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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2011
Shareholders' Equity |
Shareholders' Equity |
Note 4. Shareholders' Equity We have common shares available for issuance under the terms of our 1999 Share Award Plan, as amended, and our 2003 Share Award Plan, collectively referred to as the Share Award Plans. We awarded 72,450 common shares with an aggregate market value of $1,732, 66,850 common shares with an aggregate market value of $1,625 and 63,450 common shares with an aggregate market value of $1,228 to our officers and certain employees of Reit Management & Research LLC, or RMR, pursuant to the Share Award Plans during the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we awarded each of our Trustees 2,000 common shares in each of 2011, 2010 and 2009 with an aggregate market value of $234 ($47 to each Trustee), $222 ($44 to each Trustee) and $155 ($31 to each Trustee), respectively, pursuant to the Share Award Plans as part of their annual fees. Shares awarded to the Trustees vest immediately. The shares awarded to our officers and certain employees of our manager vest in five annual installments beginning on the date of grant. We include the value of awarded shares in general and administrative expenses on our consolidated income statement at the time the awards vest. A summary of shares granted and vested under the terms of our Share Award Plans from January 1, 2009 to December 31, 2011 is as follows:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |
--- | --- | --- | --- | --- | ---
Unvested shares at December 31, 2008 |  |  | 77,485 |  | $ | 20.79 |
Shares granted in 2009 |  |  | 73,450 |  | $ | 18.83 |
Shares vested in 2009 |  |  | (48,415 | ) | $ | 18.61 |
Unvested shares at December 31, 2009 |  |  | 102,520 |  | $ | 20.04 |
Shares granted in 2010 |  |  | 76,850 |  | $ | 24.04 |
Shares vested in 2010 |  |  | (60,700 | ) | $ | 23.85 |
Unvested shares at December 31, 2010 |  |  | 118,670 |  | $ | 21.83 |
Shares granted in 2011 |  |  | 82,450 |  | $ | 23.84 |
Shares vested in 2011 |  |  | (68,500 | ) | $ | 23.36 |
Unvested shares at December 31, 2011 |  |  | 132,620 |  | $ | 22.86 |
The 132,620 unvested shares as of December 31, 2011 are scheduled to vest as follows: 50,440 shares in 2012, 39,970 shares in 2013, 27,720 shares in 2014 and 14,490 shares in 2015. As of December 31, 2011, the estimated future compensation for the unvested shares was $2,976 based on the closing share price of $22.44 on December 31, 2011. The weighted average period over which the compensation expense will be recorded is approximately 1.8 years. We recorded share based compensation expense of $1,659 in 2011, $1,445 in 2010 and $1,127 in 2009. At December 31, 2011, 2,411,065 of our common shares remain available for issuance under the Share Award Plans. All share awards are fully expensed as the grants vest. Our cash distributions to our common shareholders for the years ended December 31, 2011, 2010 and 2009, were $1.49 per share, $1.45 per share, and $1.42 per share, respectively. The characterization of the distributions made in 2011, 2010 and 2009 was 65.64%, 68.33%, and 76.14% ordinary income, respectively; 27.48%, 31.67%, and 23.86% return of capital, respectively; 2.59%, 0%, and 0% capital gain, respectively; and 4.29%, 0%, and 0% unrecaptured Section 1250 gain, respectively. On January 4, 2012, we declared a quarterly distribution of $0.38 per common share, or $61,805, to our common shareholders for the quarter ended December 31, 2011. This distribution was paid to shareholders on February 9, 2012, using cash on hand and borrowings under our revolving credit facility. In July and October 2011, we issued 11,500,000 and 9,200,000 common shares in two public offerings, raising net proceeds of approximately $247,498 and $184,735, respectively. In December 2010, we issued 14.4 million common shares in a public offering, raising net proceeds of approximately $282,000. We used the net proceeds from these offerings to repay borrowings outstanding under our revolving credit facility and for general business purposes, including the partial funding of the acquisitions described above.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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