Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2012

A rollforward of Piedmont's deferred stock award activity for the nine months ended September 30, 2012 is as follows:



	Unvested Deferred Stock Awards as of January 1, 2012		Deferred Stock Awards Granted During Nine Months Ended September 30, 2012		Adjustment to Estimated Future Grants of Performance Share Awards During Nine Months Ended September 30, 2012			Deferred Stock Awards Vested During Nine Months Ended September 30, 2012			Deferred Stock Awards Forfeited During Nine Months Ended September 30, 2012			Unvested Deferred Stock Awards as of September 30, 2012
Shares	511,203		209,177		(164,740		)	(250,269		)	(4,546		)	300,825
Weighted-Average Grant Date Fair Value (per share)	$	21.67	$	17.48	$	23.80		$	20.95		$	18.76		$	18.25

A detail of Piedmont’s outstanding employee deferred stock awards as of September 30, 2012 is as follows:



Date of grant	Type of Award	Net Shares Granted ⁽¹⁾		Grant Date Fair Value		Vesting Schedule	Unvested Shares as of September 30, 2012
May 11, 2010	Fiscal Year 2010-2012 Performance Share Program	56,875	⁽²⁾	$	28.44	Shares vest immediately upon determination of award in 2013.	—	⁽³⁾
May 24, 2010	Annual Deferred Stock Award	161,148		$	18.71	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 24, 2011, 2012, and 2013, respectively.	53,125
May 24, 2010	One-Time Special Deferred Stock Award in Recognition of Piedmont's Initial Public Offering	40,085		$	18.71	Of the shares granted, 33.33% vested or will vest on May 24, 2011, 2012, and 2013, respectively.	17,457
April 5, 2011	Annual Deferred Stock Award	128,986		$	19.40	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on April 5, 2012, 2013, and 2014, respectively.	74,999
April 5, 2011	Fiscal Year 2011-2013 Performance Share Program	—		$	18.27	Shares vest immediately upon determination of award in 2014.	—	⁽³⁾
April 4, 2012	Annual Deferred Stock Award	191,738		$	17.49	Of the shares granted, 25% vested on the date of grant, and 25% will vest on April 4, 2013, 2014, and 2015, respectively.	155,244
April 4, 2012	Fiscal Year 2012-2014 Performance Share Program	—		$	17.42	Shares vest immediately upon determination of award in 2015.	—	⁽³⁾
Total							300,825


⁽¹⁾	Amounts reflect the total grant, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through September 30, 2012.


⁽²⁾	Represents net shares granted at the end of the first and second interim performance periods ended December 31, 2010 and 2011, respectively.


⁽³⁾	Estimated based on Piedmont's cumulative total stockholder return for the respective performance period through September 30, 2012. Such estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.