Stock-Based Compensation (Tables)

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:



	Year ended December 31,
(in thousands)	2015			2014		2013
Restricted stock ⁽¹⁾	$	13,869		12,161		14,141
Directors' fees paid in common stock ⁽¹⁾	200			208		238
Capitalized stock-based compensation ⁽²⁾	(2,988		)	(2,707	)	(2,188	)
Stock-based compensation, net of capitalization	$	11,081		9,662		12,191

The following table summarizes stock options outstanding:



	Year ended December 31, 2015
	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2014	8,741	$	88.45	2.1	$	(216	)
Outstanding of of December 31, 2015	8,741	$	88.45	1.1	$	(178	)
Vested and expected to vest as of December 31, 2015	8,741	$	88.45	1.1	$	(178	)
Exercisable as of December 31, 2015 ⁽¹⁾	8,741	$	88.45	1.1	$	(178	)

The following table summarizes non-vested restricted stock activity:



	Year ended December 31, 2015
	Number of Shares	Intrinsic Value (in thousands)	Weighted Average Grant Price
Non-vested as of December 31, 2014	676,366
Add: Time-based awards granted^{(1) (4)}	119,714		$67.82
Add: Performance-based awards granted ^{(2) (4)}	8,760		$68.49
Add: Market-based awards granted ^{(3) (4)}	80,595		$72.89
Less: Vested and Distributed ⁽⁵⁾	268,747		$69.17
Less: Forfeited	1,268		$59.71
Non-vested as of December 31, 2015 ⁽⁶⁾	615,420	$41,922

Year ended December 31,

Volatility

Risk free interest rate