Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2013

A rollforward of Piedmont's deferred stock award activity for the three months ended March 31, 2013 is as follows:



	Unvested Deferred Stock Awards as of January 1, 2013		Deferred Stock Awards Granted During Three Months Ended March 31, 2013		Adjustment to Estimated Future Grants of Performance Share Awards During Three Months Ended March 31, 2013		Deferred Stock Awards Vested During Three Months Ended March 31, 2013		Deferred Stock Awards Forfeited During Three Months Ended March 31, 2013			Unvested Deferred Stock Awards as of March 31, 2013
Shares	318,893		—		50,155		—		(456		)	368,592
Weighted-Average Grant Date Fair Value (per share)	$	18.41	$	—	$	18.27	$	—	$	17.60		$	18.39

A detail of Piedmont’s outstanding employee deferred stock awards as of March 31, 2013 is as follows:



Date of grant	Type of Award	Net Shares Granted ⁽¹⁾		Grant Date Fair Value		Vesting Schedule	Unvested Shares as of March 31, 2013
May 11, 2010	Fiscal Year 2010-2012 Performance Share Program	56,875	⁽²⁾	$	28.44	Shares vest immediately upon determination of award in 2013.	5,266	⁽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.	52,964
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.	74,470
April 5, 2011	Fiscal Year 2011-2013 Performance Share Program	—		$	18.27	Shares awarded, if any, will vest immediately upon determination of award in 2014.	50,155	⁽⁴	⁾
April 4, 2012	Annual Deferred Stock Award	209,876		$	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.	168,280
April 4, 2012	Fiscal Year 2012-2014 Performance Share Program	—		$	17.42	Shares awarded, if any, will vest immediately upon determination of award in 2015.	—	⁽⁴	⁾
Total							368,592


⁽¹⁾	Amounts reflect the total grant, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through March 31, 2013.


⁽²⁾	Represents net shares granted as of the end of the second interim performance period ended December 31, 2011.


⁽³⁾	Calculated based on Piedmont's cumulative total stockholder return for the respective performance period through December 31, 2012.


⁽⁴⁾	Estimated based on Piedmont's cumulative total stockholder return for the respective performance period through March 31, 2013. Such estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.