Share-Based Compensation and Other Compensation Matters (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| 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, |
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2016 |
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2015 |
|
2014 |
General, administrative and leasing expenses |
|
$ |
5,816 |
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$ |
5,574 |
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$ |
5,307 |
|
Property operating expenses |
|
1,027 |
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|
1,000 |
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|
857 |
|
Capitalized to development activities |
|
610 |
|
|
824 |
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|
886 |
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Share-based compensation cost |
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$ |
7,453 |
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$ |
7,398 |
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$ |
7,050 |
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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 2014, 2015 and 2016:
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Shares |
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Weighted Average Grant Date Fair Value |
Unvested as of December 31, 2013 |
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377,448 |
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$ |
26.96 |
|
Granted |
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216,607 |
|
|
26.73 |
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Forfeited |
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(21,335 |
) |
|
25.10 |
|
Vested |
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(182,213 |
) |
|
28.56 |
|
Unvested as of December 31, 2014 |
|
390,507 |
|
|
26.19 |
|
Granted |
|
201,024 |
|
|
28.69 |
|
Forfeited |
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(10,550 |
) |
|
26.05 |
|
Vested |
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(202,781 |
) |
|
26.07 |
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Unvested as of December 31, 2015 |
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378,200 |
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|
27.58 |
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Granted |
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231,937 |
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|
24.77 |
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Forfeited |
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(22,907 |
) |
|
25.31 |
|
Vested |
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(215,983 |
) |
|
27.19 |
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Unvested as of December 31, 2016 |
|
371,247 |
|
|
$ |
26.20 |
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Unvested shares as of December 31, 2016 that are expected to vest |
|
353,681 |
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$ |
26.20 |
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| Schedule of PSU's Granted |
We made the following grants of PSUs to executives from 2011 through 2016 (dollars in thousands):
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Grant Date |
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Number of PSUs Granted |
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Performance Period Commencement Date |
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Performance Period End Date |
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Grant Date Fair Value |
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Number of PSUs Outstanding as of December 31, 2016 |
3/3/2011 |
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56,883 |
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3/3/2011 |
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3/2/2014 |
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$ |
2,796 |
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|
— |
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3/1/2012 |
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54,070 |
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1/1/2012 |
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12/31/2014 |
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1,772 |
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|
— |
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3/1/2013 |
|
69,579 |
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1/1/2013 |
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12/31/2015 |
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1,867 |
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— |
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3/6/2014 |
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49,103 |
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1/1/2014 |
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12/31/2016 |
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1,723 |
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|
8,849 |
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3/5/2015 |
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45,656 |
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1/1/2015 |
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12/31/2017 |
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1,678 |
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|
15,767 |
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3/1/2016 |
|
26,299 |
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1/1/2016 |
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12/31/2018 |
|
1,000 |
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|
24,850 |
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| 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:
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Percentile Rank |
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Earned PSUs Payout % |
75th or greater |
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200% of PSUs granted |
50th or greater |
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100% of PSUs granted |
25th |
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50% of PSUs granted |
Below 25th |
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0% of PSUs granted |
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| 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 2014, 2015 and 2016 are set forth below:
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For the Years Ended December 31, |
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2016 |
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2015 |
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2014 |
Grant date fair value |
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$ |
38.21 |
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$ |
36.76 |
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$ |
35.09 |
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Baseline common share value |
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$ |
23.90 |
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$ |
29.28 |
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$ |
26.52 |
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Expected volatility of common shares |
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20.4 |
% |
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19.9 |
% |
|
28.6 |
% |
Risk-free interest rate |
|
0.96 |
% |
|
0.99 |
% |
|
0.66 |
% |
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| Deferred share awards |
We made the following grants of deferred share awards to nonemployee members of our Board of Trustees in 2015 and 2016 (dollars in thousands, except per share amounts):
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Year of Grant |
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Number of Deferred Share Awards Granted |
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Aggregate Grant Date Fair Value |
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Grant Date Fair Value Per Share |
2015 |
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24,056 |
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$ |
642 |
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$ |
26.70 |
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2016 |
|
24,944 |
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|
671 |
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|
26.89 |
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| 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 |
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Weighted Average Exercise Price Per Share |
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Weighted Average Remaining Contractual Term
(in Years)
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Aggregate Intrinsic Value |
December 31, 2013 |
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640,927 |
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$38.11 |
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2 |
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$ |
68 |
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December 31, 2014 |
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559,736 |
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$39.60 |
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2 |
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$ |
167 |
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December 31, 2015 |
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425,347 |
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$42.75 |
|
1 |
|
$ |
— |
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December 31, 2016 |
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201,100 |
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$43.35 |
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1 |
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$ |
31 |
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