XML 30 R20.htm IDEA: XBRL DOCUMENT v3.20.2
STOCK-BASED PLANS
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED PLANS STOCK-BASED PLANS
 
On May 14, 2020, the Company adopted The Howard Hughes Corporation 2020 Equity Incentive Plan (the “2020 Equity Plan”). Pursuant to the 2020 Equity Plan, 1,350,000 shares of the Company’s common stock were reserved for issuance. The 2020 Equity Plan provides for grants of options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards (collectively, the “Awards”). Employees, directors and consultants of the Company are eligible for Awards.

Prior to the adoption of the 2020 Equity Plan, equity awards were issued under The Howard Hughes Corporation 2010 Equity Incentive Plan (the "2010 Equity Plan"). The 2010 Equity Plan is described and informational disclosures are provided in the Notes to Consolidated Financial Statements included in the Annual Report. The adoption of the 2020 Equity Plan did not impact the administration of Awards issued under the 2010 Equity Plan but following adoption of the 2020 Equity Plan, equity awards will no longer be granted under the 2010 Equity Plan.

Stock Options
 
The following table summarizes the Company’s stock option activity for the six months ended June 30, 2020:
 
 
Stock
Options
 
Weighted-average
Exercise Price
Stock Options outstanding at December 31, 2019
 
721,496

 
$
104.55

Granted
 
2,000

 
83.11

Exercised
 
(57,058
)
 
67.24

Forfeited
 
(125,500
)
 
124.24

Expired
 
(22,188
)
 
100.08

Stock Options outstanding at June 30, 2020
 
518,750

 
$
104.01



Compensation costs related to stock options were $0.2 million for the three months ended June 30, 2020, of which $0.2 million were capitalized to development projects. Compensation costs related to stock options were in a credit position of $0.5 million for the six months ended June 30, 2020 due to significant forfeitures which exceeded the expense. Compensation costs related to stock options were $0.8 million and $1.5 million for the three and six months ended June 30, 2019, respectively, of which $0.2 million and $0.4 million were capitalized to development projects, respectively. The total number of restricted stock outstanding set forth above reflects any restricted stock subject to performance-based vesting at the target level.

Restricted Stock
 
The following table summarizes restricted stock activity for the six months ended June 30, 2020:
 
 
Restricted
Stock
 
Weighted-average Grant
Date Fair Value
Restricted stock outstanding at December 31, 2019
 
406,802

 
$
76.27

Granted
 
70,210

 
84.55

Vested
 
(13,729
)
 
101.24

Forfeited
 
(23,000
)
 
94.83

Restricted stock outstanding at June 30, 2020
 
440,283

 
$
75.73


 
Compensation costs related to restricted stock awards were $1.8 million and $3.7 million for the three and six months ended June 30, 2020, respectively, of which $0.7 million were capitalized to development projects, respectively. Compensation costs related to restricted stock awards were $2.4 million and $4.7 million for the three and six months ended June 30, 2019, respectively, of which $0.3 million and $0.6 million were capitalized to development projects, respectively.