Stock Based Compensation

12 Months Ended

Dec. 31, 2011

Stock Based Compensation [Abstract]

Stock Based Compensation

14. Stock Based Compensation

The Company maintains five stock incentive plans, (the “Stock Incentive Plans”) which are administered by the Company’s Compensation Committee of the Board of Directors. There are 11.5 million shares of the Company’s common stock authorized for issuance under the Stock Incentive Plans. Only officers, certain employees, the Company’s Independent Directors and our affiliates generally are eligible to participate in the Stock Incentive Plans.

The Stock Incentive Plans authorize (i) the grant of stock options that qualify as incentive stock options under Section 422 of the Code, (ii) the grant of stock options that do not so qualify, (iii) restricted stock/Unit awards (including awards subject to performance conditions), and (iv) dividend equivalent rights. The exercise price of stock options is determined by the Company’s Compensation Committee. Special provisions apply to awards granted under the Stock Incentive Plans in the event of a change in control in the Consolidated Operating Partnership. As of December 31 awards covering, 1.9 million shares of common stock were available to be granted under the Stock Incentive Plans.

At December 31, 2011, all outstanding stock options are vested. Stock option transactions as of December 31, 2011 are summarized as follows:

	Options			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at December 31, 2010		98,701		$	32.34	$	—
Expired or Terminated		(73,500	)	$	32.61
Outstanding at December 31, 2011		25,201		$	31.57	$	—

The following table summarizes currently outstanding and exercisable options as of December 31, 2011:

	Number Outstanding and Exercisable	Remaining Contractual  Life		Exercise Price
January 2002 Grants	15,201		0.04	$	30.53
May 2002 Grants	10,000		0.37	$	33.15

In September 1994, the Company’s Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but are not required to make, matching contributions. For the years ended December 31, 2011, 2010 and 2009, matching contributions of $197, $194 and $0, respectively were recorded.

For the years ended December 31, 2011, 2010 and 2009, we awarded 292,339, 573,198 and 1,473,600 restricted stock/unit awards to employees having a fair value at grant date of $3,248, $3,336 and $7,406, respectively. The Company also awarded 0, 0 and 35,145 restricted stock/unit awards to the Company’s directors having a fair value at grant date of $0, $0 and $149, respectively. Restricted stock/unit awards granted to employees generally vest over a period of three to four years and restricted stock/unit awards granted to directors generally vest over a period of five years. For the years ended December 31, 2011, 2010 and 2009, we recognized $3,759, $6,040 and $13,015 in restricted stock amortization related to restricted stock and unit awards, of which $0, $0 and $45, respectively, was capitalized in connection with development activities. At December 31, 2011, we have $5,141 in unearned compensation related to unvested restricted stock/unit awards. The weighted average period that the unrecognized compensation is expected to be incurred is 0.79 years.

Restricted stock award and restricted stock unit award transactions for the year ended December 31, 2011 are summarized as follows:

	Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2010		1,674,892		$	7.26
Issued		292,339		$	11.11
Forfeited		(51,024	)	$	11.59
Vested		(510,926	)	$	9.74
Outstanding at December 31, 2011		1,405,281		$	7.00

During the year ended December 31, 2009, the Company made a grant of 1,000,000 restricted stock units to its Chief Executive Officer. These restricted stock units had a fair value of approximately $6,014 on the date of issuance. Of these restricted stock units, a total of 600,000 (the “Service Awards”) vest in four equal installments on the first, second, third and fourth year anniversary of December 31, 2008, and a total of 400,000 (the “Performance Awards I”) vest in four installments of up to 100,000 on the first, up to 200,000 on the second, up to 300,000 on the third and up to 400,000 on the fourth year anniversary of December 31, 2008, to the extent certain market conditions are met. The market conditions are met when certain stock price levels are achieved and maintained for certain time periods between the award issuance date and December 31, 2013. Both the Service Awards and Performance Awards I require the Chief Executive Officer to be employed by the Company at the applicable vesting dates, subject to certain clauses in the award agreement. The Service Awards are amortized over the four year service period. The Performance Awards I are amortized over the service period of each installment. As of December 31, 2011, there have been 525,000 Service and Performance Awards I issued.

During the year ended December 31, 2009, the Company made a grant of 473,600 restricted stock units to certain members of management (the “Performance Awards II”). The Performance Awards II had a fair value of approximately $1,392 on the date of issuance and will vest in four installments on the first, second, third and fourth anniversary of June 30, 2009, to the extent certain service periods and market conditions are both met. The market conditions are met when certain stock price levels are achieved and maintained for certain time periods between the award issuance date and June 30, 2014. The Performance Awards II are amortized over the service period of each installment. In conjunction with the issuance of the Performance Awards II, the members of management were also granted cash awards with a fair value of $792. The cash awards vested on June 30, 2010 and compensation expense was recognized on a straight-line basis over the service period. In order to receive the Performance Awards II, the members of management are required to be employed by the Company at the applicable vesting dates, subject to certain clauses in the award agreements. As of December 31, 2011, there have been 39,100 Performance Awards II issued.

The fair value of the Performance Awards I and the Performance Awards II at issuance was determined using a Monte Carlo simulation model with the following assumptions:

	Performance Awards I		Performance Awards II
Expected dividend yield		0.0%		0.0%
Expected stock volatility		57.18% to 119.55%		76.29% to 162.92%
Risk-free interest rate		0.40% to 1.84%		0.43% to 2.38%
Expected life (years)		1-4		1-4
Grant Date Fair value	$	4.49	$	2.94

During the years ended December 31, 2011 and December 31, 2010, certain members of management were granted cash awards with a fair value of $1,810 and $688, respectively. The cash awards vest on June 30, 2012 and June 30, 2011, respectively, and compensation expense is recognized on a straight-line basis over the service period. In order to receive the cash awards, the members of management are required to be employed by the Company at the vesting date, subject to certain clauses of the award agreements.