)	45.31		—		—		(37,500	)	43.56
Outstanding December 31	833,630		49.92		860,274		46.58		748,208		44.79
Exercisable at December 31	375,255		46.68		435,899		45.33		380,708		44.85