Long-Term Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2014

Long-Term Incentive Plan

Schedule of compensation expense and forfeitures related to restricted shares and performance awards

The Company’s compensation expense and forfeitures related to restricted shares and performance awards for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):

	2014		2013		2012
Compensation expense, including forfeitures	$	9,063	$	7,189	$	5,139

Summary of total compensation expense in relation to vesting of restricted common stock

The Company’s total compensation expense in relation to its vesting of restricted common stock presented in the Company’s consolidated statements of equity for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):

	2014		2013		2012
Total compensation expense, including forfeitures	$	9,063	$	7,189	$	5,139
Net-settle adjustment		(2,842)		(2,331)		(1,673)
Amortization related to shares issued to design and construction employees		474		393		302
Vesting of restricted stock presented on statement of equity	$	6,695	$	5,251	$	3,768

Schedule of non-vested stock grant activity

	2014			2013			2012
		Weighted			Weighted			Weighted
		Average			Average			Average
	Shares	Price		Shares	Price		Shares	Price
Outstanding at beginning of year	2,009,412	$	10.23	1,539,992	$	9.11	1,407,152	$	8.55
Granted	691,182	$	13.48	975,711	$	11.82	647,171	$	9.51
Vested	(799,845)	$	10.61	(497,199)	$	9.89	(513,095)	$	8.08
Forfeited	(17,453)	$	11.90	(9,092)	$	10.89	(1,236)	$	9.38
Outstanding at end of year	1,883,296	$	11.24	2,009,412	$	10.23	1,539,992	$	9.11