Stock Compensation for ROIC

3 Months Ended

Mar. 31, 2017

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

Stock Compensation for ROIC

Stock Compensation for ROIC

ROIC follows the FASB guidance related to stock compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer, or the employer incurs liabilities to employees in amounts based on the price of the employer’s stock. The guidance also defines a fair value-based method of accounting for an employee stock option or similar equity instrument.

In 2009, ROIC adopted the 2009 Plan. The 2009 Plan provides for grants of restricted common stock and stock option awards up to an aggregate of 7.5% of the issued and outstanding shares of ROIC’s common stock at the time of the award, subject to a ceiling of 4,000,000 shares.

Restricted Stock

During the three months ended March 31, 2017, ROIC awarded 419,394 shares of restricted common stock under the 2009 Plan, of which 149,475 shares are performance-based grants and the remainder of the shares are time-based grants. The performance-based grants vest based on pre-defined market-specific performance criteria with a vesting date on January 1, 2020.

A summary of the status of ROIC’s non-vested restricted stock awards as of March 31, 2017, and changes during the three months ended March 31, 2017 are presented below:

	Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2016	660,458		$	16.10
Granted	419,394		$	19.94
Vested	(296,386	)	$	15.61
Forfeited	(999	)	$	18.02
Non-vested at March 31, 2017	782,467		$	18.34

For the three months ended March 31, 2017 and 2016, the amounts charged to expenses for all stock-based compensation arrangements totaled approximately $1.2 million and $1.1 million, respectively.