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Share-Based Compensation and Employee Benefit Plans (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| 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 share transactions under the share-based compensation plans for 2011, 2012 and 2013:
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Shares |
|
Weighted Average Grant Date Fair Value |
Unvested at December 31, 2010 |
|
669,858 |
|
|
$ |
32.77 |
|
Granted |
|
320,284 |
|
|
33.68 |
|
Forfeited |
|
(18,058 |
) |
|
34.23 |
|
Vested |
|
(323,706 |
) |
|
32.86 |
|
Unvested at December 31, 2011 |
|
648,378 |
|
|
33.13 |
|
Granted |
|
177,662 |
|
|
23.64 |
|
Forfeited |
|
(17,019 |
) |
|
31.43 |
|
Vested |
|
(374,378 |
) |
|
32.72 |
|
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 |
|
Restricted shares expected to vest |
|
361,064 |
|
|
$ |
27.02 |
|
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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 the 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 |
|
100% of PSUs granted |
25th |
|
50% of PSUs granted |
Below 25th |
|
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 2011, 2012 and 2013 are set forth below:
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For the Years Ended December 31, |
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2013 |
|
2012 |
|
2011 |
Grant date fair value |
|
$ |
26.84 |
|
|
$ |
32.77 |
|
|
$ |
49.15 |
|
Baseline common share value |
|
$ |
25.85 |
|
|
$ |
24.39 |
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|
$ |
35.17 |
|
Expected volatility of common shares |
|
29.5 |
% |
|
43.2 |
% |
|
61.1 |
% |
Risk-free interest rate |
|
0.33 |
% |
|
0.41 |
% |
|
1.32 |
% |
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| Summary of stock option transactions under the entity's share-based compensation plans |
The following table summarizes option transactions under the share-based compensation plans for 2011, 2012 and 2013 (dollars in thousands, except per share data):
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Shares |
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Range of Exercise Price per Share |
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Weighted Average Exercise Price per Share |
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Weighted Average Remaining Contractual Term
(in Years)
|
|
Aggregate Intrinsic Value |
Outstanding at December 31, 2010 |
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1,188,284 |
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|
$9.54 - $57.00 |
|
$ |
33.07 |
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|
5 |
|
$ |
7,987 |
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Forfeited/Expired – 2011 |
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(51,598 |
) |
|
$22.49 - $50.59 |
|
$ |
42.82 |
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|
|
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Exercised – 2011 |
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(191,264 |
) |
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$9.54 - $30.25 |
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$ |
12.82 |
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Outstanding at December 31, 2011 |
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945,422 |
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$13.40 - $57.00 |
|
$ |
36.63 |
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|
4 |
|
$ |
510 |
|
Forfeited/Expired – 2012 |
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(85,588 |
) |
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$25.52 - $57.00 |
|
$ |
42.98 |
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|
|
|
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Exercised – 2012 |
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(61,624 |
) |
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$13.40 - $22.49 |
|
$ |
15.08 |
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|
|
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Outstanding at December 31, 2012 |
|
798,210 |
|
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$13.60 - $57.00 |
|
$ |
37.62 |
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|
3 |
|
$ |
325 |
|
Forfeited/Expired – 2013 |
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(117,952 |
) |
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$18.08 - $51.62 |
|
$ |
40.91 |
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|
|
|
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Exercised – 2013 |
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(39,331 |
) |
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$13.60 - $26.24 |
|
$ |
19.67 |
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Outstanding at December 31, 2013 |
|
640,927 |
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$19.63 - $56.00 |
|
$ |
38.11 |
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|
2 |
|
$ |
68 |
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Exercisable at December 31, 2011 |
|
945,422 |
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|
(1) |
|
$ |
36.63 |
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|
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Exercisable at December 31, 2012 |
|
798,210 |
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(2) |
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$ |
37.62 |
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Exercisable at December 31, 2013 |
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640,927 |
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(3) |
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$ |
38.11 |
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(1) |
53,957 of these options had an exercise price ranging from $13.40 to $16.73; 225,903 had an exercise price ranging from $16.74 to $30.04; 198,762 had an exercise price ranging from $30.05 to $41.28; and 466,800 had an exercise price ranging from $41.29 to $57.00.
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(2) |
9,500 of these options had an exercise price ranging from $13.60 to $16.73; 204,736 had an exercise price ranging from $16.74 to $30.04; 180,962 had an exercise price ranging from $30.05 to $41.28; and 403,012 had an exercise price ranging from $41.29 to $57.00.
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(3) |
171,288 of these options had an exercise price ranging from $19.63 to $30.04; 145,187 had an exercise price ranging from$30.05 to $41.28; 160,402 had an exercise price ranging from $41.29 to $42.74; and 164,050 had an exercise price ranging from $42.75 to $56.00.
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| Reporting for share-based compensation expense |
The table below sets forth our reporting for share based compensation expense (in thousands):
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For the Years Ended December 31, |
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2013 |
|
2012 |
|
2011 |
General, administrative and leasing expenses |
|
$ |
5,412 |
|
|
$ |
8,611 |
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|
$ |
9,077 |
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Property operating expenses |
|
1,118 |
|
|
1,371 |
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|
2,843 |
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Capitalized to development activities |
|
1,075 |
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|
1,202 |
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|
2,347 |
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Share-based compensation expense |
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$ |
7,605 |
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$ |
11,184 |
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$ |
14,267 |
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