Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

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

Summary of share-based compensation expense

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

	Year Ended December 31,
	2014			2013			2012
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	12,892		$	10,907		$	9,846
Grants of options	49			292			525
	12,941			11,199			10,371
Capitalized share-based compensation	(1,188		)	(1,024		)	(908		)
Share-based compensation expense	$	11,753		$	10,175		$	9,463

Summary of option activity

The following table provides a summary of option activity for 2014:

	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2013	375,460		$	63.00
Granted	—		—
Exercised	(29,218	)	73.38
Forfeited or expired	(2,500	)	82.15
Outstanding at December 31, 2014	343,742		$	61.55	3.4	$	24,719
Exercisable at December 31, 2014	343,599		$	61.55	3.4	$	24,709

Summary of restricted share activity

The following table provides a summary of restricted share activity for 2014:

	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2013	298,203		$	93.71
Granted	119,677		111.45
Vested	(108,882	)	94.12
Forfeited	(2,030	)	98.02
Unvested at December 31, 2014	306,968		$	100.45

Schedule of common shares awarded under various compensation plans

Subsequent to December 31, 2014, common shares were awarded under various compensation plans as follows:

Date	Award		Vesting Term	Beneficiary
February 6, 2015	50,734	Restricted shares	2-5 years	Officers and key employees
January 2, 2015	5,059	Shares	Immediate	Trustees