Stock Option Plan (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018, 2017 and 2016.



SAUL CENTERS, INC. Notes to Consolidated Financial Statements (Dollars in thousands, except per share data)
Stock options issued
	Directors
Grant date		4/24/2009			5/7/2010			5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			5/6/2016			5/5/2017			5/11/2018			Subtotals
Total grant		32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			27,500			27,500			320,000
Vested		32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			27,500			27,500			320,000
Exercised		30,000			27,500			25,000			25,000			22,500			17,500			12,500			7,500			—			2,500			170,000
Forfeited		—			2,500			2,500			—			—			—			—			—			2,500			—			7,500
Exercisable at December 31, 2018		2,500			2,500			5,000			10,000			12,500			12,500			22,500			25,000			25,000			25,000			142,500
Remaining unexercised		2,500			2,500			5,000			10,000			12,500			12,500			22,500			25,000			25,000			25,000			142,500
Exercise price		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74		$	59.41		$	49.46
Volatility		0.344			0.369			0.358			0.348			0.333			0.173			0.166			0.166			0.173			0.192
Expected life (years)		6.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Assumed yield		4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%	4.54		%	3.75		%	3.45		%	3.70		%
Risk-free rate		2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%	1.50		%	1.23		%	1.89		%	2.84		%
Total value at grant date		$	223		$	288		$	298		$	257		$	278		$	110		$	125		$	151		$	166		$	169		$	2,065
Expensed in previous years		223			288			298			257			278			110			125			—			—			—			1,579
Expensed in 2016		—			—			—			—			—			—			—			151			—			—			151
Expensed in 2017		—			—			—			—			—			—			—			—			166			—			166
Expensed in 2018		—			—			—			—			—			—			—			—			—			169			169
Future expense		—			—			—			—			—			—			—			—			—			—			—
		Officers
Grant date		5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			5/6/2016			5/5/2017			5/11/2018			Subtotals						Grand Totals
Total grant		162,500			242,500			202,500			170,000			190,000			194,000			205,000			217,500			1,584,000						1,904,000
Vested		118,750			107,500			171,875			168,125			140,625			96,375			51,250			—			854,500						1,174,500
Exercised		103,750			92,455			129,375			46,126			20,625			3,750			—			—			396,081						566,081
Forfeited		43,750			135,000			30,625			1,875			3,125			1,875			—			—			216,250						223,750
Exercisable at December 31, 2018		15,000			15,045			42,500			121,999			120,000			92,625			51,250			—			458,419						600,919
Remaining unexercised		15,000			15,045			42,500			121,999			166,250			188,375			205,000			217,500			971,669						1,114,169
Exercise price		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74		$	59.41		$	49.46
Volatility		0.330			0.315			0.304			0.306			0.298			0.185			0.170			0.177
Expected life (years)		8.0			8.0			8.0			7.0			7.0			7.0			7.0			7.0
Assumed yield		4.81		%	5.28		%	5.12		%	4.89		%	4.94		%	3.80		%	3.50		%	3.75		%
Risk-free rate		2.75		%	1.49		%	1.49		%	2.17		%	1.89		%	1.55		%	2.17		%	2.94		%
Gross value at grant date		$	1,367		$	1,518		$	1,401		$	1,350		$	1,585		$	1,137		$	1,324		$	1,313		$	10,995					$	13,060
Estimated forfeitures		368			845			212			15			142			86			92			83			1,843						1,843
Expensed in previous years		999			576			762			492			240			—			—			—			3,069						4,648
Expensed in 2016		—			97			269			296			360			175			—			—			1,197						1,348
Expensed in 2017		—			—			158			295			361			263			205			—			1,282						1,448
Expensed in 2018		—			—			—			252			361			263			308			205			1,389						1,558
Future expense		—			—			—			—			121			350			719			1,025			2,215						2,215
Weighted average term of remaining future expense		2.5			years

Summary of Option Activity

The table below summarizes the option activity for the years 2018, 2017, and 2016:



	2018				2017				2016
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding at January 1	913,320		$	52.80	833,630		$	49.92	860,274		$	46.58
Granted	245,000		49.46		232,500		59.41		226,500		57.74
Exercised	(39,151	)	42.98		(149,060	)	46.97		(246,894	)	45.59
Expired/Forfeited	(5,000	)	54.78		(3,750	)	53.73		(6,250	)	45.31
Outstanding December 31	1,114,169		52.40		913,320		52.80		833,630		49.92
Exercisable at December 31	600,919		50.93		430,945		48.94		375,255		46.68