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Share Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Share Based Compensation [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following tables summarize compensation information regarding the restricted shares, restricted units, share options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2018, 2017 and 2016 (amounts in thousands):

 

 

 

Year Ended December 31, 2018

 

 

 

Compensation

Expense

 

 

Compensation

Capitalized

 

 

Restricted Units/Options

In-Lieu of Bonus (1)

 

 

Compensation

Equity

 

 

Dividends

Incurred

 

Restricted shares (2)

 

$

7,406

 

 

$

852

 

 

$

—

 

 

$

8,258

 

 

$

754

 

Restricted units (2)

 

 

12,310

 

 

 

36

 

 

 

1,663

 

 

 

14,009

 

 

 

963

 

Share options

 

 

6,683

 

 

 

296

 

 

 

2,755

 

 

 

9,734

 

 

 

—

 

ESPP discount

 

 

733

 

 

 

34

 

 

 

—

 

 

 

767

 

 

 

—

 

Total

 

$

27,132

 

 

$

1,218

 

 

$

4,418

 

 

$

32,768

 

 

$

1,717

 

 

 

 

Year Ended December 31, 2017

 

 

 

Compensation

Expense

 

 

Compensation

Capitalized

 

 

Restricted Units/Options

In-Lieu of Bonus (1)

 

 

Compensation

Equity

 

 

Dividends

Incurred

 

Restricted shares (2)

 

$

9,209

 

 

$

568

 

 

$

—

 

 

$

9,777

 

 

$

761

 

Restricted units (2)

 

 

10,214

 

 

 

119

 

 

 

190

 

 

 

10,523

 

 

 

741

 

Share options

 

 

4,893

 

 

 

323

 

 

 

1,619

 

 

 

6,835

 

 

 

—

 

ESPP discount

 

 

681

 

 

 

66

 

 

 

—

 

 

 

747

 

 

 

—

 

Total

 

$

24,997

 

 

$

1,076

 

 

$

1,809

 

 

$

27,882

 

 

$

1,502

 

 

 

 

Year Ended December 31, 2016

 

 

 

Compensation

Expense

 

 

Compensation

Capitalized

 

 

Restricted Units

In-Lieu of Bonus (1)

 

 

Compensation

Equity

 

 

Dividends

Incurred

 

Restricted shares (2)

 

$

13,539

 

 

$

1,477

 

 

$

—

 

 

$

15,016

 

 

$

6,494

 

Restricted units (2)

 

 

13,567

 

 

 

591

 

 

 

4,022

 

 

 

18,180

 

 

 

7,762

 

Share options

 

 

2,839

 

 

 

593

 

 

 

—

 

 

 

3,432

 

 

 

—

 

ESPP discount

 

 

585

 

 

 

65

 

 

 

—

 

 

 

650

 

 

 

—

 

Total

 

$

30,530

 

 

$

2,726

 

 

$

4,022

 

 

$

37,278

 

 

$

14,256

 

 

(1)

The Company allows officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) in-lieu of any percentage of their annual cash bonus.  Beginning in 2017, the Company allows eligible employees the ability to receive immediately vested share options in-lieu of any percentage of their annual cash bonus.  

 

(2)

Includes LTI plan awards granted under the executive compensation program.
Award Activity of the Share Incentive Plans

The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2018, 2017 and 2016:

 

 

 

Common

Shares Subject

to Options

 

 

Weighted

Average

Exercise Price

per Option

 

 

Restricted

Shares

 

 

Weighted

Average Fair

Value per

Restricted Share

 

 

Restricted

Units

 

 

Weighted

Average Fair

Value per

Restricted Unit

 

Balance at December 31, 2015

 

 

5,734,365

 

 

$

48.04

 

 

 

522,150

 

 

$

63.67

 

 

 

888,725

 

 

$

63.91

 

Awards granted (1) (5)

 

 

154,016

 

 

$

64.99

 

 

 

154,296

 

 

$

75.19

 

 

 

289,273

 

 

$

81.05

 

Awards exercised/vested (2) (3) (4)

 

 

(815,044

)

 

$

38.01

 

 

 

(217,805

)

 

$

57.75

 

 

 

