Schedule of Nonvested Share Activity |
A rollforward of Piedmont's equity based award activity for the six months ended June 30, 2020 is as follows:
| | | | | | | | | | | | | Shares | | Weighted-Average Grant Date Fair Value | Unvested and Potential Stock Awards as of December 31, 2019 | 1,045,020 | | | $ | 25.15 | | Deferred Stock Awards Granted | 242,586 | | | $ | 22.39 | | Increase in Estimated Potential Share Award based on TSR Performance | 332,690 | | | $ | 25.83 | | Performance Stock Awards Vested | (153,368) | | | $ | 30.45 | | Deferred Stock Awards Vested | (218,972) | | | $ | 21.05 | | Deferred Stock Awards Forfeited | (6,516) | | | $ | 21.68 | | Unvested and Potential Stock Awards as of June 30, 2020 | 1,241,440 | | | $ | 24.88 | |
The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2020 and 2019, respectively (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | Six Months Ended | | | | June 30, 2020 | | June 30, 2019 | | June 30, 2020 | | June 30, 2019 | Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period | $ | 13.76 | | | $ | 21.02 | | | $ | 22.39 | | | $ | 21.02 | | Total Grant Date Fair Value of Deferred Stock Vested During the Period | $ | 3,392 | | | $ | 8,318 | | | $ | 4,608 | | | $ | 8,658 | | Share-based Liability Awards Paid During the Period (1) | $ | — | | | $ | — | | | $ | 4,116 | | | $ | 3,239 | |
(1)Amounts reflect the issuance of performance share awards related to the 2017-19 and 2016-18 Performance Share Plans during the six months ended June 30, 2020 and 2019, respectively.
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Schedule of Outstanding Employee Stock Awards |
A detail of Piedmont’s outstanding stock awards as of June 30, 2020 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Date of grant | | Type of Award | | Net Shares Granted (1) | | Grant Date Fair Value | | Vesting Schedule | | Unvested Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | May 17, 2018 | | Deferred Stock Award | | 250,680 | | | $ | 17.84 | | | Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 17, 2019, 2020, and 2021, respectively. | | 52,895 | | | May 17, 2018 | | Fiscal Year 2018-2020 Performance Share Program | | — | | | $ | 23.52 | | | Shares awarded, if any, will vest immediately upon determination of award in 2021. | | 200,674 | | (2) | | | | | | | | | | | | | May 3, 2019 | | Deferred Stock Award | | 280,997 | | | $ | 21.04 | | | Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 3, 2020, 2021, and 2022, respectively. | | 143,774 | | | May 3, 2019 | | Fiscal Year 2019-2021 Performance Share Program | | — | | | $ | 29.43 | | | Shares awarded, if any, will vest immediately upon determination of award in 2022. | | 321,286 | | (2) | February 19, 2020 | | Deferred Stock Award | | 178,309 | | | $ | 24.41 | | | Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 19, 2021, 2022, and 2023, respectively. | | 144,341 | | | March 19, 2020 | | Fiscal Year 2020-2022 Performance Share Program | | — | | | $ | 25.83 | | | Shares awarded, if any, will vest immediately upon determination of award in 2023. | | 332,690 | | (2) | May 13, 2020 | | Deferred Stock Award-Board of Directors | | 45,780 | | | $ | 13.76 | | | Of the shares granted, 100% will vest by May 13, 2021. | | 45,780 | | | Total | | | | | | | | | | 1,241,440 | | |
(1)Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through June 30, 2020. (2)Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 2020. Share estimates are subject to change in future periods based upon Piedmont's relative performance compared to its peer group of office REITs' TSR.
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