Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of restricted share and TB-PIU activity

The following table summarizes restricted shares activity under our share-based compensation plans for the three months ended March 31, 2024:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	353,455	$	25.82
Granted	135,481	$	24.56
Forfeited	(7,131)	$	26.01
Vested	(121,702)	$	26.06
Unvested as of March 31, 2024	360,103	$	25.26

The following table summarizes TB-PIUs activity under our share-based compensation plans for the three months ended March 31, 2024:

	Number of TB-PIUs	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	194,415	$	25.76
Granted	110,203	$	24.56
Vested	(75,485)	$	26.08
Unvested as of March 31, 2024	229,133	$	25.08

Schedule of payouts for defined performance under PB-PIUs

The number of earned awards following the end of the performance period will be determined based on the percentile rank of COPT Defense’s total shareholder return (“TSR”) relative to a peer group of companies, as set forth in the following schedule:

Percentile Rank	Earned PB-PIUs Payout %
75th or greater	100% of PB-PIUs granted
50th (target)	50% of PB-PIUs granted
25th	25% of PB-PIUs granted
Below 25th	0% of PB-PIUs granted