Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

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

A rollforward of Piedmont's equity based award activity for the six months ended June 30, 2016 is as follows:



	Shares		Weighted-Average Grant Date Fair Value
Unvested Stock Awards as of December 31, 2015	959,446		$	18.67
Deferred Stock Awards Granted	319,083		$	19.96
Increase in Estimated Potential Future Performance Share Awards	222,080		$	22.64
Performance Stock Awards Vested	(53,287	)	$	18.91
Deferred Stock Awards Vested	(250,323	)	$	18.61
Deferred Stock Awards Forfeited	(1,002	)	$	19.04
Unvested Stock Awards as of June 30, 2016	1,195,997		$	19.75

The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2016 and 2015, respectively (in thousands except for per share data):



	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Weighted-Average Grant Date Fair Value of Shares Granted During the Period (per share)	$	19.96	$	17.59	$	19.96	$	17.59
Total Grant Date Fair Value of Shares Vested During the Period	$	4,319	$	3,727	$	4,659	$	4,073
Share-based Liability Awards Paid During the Period⁽¹⁾	$	—	$	—	$	1,127	$	—


⁽¹⁾	Amount reflects the issuance of performance share awards related to the 2013-15 Performance Share Plan during the period.

Schedule of Outstanding Employee Stock Awards

A detail of Piedmont’s outstanding stock awards as of June 30, 2016 is as follows:



Date of grant	Type of Award	Net Shares Granted ⁽¹⁾	Grant Date Fair Value		Vesting Schedule	Unvested Shares as of June 30, 2016
January 3, 2014	Deferred Stock Award	87,706	$	16.45	Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively.	62,004
May 9, 2014	Deferred Stock Award	145,436	$	18.46	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.	48,205
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.	227,074	⁽²⁾
May 1, 2015	Deferred Stock Award	244,283	$	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.	143,652
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.	329,921	⁽²⁾
May 12, 2016	Deferred Stock Award-Board of Directors	31,368	$	20.40	Of the shares granted, 100% will vest on May 12, 2017.	31,368
May 24, 2016	Deferred Stock Award	260,335	$	19.91	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 24, 2017, 2018, and 2019, respectively.	214,916
May 24, 2016	Fiscal Year 2016-2018 Performance Share Program	—	$	23.02	Shares awarded, if any, will vest immediately upon determination of award in 2019.	138,857	⁽²⁾
Total						1,195,997


⁽¹⁾	Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through June 30, 2016.


⁽²⁾	Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 2016. Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.