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Share-Based Compensation and Other Compensation Matters (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of restricted share transactions under the entity's share-based compensation plans |
The following table summarizes restricted share transactions under the share-based compensation plans for 2012, 2013 and 2014: | | | | | | | | | | | Shares | | Weighted Average Grant Date Fair Value | Unvested at December 31, 2011 | | 648,378 |
| | $ | 33.13 |
| Granted | | 177,662 |
| | 23.64 |
| Forfeited | | (17,019 | ) | | 31.43 |
| Vested | | (374,378 | ) | | 32.72 |
| Unvested at December 31, 2012 | | 434,643 |
| | 29.67 |
| Granted | | 193,833 |
| | 25.91 |
| Forfeited | | (9,541 | ) | | 27.59 |
| Vested | | (241,487 | ) | | 30.97 |
| Unvested at December 31, 2013 | | 377,448 |
| | 26.96 |
| Granted | | 216,607 |
| | 26.73 |
| Forfeited | | (21,335 | ) | | 25.10 |
| Vested | | (182,213 | ) | | 28.56 |
| Unvested at December 31, 2014 | | 390,507 |
| | $ | 26.19 |
| Unvested shares as of December 31, 2014 that are expected to vest | | 375,686 |
| | $ | 26.18 |
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| Schedule of PSU's Granted |
Our Board of Trustees made the following grants of PSUs to executives from 2011 through 2014 (dollars in thousands): | | | | | | | | | | | | | | | | Grant Date | | Number of PSUs Granted | | Performance Period Commencement Date | | Performance Period End Date | | Grant Date Fair Value | | Number of PSUs Outstanding as of December 31, 2014 | 3/3/2011 | | 56,883 |
| | 3/3/2011 | | 3/2/2014 | | $ | 2,796 |
| | — |
| 3/1/2012 | | 54,070 |
| | 1/1/2012 | | 12/31/2014 | | 1,772 |
| | 54,070 |
| 3/1/2013 | | 69,579 |
| | 1/1/2013 | | 12/31/2015 | | 1,867 |
| | 69,579 |
| 3/6/2014 | | 49,103 |
| | 1/1/2014 | | 12/31/2016 | | 1,723 |
| | 49,103 |
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| Schedule of payouts for defined performance under performance-based awards of share-based compensation |
The number of PSUs earned (“earned PSUs”) at the end of the performance period will be determined based on the percentile rank of COPT’s total shareholder return relative to a peer group of companies, as set forth in the following schedule: | | | | Percentile Rank | | Earned PSUs Payout % | 75th or greater | | 200% of PSUs granted | 50th or greater | | 100% of PSUs granted | 25th | | 50% of PSUs granted | Below 25th | | 0% of PSUs granted |
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| Schedule of assumptions used in Monte Carlo models for PSUs |
The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PSUs granted in 2012, 2013 and 2014 are set forth below: | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | 2014 | | 2013 | | 2012 | Grant date fair value | | $ | 35.09 |
| | $ | 26.84 |
| | $ | 32.77 |
| Baseline common share value | | $ | 26.52 |
| | $ | 25.85 |
| | $ | 24.39 |
| Expected volatility of common shares | | 28.6 | % | | 29.5 | % | | 43.2 | % | Risk-free interest rate | | 0.66 | % | | 0.33 | % | | 0.41 | % |
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| Summary of stock option transactions under the entity's share-based compensation plans |
The following table summarizes option transactions under the share-based compensation plans for 2012, 2013 and 2014 (dollars in thousands, except per share data): | | | | | | | | | | | | | | | | | | | Shares | | Range of Exercise Price per Share | | Weighted Average Exercise Price per Share | | Weighted Average Remaining Contractual Term (in Years) | | Aggregate Intrinsic Value | Outstanding at December 31, 2011 | | 945,422 |
| | $13.40 - $57.00 | | $ | 36.63 |
| | 4 | | $ | 510 |
| Forfeited/Expired – 2012 | | (85,588 | ) | | $25.52 - $57.00 | | $ | 42.98 |
| | | | | Exercised – 2012 | | (61,624 | ) | | $13.40 - $22.49 | | $ | 15.08 |
| | | | | Outstanding at December 31, 2012 | | 798,210 |
| | $13.60 - $57.00 | | $ | 37.62 |
| | 3 | | $ | 325 |
| Forfeited/Expired – 2013 | | (117,952 | ) | | $18.08 - $51.62 | | $ | 40.91 |
| | | | | Exercised – 2013 | | (39,331 | ) | | $13.60 - $26.24 | | $ | 19.67 |
| | | | | Outstanding at December 31, 2013 | | 640,927 |
| | $19.63 - $56.00 | | $ | 38.11 |
| | 2 | | $ | 68 |
| Forfeited/Expired – 2014 | | (18,303 | ) | | $22.34 - $49.60 | | $ | 42.12 |
| | | | | Exercised – 2014 | | (62,888 | ) | | $19.63 - $28.15 | | $ | 23.70 |
| | | | | Outstanding at December 31, 2014 | | 559,736 |
| | $25.52 - $56.00 | | $ | 39.60 |
| | 2 | | $ | 167 |
| Exercisable at December 31, 2012 | | 798,210 |
| | (1) | | $ | 37.62 |
| | | | | Exercisable at December 31, 2013 | | 640,927 |
| | (2) | | $ | 38.11 |
| | | | | Exercisable at December 31, 2014 | | 559,736 |
| | (3) | | $ | 39.60 |
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| | (1) | 9,500 of these options had an exercise price ranging from $13.60 to $16.73; 204,736 had an exercise price ranging from $16.74 to $30.04; 180,962 had an exercise price ranging from $30.05 to $41.28; and 403,012 had an exercise price ranging from $41.29 to $57.00. |
| | (2) | 171,288 of these options had an exercise price ranging from $19.63 to $30.04; 145,187 had an exercise price ranging from$30.05 to $41.28; 160,402 had an exercise price ranging from $41.29 to $42.74; and 164,050 had an exercise price ranging from $42.75 to $56.00. |
| | (3) | 105,672 of these options had an exercise price ranging from $25.52 to $30.04; 142,862 had an exercise price ranging from$30.05 to $41.28; 158,902 had an exercise price ranging from $41.29 to $42.74; and 152,300 had an exercise price ranging from $42.75 to $56.00. |
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| Reporting for share-based compensation expense |
The table below sets forth our reporting for share based compensation expense (in thousands): | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | 2014 | | 2013 | | 2012 | General, administrative and leasing expenses | | $ | 5,307 |
| | $ | 5,412 |
| | $ | 8,611 |
| Property operating expenses | | 857 |
| | 1,118 |
| | 1,371 |
| Capitalized to development activities | | 886 |
| | 1,075 |
| | 1,202 |
| Share-based compensation expense | | $ | 7,050 |
| | $ | 7,605 |
| | $ | 11,184 |
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