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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Share Based Compensation Expense

A summary of share-based compensation expense included in net income is as follows:



	Year Ended December 31,
	2011			2010			2009
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	7,308		$	5,232		$	5,718
Grants of options	939			1,255			1,421
	8,247			6,487			7,139
Capitalized share-based compensation	(663		)	(745		)	(945		)
Share-based compensation expense	$	7,584		$	5,742		$	6,194

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table provides a summary of the weighted-average assumption used to value options in 2010 and 2009:



	Year Ended December 31,
	2010		2009
Volatility	30.0	%	28.6	%
Expected dividend yield	4.0	%	3.6	%
Expected term (in years)	4.3		4.9
Risk free interest rate	1.9	%	1.6	%

Schedule of Share-based Compensation, Stock Options, Activity

The following table provides a summary of option activity for 2011:



	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2010	757,424		$	62.09
Granted	—		—
Exercised	(237,271	)	64.02
Forfeited or expired	(2,500	)	88.60
Outstanding at December 31, 2011	517,653		$	61.08	5.9	$	15,423
Exercisable at December 31, 2011	286,054		$	64.49	5.2	$	7,562

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following table provides a summary of restricted share activity for 2011:



	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2010	270,793		$	68.07
Granted	103,383		81.94
Vested	(77,364	)	68.51
Forfeited	(13,975	)	48.30
Unvested at December 31, 2011	282,837		$	74.00

Stock Award [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Subsequent to December 31, 2011, common shares were awarded under various compensation plans as follows:



Date	Award		Vesting Term	Beneficiary
February 9, 2012	112,043	Restricted shares	3 to 5 years	Officers and key employees
January 3, 2012	6,613	Shares	Immediate	Trustees

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References+ Details