Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

A rollforward of Piedmont's equity based award activity for the nine months ended September 30, 2015 is as follows:



	Shares		Weighted-Average Grant Date Fair Value
Unvested Deferred Stock Awards as of December 31, 2014	506,404		$	18.12
Deferred Stock Awards Granted During Nine Months Ended September 30, 2015	299,360		$	17.59
Adjustment to Estimated Future Grants of Performance Share Awards During Nine Months Ended September 30, 2015	386,536		$	18.01
Deferred Stock Awards Vested During Nine Months Ended September 30, 2015	(228,734	)	$	17.96
Deferred Stock Awards Forfeited During Nine Months Ended September 30, 2015	(8,405	)	$	18.04
Unvested Deferred Stock Awards as of September 30, 2015	955,161		$	17.88

The following table provides additional information regarding stock award activity during the three and nine months ended September 30, 2015 and 2014, respectively (in thousands except for per share data):



	Three Months Ended				Nine Months Ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Weighted-Average Grant Date Fair Value of Shares Granted During the Period (per share)	$	18.31	$	—	$	17.59	$	17.78
Total Grant Date Fair Value of Shares Vested During the Period	$	32	$	28	$	4,109	$	3,223
Share-based Liability Awards Paid During the Period⁽¹⁾	$	—	$	—	$	—	$	—


⁽¹⁾	Amount reflects the issuance of performance share awards during the period, if any.

Schedule of Outstanding Employee Deferred Stock Awards

A detail of Piedmont’s outstanding employee stock awards as of September 30, 2015 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, 2015
November 7, 2012	Deferred Stock Award	14,836	$	18.04	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on April 4, 2013, 2014, and 2015, respectively.	4,989
April 2, 2013	Deferred Stock Award	118,174	$	19.47	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on April 2, 2014, 2015, and 2016, respectively.	37,084
April 2, 2013	Fiscal Year 2013-2015 Performance Share Program	—	$	18.91	Shares awarded, if any, will vest immediately upon determination of award in 2016.	53,287	⁽²⁾
January 3, 2014	Deferred Stock Award	95,476	$	16.45	Of the shares granted, 20% will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively.	82,673
May 9, 2014	Deferred Stock Award	163,222	$	18.47	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 9, 2015, 2016, and 2017, respectively.	96,032
May 9, 2014	Fiscal Year 2014-2016 Performance Share Program	—	$	22.00	Shares awarded, if any, will vest immediately upon determination of award in 2017.	159,271	⁽²⁾
May 1, 2015	Deferred Stock Award	271,970	$	17.59	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 1, 2016, 2017, and 2018, respectively.	219,403
May 1, 2015	Fiscal Year 2015-2017 Performance Share Program	—	$	18.42	Shares awarded, if any, will vest immediately upon determination of award in 2018.	302,422	⁽²⁾
Total						955,161


⁽¹⁾	Amounts reflect the total grant to employees, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through September 30, 2015.


⁽²⁾	Estimated based on Piedmont's cumulative TSR for the respective performance period through September 30, 2015. Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.