Share-Based Compensation and Other Compensation Matters (Tables)
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12 Months Ended |
Dec. 31, 2015 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of restricted share transactions under the entity's share-based compensation plans |
The following table summarizes restricted shares under the share-based compensation plans for 2013, 2014 and 2015:
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|
Shares |
|
Weighted Average Grant Date Fair Value |
Unvested at December 31, 2012 |
|
434,643 |
|
|
$ |
29.67 |
|
Granted |
|
193,833 |
|
|
25.91 |
|
Forfeited |
|
(9,541 |
) |
|
27.59 |
|
Vested |
|
(241,487 |
) |
|
30.97 |
|
Unvested at December 31, 2013 |
|
377,448 |
|
|
26.96 |
|
Granted |
|
216,607 |
|
|
26.73 |
|
Forfeited |
|
(21,335 |
) |
|
25.10 |
|
Vested |
|
(182,213 |
) |
|
28.56 |
|
Unvested at December 31, 2014 |
|
390,507 |
|
|
26.19 |
|
Granted |
|
201,024 |
|
|
28.69 |
|
Forfeited |
|
(10,550 |
) |
|
26.05 |
|
Vested |
|
(202,781 |
) |
|
26.07 |
|
Unvested at December 31, 2015 |
|
378,200 |
|
|
$ |
27.58 |
|
Unvested shares as of December 31, 2015 that are expected to vest |
|
364,666 |
|
|
$ |
27.61 |
|
|
| Schedule of PSU's Granted |
We made the following grants of PSUs to executives from 2011 through 2015 (dollars in thousands):
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|
Grant Date |
|
Number of PSUs Granted |
|
Performance Period Commencement Date |
|
Performance Period End Date |
|
Grant Date Fair Value |
|
Number of PSUs Outstanding as of December 31, 2015 |
3/3/2011 |
|
56,883 |
|
|
3/3/2011 |
|
3/2/2014 |
|
$ |
2,796 |
|
|
— |
|
3/1/2012 |
|
54,070 |
|
|
1/1/2012 |
|
12/31/2014 |
|
1,772 |
|
|
— |
|
3/1/2013 |
|
69.579 |
|
|
1/1/2013 |
|
12/31/2015 |
|
1,867 |
|
|
51,556 |
|
3/6/2014 |
|
49,103 |
|
|
1/1/2014 |
|
12/31/2016 |
|
1,723 |
|
|
37,843 |
|
3/5/2015 |
|
45,656 |
|
|
1/1/2015 |
|
12/31/2017 |
|
1,678 |
|
|
45,656 |
|
|
| Schedule of payouts for defined performance under performance-based awards of share-based compensation |
The number of PSUs earned (“earned PSUs”) at the end of the performance period will be determined based on the percentile rank of COPT’s total shareholder return relative to a peer group of companies, as set forth in the following schedule:
|
|
|
|
Percentile Rank |
|
Earned PSUs Payout % |
75th or greater |
|
200% of PSUs granted |
50th or greater |
|
100% of PSUs granted |
25th |
|
50% of PSUs granted |
Below 25th |
|
0% of PSUs granted |
|
| Schedule of assumptions used in Monte Carlo models for PSUs |
The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PSUs granted in 2013, 2014 and 2015 are set forth below:
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For the Years Ended December 31, |
|
|
2015 |
|
2014 |
|
2013 |
Grant date fair value |
|
$ |
36.76 |
|
|
$ |
35.09 |
|
|
$ |
26.84 |
|
Baseline common share value |
|
$ |
29.28 |
|
|
$ |
26.52 |
|
|
$ |
25.85 |
|
Expected volatility of common shares |
|
19.9 |
% |
|
28.6 |
% |
|
29.5 |
% |
Risk-free interest rate |
|
0.99 |
% |
|
0.66 |
% |
|
0.33 |
% |
|
| Summary of stock option transactions under the entity's share-based compensation plans |
The table below sets forth information regarding our outstanding options (dollars in thousands, except per share data):
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|
Options Outstanding and Exercisable |
|
Weighted Average Exercise Price Per Share |
|
Weighted Average Remaining Contractual Term
(in Years)
|
|
Aggregate Intrinsic Value |
December 31, 2012 |
|
798,210 |
|
|
$37.62 |
|
3 |
|
$ |
325 |
|
December 31, 2013 |
|
640,927 |
|
|
$38.11 |
|
2 |
|
$ |
68 |
|
December 31, 2014 |
|
559,736 |
|
|
$39.60 |
|
2 |
|
$ |
167 |
|
December 31, 2015 |
|
425,347 |
|
|
$42.75 |
|
1 |
|
$ |
— |
|
|
| Reporting for share-based compensation expense |
The table below sets forth our reporting for share based compensation cost (in thousands):
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For the Years Ended December 31, |
|
|
2015 |
|
2014 |
|
2013 |
General, administrative and leasing expenses |
|
$ |
5,574 |
|
|
$ |
5,307 |
|
|
$ |
5,412 |
|
Property operating expenses |
|
1,000 |
|
|
857 |
|
|
1,118 |
|
Capitalized to development activities |
|
824 |
|
|
886 |
|
|
1,075 |
|
Share-based compensation cost |
|
$ |
7,398 |
|
|
$ |
7,050 |
|
|
$ |
7,605 |
|
|