(374,217

)

 

$

52.73

 

Awards forfeited

 

 

(10,512

)

 

$

63.43

 

 

 

(6,607

)

 

$

70.73

 

 

 

(1,524

)

 

$

86.35

 

Awards expired

 

 

(710

)

 

$

68.40

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Special dividend adjustment (6)

 

 

960,986

 

 

N/A

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2016

 

 

6,023,101

 

 

$

42.05

 

 

 

452,034

 

 

$

70.35

 

 

 

802,257

 

 

$

75.26

 

Awards granted (1) (5)

 

 

1,337,898

 

 

$

60.88

 

 

 

93,867

 

 

$

61.94

 

 

 

291,921

 

 

$

68.57

 

Awards exercised/vested (2) (3) (4)

 

 

(846,137

)

 

$

37.26

 

 

 

(165,744

)

 

$

58.04

 

 

 

(192,644

)

 

$

54.16

 

Awards forfeited

 

 

(27,547

)

 

$

61.85

 

 

 

(10,416

)

 

$

72.44

 

 

 

(274

)

 

$

75.50

 

Awards expired

 

 

(3,483

)

 

$

65.91

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2017

 

 

6,483,832

 

 

$

46.46

 

 

 

369,741

 

 

$

73.67

 

 

 

901,260

 

 

$

77.61

 

Awards granted (1) (5)

 

 

1,730,942

 

 

$

60.40

 

 

 

129,303

 

 

$

62.25

 

 

 

267,074

 

 

$

61.60

 

Awards exercised/vested (2) (3) (4)

 

 

(1,056,388

)

 

$

29.05

 

 

 

(194,116

)

 

$

77.32

 

 

 

(28,486

)

 

$

55.50

 

Awards forfeited

 

 

(38,133

)

 

$

60.74

 

 

 

(5,503

)

 

$

65.77

 

 

 

—

 

 

$

—

 

Awards expired

 

 

(8,018

)

 

$

59.70

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2018

 

 

7,112,235

 

 

$

52.35

 

 

 

299,425

 

 

$

66.52

 

 

 

1,139,848

 

 

$

71.07

 

 

(1)

The weighted average grant date fair value for Options granted during the years ended December 31, 2018, 2017 and 2016 was $6.17 per share, $5.86 per share and $11.09 per share, respectively.

 

(2)

The aggregate intrinsic value of options exercised during the years ended December 31, 2018, 2017 and 2016 was $42.9 million, $25.6 million and $26.2 million, respectively.  These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised.

 

(3)

The fair value of restricted shares vested during the years ended December 31, 2018, 2017 and 2016 was $11.5 million, $10.2 million and $15.6 million, respectively.

 

(4)

The fair value of restricted units vested during the years ended December 31, 2018, 2017 and 2016 was $1.8 million, $11.7 million and $27.2 million, respectively.

 

(5)

Includes LTI plan awards granted under the executive compensation program.

 

(6)

In addition to the regular quarterly dividends, the Company paid two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate in 2016.  Option holders were not entitled to these special dividends, but pursuant to the terms of the Share Incentive Plans are due equitable adjustments of additional options.  The special dividend adjustment’s weighted average exercise price per option is reflected in the activity for 2016 for the awards granted, awards exercised/vested, and awards forfeited and the balance at December 31, 2016.
Information Regarding Options Outstanding and Exercisable

The following table summarizes information regarding options outstanding and exercisable at December 31, 2018 (aggregate intrinsic value is in thousands):

 

 

Options

 

 

Weighted

Average

Remaining

Contractual Life in Years

 

 

Weighted

Average

Exercise Price

 

 

Aggregate

Intrinsic

Value (1)

 

Options Outstanding

 

 

7,112,235

 

 

 

5.58

 

 

$

52.35

 

 

$

97,633

 

Options Exercisable

 

 

5,328,020

 

 

 

4.52

 

 

$

49.57

 

 

$

88,031

 

Vested and expected to vest

 

 

7,096,243

 

 

 

5.57

 

 

$

52.33

 

 

$

97,543

 

 

(1)

The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $66.01 per share on December 31, 2018 and the strike price of the underlying awards.