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Equity Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2016
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:

 
2016
 
2015
 
2014
Stock price
$
219.60

 
$
227.75

 
$
176.65

Risk-free interest rates
2.08
%
 
1.83
%
 
2.37
%
Expected lives
6 years

 
6 years

 
8 years

Volatility
26.47
%
 
20.06
%
 
18.00
%
Dividend yield
2.89
%
 
2.73
%
 
2.90
%
Summary of stock options activity
A summary of the status of the Company’s stock option plans as of December 31, 2016, 2015, and 2014 and changes during the years ended on those dates is presented below:

 
2016
 
2015
 
2014
 
Shares
 
Weighted-
average
exercise
price
 
Shares
 
Weighted-
average
exercise
price
 
Shares
 
Weighted-
average
exercise
price
Outstanding at beginning of year
525,094

 
$
154.98

 
664,785

 
$
138.78

 
695,488

 
$
133.37

Granted
207,429

 
219.60

 
78,600

 
227.75

 
42,518

 
176.65

Granted - BRE options converted
—

 
—

 
—

 
—

 
133,766

 
121.03

Exercised
(138,054
)
 
138.79

 
(203,556
)
 
131.53

 
(185,387
)
 
113.72

Forfeited and canceled
(36,821
)
 
178.18

 
(14,735
)
 
136.11

 
(21,600
)
 
144.29

Outstanding at end of year
557,648

 
181.50

 
525,094

 
154.98

 
664,785

 
138.78

Options exercisable at year end
290,340

 
160.90

 
342,048

 
152.42

 
395,986

 
133.99
Restricted stock activity
The following table summarizes information about restricted stock outstanding as of December 31, 2016, 2015 and 2014 and changes during the years ended:
 
2016
 
2015
 
2014
 
Shares
 
Weighted-
average
grant
price
 
Shares
 
Weighted-
average
grant
price
 
Shares
 
Weighted-
average
grant
price
Unvested at beginning of year
54,676

 
$
147.10

 
25,820

 
$
168.22

 
16,176

 
$
108.06

Granted
49,183

 
150.13

 
56,177

 
155.21

 
22,014

 
194.03

Granted - BRE restricted stock converted
—

 
—

 
—

 
—

 
119,411

 
173.82

Vested
(38,427
)
 
147.12

 
(22,939
)
 
148.20

 
(126,931
)
 
171.56

Forfeited and canceled
(7,083
)
 
141.76

 
(4,382
)
 
122.06

 
(4,850
)
 
135.10

Unvested at end of year
58,349

 
149.11

 
54,676

 
147.10

 
25,820

 
168.22
Summary of long term incentive plan - Z Units
The following table summarizes information about the LTIP Units outstanding as of December 31, 2016 ($ 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, 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
Granted
—

 
—

 
—

 


 

Vested
36,650

 
(36,650
)
 
—

 


 

Converted
(74,384
)
 
—

 
(74,384
)
 


 

Cancelled
—

 
(8,260
)
 
(8,260
)
 


 

Balance, December 31, 2015
144,185

 
106,157

 
250,342

 
75.41

 
9.5
Granted
—

 
—

 
—

 


 

Vested
36,842

 
(36,842
)
 
—

 


 

Converted
—

 
—

 
—

 


 

Cancelled
—

 
(9,288
)
 
(9,288
)
 


 

Balance, December 31, 2016
181,027

 
60,027

 
241,054

 
$
75.11

 
8.5