XML 56 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Share-based Compensation [Abstract]  
Weighted average assumptions used to estimate fair value of stock options
The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants:

 
2014
 
2013
 
2012
Stock price
$
176.65

 
$
153.54

 
$
143.95

Risk-free interest rates
2.37
%
 
2.68
%
 
1.16
%
Expected lives
8 years

 
8 years

 
5 - 8 years

Volatility
18.00
%
 
18.03
%
 
20.05
%
Dividend yield
2.90
%
 
3.15
%
 
3.26
%
Summary of stock options activity
A summary of the status of the Company’s stock option plans as of December 31, 2014, 2013, and 2012 and changes during the years ended on those dates is presented below:

 
2014
 
2013
 
2012
 
Shares
 
Weighted-
average
exercise
price
 
Shares
 
Weighted-
average
exercise
price
 
Shares
 
Weighted-
average
exercise
price
Outstanding at beginning of year
695,488

 
$
133.37

 
623,434

 
$
125.96

 
415,020

 
$
109.71

Granted
42,518

 
176.65

 
150,325

 
153.54

 
263,113

 
143.95

Granted - BRE options converted
133,766

 
121.03

 
—

 
—

 
—

 
—

Exercised
(185,387
)
 
113.72

 
(52,970
)
 
102.43

 
(41,603
)
 
77.21

Forfeited and canceled
(21,600
)
 
144.29

 
(25,301
)
 
135.25

 
(13,096
)
 
128.36

Outstanding at end of year
664,785

 
138.78

 
695,488

 
133.37

 
623,434

 
125.96

Options exercisable at year end
395,986

 
133.99

 
300,632

 
119.09

 
250,620

 
107.12
Summary information of stock options outstanding
The following table summarizes information about stock options outstanding as of December 31, 2014:
 
 
Options outstanding
 
Options exercisable
 
 
Number
outstanding
as of
 
Weighted-
average
remaining
 
Weighted-
average
 
Number
exercisable
as of
 
Weighted-
average
Range of
 
December 31,
 
contractual
 
exercise
 
December 31,
 
exercise
exercise prices
 
2014
 
life (years)
 
price
 
2014
 
price
$66.05 - $101.01
 
39,590

 
2.8
 
$
79.64

 
39,590

 
$
79.64

$103.82 - $161.98
 
561,626

 
6.1
 
139.05

 
303,670

 
134.22

$164.76 - $179.48
 
63,569

 
8.2
 
173.22

 
52,726

 
173.49

 
 
664,785

 
6.1
 
138.78

 
395,986

 
133.99
Restricted stock activity
 
The following table summarizes information about restricted stock outstanding as of December 31, 2014, 2013 and 2012 and changes during the years ended:
 
2014
 
2013
 
2012
 
Shares
 
Weighted-
average
grant
price
 
Shares
 
Weighted-
average
grant
price
 
Shares
 
Weighted-
average
grant
price
Unvested at beginning of year
16,176

 
$
108.06

 
24,922

 
$
104.52

 
35,219

 
$
98.57

Granted
22,014

 
194.03

 
1,556

 
158.75

 
1,614

 
149.68

Granted - BRE restricted stock converted
119,411

 
173.82

 
—

 
—

 
—

 
—

Vested
(126,931
)
 
171.56

 
(7,211
)
 
109.86

 
(8,641
)
 
106.69

Forfeited and canceled
(4,850
)
 
135.10

 
(3,091
)
 
100.84

 
(3,270
)
 
102.00

Unvested at end of year
25,820

 
168.22

 
16,176

 
108.06

 
24,922

 
104.52


The unrecognized compensation cost related to unvested restricted stock totaled $3.5 million as of December 31, 2014 and is expected to be recognized over a period of 1 to 7 years.
Summary of long term incentive plan - Z Units
The following table summarizes information about the LTIP Units outstanding as of December 31, 2014 ($ in thousands):
 
Long Term Incentive Plan - LTIP Units
 
Total
Vested
Units
 
Total
Unvested
Units
 
Total
Outstanding
Units
 
Weighted-
average
Grant-date
Fair Value
 
Weighted-
average
Remaining
Contractual
Life (years)
Balance, December 31, 2011
179,082

 
170,019

 
349,101

 
$
58.17

 
12.3
Granted
—

 
—

 
—

 
 

 
 
Vested
28,163

 
(28,163
)
 
—

 
 

 
 
Converted
(16,541
)
 
—

 
(16,541
)
 
 

 
 
Cancelled
—

 
(1,813
)
 
(1,813
)
 
 

 
 
Balance, December 31, 2012
190,704

 
140,043

 
330,747

 
58.44

 
11.3
Granted
—

 
50,500

 
50,500

 
 

 
 
Vested
35,919

 
(35,919
)
 
—

 
 

 
 
Converted
(108,433
)
 
—

 
(108,433
)
 
 

 
 
Cancelled
—

 
(5,243
)
 
(5,243
)
 
 

 
 
Balance, December 31, 2013
118,190

 
149,381

 
267,571

 
63.53

 
9.3
Granted
24,000

 
44,750

 
68,750

 


 

Vested
41,729

 
(41,729
)
 
—

 


 

Converted
(2,000
)
 
—

 
(2,000
)
 


 

Cancelled
—

 
(1,335
)
 
(1,335
)
 


 

Balance, December 31, 2014
181,919

 
151,067

 
332,986

 
$
71.14

 
10.5