Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

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

Stock-Based Compensation

Stock-Based Compensation

The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below for the three and nine months ended September 30, 2011 and 2010 (in thousands):

		For the three months ended September 30,					For the nine months ended September 30,
		2011		2010			2011		2010
Restricted stock	$	2,696		1,713		$	8,087		5,138
Directors' fees paid in common stock		72		66			206		173
Less: Amount capitalized		(415	)	(167	)		(930	)	(499	)
Total	$	2,353		1,612		$	7,363		4,812

The recorded amounts of stock-based compensation expense represent amortization of the grant date fair value of restricted stock awards over the respective vesting periods. Compensation expense specifically identifiable to development and leasing activities is capitalized and included above.

There were no stock options granted during the nine months ended September 30, 2011. The Company issues new shares to fulfill option exercises from its authorized shares available. The following table reports stock option activity during the nine months ended September 30, 2011:

	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2010	442,880	$	51.85	3.5	$	(4,255	)
Less: Exercised	12,561		35.61
Less: Forfeited	26,754		51.43
Less: Expired	12,023		60.18
Outstanding September 30, 2011	391,542	$	52.14	3.2	$	(6,583	)
Vested and expected to vest - September 30, 2011	391,542	$	52.14	3.2	$	(6,583	)
Exercisable September 30, 2011	391,542	$	52.14	3.2	$	(6,583	)

The following table presents information regarding non-vested option activity during the nine months ended September 30, 2011:

	Non-vested Number of Options		Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2010	2,185	$	8.78
Less: 2011 Vesting	2,185		8.78
Non-vested at September 30, 2011	—	$	—

The following table reports non-vested restricted stock activity during the nine months ended September 30, 2011:

	Number of Shares		Intrinsic Value (in thousands)		Weighted Average Grant Price
Non-vested at December 31, 2010	436,559
Add: Time-based awards granted	128,139			$	42.19
Add: Performance-based awards granted	18,246			$	41.54
Add: Market-based awards granted	165,689			$	41.54
Less: Vested and Distributed	171,292			$	43.08
Less: Forfeited	2,745			$	41.56
Non-vested at September 30, 2011	574,596	$	20,300

The weighted-average grant price for restricted stock granted during the nine months ended September 30, 2011 was $41.81. The total intrinsic value of restricted stock vested during the nine months ended September 30, 2011 was $6.1 million.

As of September 30, 2011, there was $16.3 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Long-Term Omnibus Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity and Comprehensive Income (Loss) of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital and Comprehensive Income (Loss) of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years, through 2014. The Company issues new restricted stock from its authorized shares available at the date of grant.