Share-Based Payment Plans

9 Months Ended

Sep. 30, 2012

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

Share-Based Payment Plans

Share-Based Payment Plans

The following table presents stock option activity during the nine months ended September 30, 2012:

	Shares Under Option		Weighted- Average Exercise Price
	(In thousands)
Outstanding at January 1, 2012	3,565		$	20.62
Granted	—		$	—
Exercised	(35	)	$	11.59
Forfeited or expired	(2	)	$	18.88
Outstanding at September 30, 2012	3,528		$	20.72
Exercisable at September 30, 2012	2,948		$	21.25

The following table presents information regarding restricted stock activity during the nine months ended September 30, 2012:

	Unvested Shares			Weighted-Average Price
	(In thousands)
Unvested at January 1, 2012	1,178			$	17.23
Granted	70			$	18.82
Vested	(123	)		$	18.25
Forfeited	(3	)		$	19.33
Unvested at September 30, 2012	1,122		*	$	17.21

^{______________________________________________} 

* Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period.

During the nine months ended September 30, 2012, we granted 70,434 shares of restricted stock that are subject to forfeiture and vest over periods from 0 to 3 years. The total vesting-date value of the 123,509 shares of restricted stock that vested during the nine months ended September 30, 2012 was $2.3 million.

Share-based compensation expense charged against earnings is summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(In thousands)
Restricted stock expense	$	1,403		$	1,443		$	4,602		$	4,149
Stock option expense	243			367			794			1,078
Employee stock purchase plan discount	3			3			10			11
Total equity-based expense	1,649			1,813			5,406			5,238
Restricted stock classified as a liability	17			20			34			40
Total expense	1,666			1,833			5,440			5,278
Less amount capitalized	(72		)	(67		)	(226		)	(190		)
Net share-based compensation expense	$	1,594		$	1,766		$	5,214		$	5,088

As of September 30, 2012, we had $12.7 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options and restricted shares) granted under our Amended and Restated Equity One 2000 Executive Incentive Compensation Plan (the "2000 Plan"). This expense is expected to be recognized over a weighted-average period of 2.2 years.