Long-Term Compensation

3 Months Ended

Mar. 31, 2013

Long-Term Compensation

10.     Long-Term Compensation

Under its incentive plans, Prologis had stock options and full value awards (restricted stock, restricted share units (“RSUs”) and performance based shares (“PSAs”)) outstanding.

Summary of Activity

The activity for the three months ended March 31, 2013, with respect to our stock options, was as follows:

	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Options Exercisable
Balance at December 31, 2012		7,513,217
Exercised		(214,343	)
Forfeited		(750	)
Balance at March 31, 2013		7,298,124		$	37.39		7,144,794

The activity for the three months ended March 31, 2013, with respect to our unvested restricted stock, was as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Balance at December 31, 2012		687,277
Vested		(316,345	)
Forfeited		(2,992	)
Balance at March 31, 2013		367,940		$	34.01

The activity for the three months ended March 31, 2013, with respect to our RSU and PSA awards, was as follows:

	Number of Shares			Weighted Average Grant-Date Fair Value		Number of Shares Vested
Balance at December 31, 2012		1,999,348
Granted		1,188,314
Vested		(715,162	)
Forfeited/Expired		(13,915	)
Balance at March 31, 2013		2,458,585		$	36.49		51,125

In the first quarter of 2013, we granted 1,188,314 RSUs, which will vest over three years. In February 2013, we granted points under our Outperformance Plan with an aggregate fair value of $23.9 million as of the date of the grant. Such points relate to a three-year performance period that began on January 1, 2013 and will end on December 31, 2015. If the compensation pool for this performance period is funded, the participants’ points will be paid in the form of common stock.