Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

We recorded share-based compensation expense associated with stock options and RSUs in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2021.


	For Years Ended December 31,
	2021		2020		2019

	(Amounts in thousands)

Self-storage cost of operations	$	20,544	$	14,904	$	12,090
Ancillary cost of operations	1,561		—		—
General and administrative	37,760		18,586		13,871
Total	$	59,865	$	33,490	$	25,961

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Additional information with respect to stock options during 2021, 2020, and 2019 is as follows:


	Service-Based			Performance-Based			Total
	Number of Options	Weighted Average Exercise Price per Share		Number of Options	Weighted Average Exercise Price per Share		Number of Options	Weighted Average Exercise Price per Share
Options outstanding January 1, 2019	2,420,922	$	201.31	—	$	—	2,420,922	$	201.31
Granted	120,000			—			120,000
Exercised	(191,255)			—			(191,255)
Cancelled	(10,000)			—			(10,000)
Options outstanding December 31, 2019	2,339,667	$	204.53	—	$	—	2,339,667	$	204.53
Granted	70,000			770,000			840,000
Exercised	(71,500)			—			(71,500)
Cancelled	(107,000)			(40,000)			(147,000)
Options outstanding December 31, 2020	2,231,167	$	204.60	730,000	$	228.94	2,961,167	$	210.59
Granted (a)	140,000			420,000			560,000
Exercised	(471,216)			—			(471,216)
Cancelled	—			(10,000)			(10,000)
Options outstanding December 31, 2021	1,899,951	$	208.16	1,140,000	$	229.16	3,039,951	$	216.04
Options exercisable at December 31, 2021	1,464,411	$	202.97	—	$	—	1,464,411	$	202.97

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	2021		2020		2019
Aggregate exercise date intrinsic value of options exercised during the year (in 000's)	$	44,613	$	3,433	$	11,848

Average assumptions used in valuing options with the Black-Scholes method:
Expected life of options in years, based upon historical experience	5		5		5
Risk-free interest rate	0.8%		0.4%		2.3%
Expected volatility, based upon historical volatility	24.1%		21.6%		8.9%
Expected dividend yield	2.9%		3.8%		3.6%

Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method:
Expected life of options in years, based upon historical experience	5
Risk-free interest rate	0.9%
Expected volatility, based upon historical volatility	26.5%
Expected dividend yield	2.9%

Average estimated value of options granted during the year	$	62.66	$	17.79	$	9.61

(a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020.

Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):


	2021			2020			2019
	Number of Restricted Share Units	Weighted-Average Grant-Date Fair Value		Number of Restricted Share Units	Weighted-Average Grant-Date Fair Value		Number of Restricted Share Units	Weighted-Average Grant-Date Fair Value
Restricted share units outstanding January 1,	552,788	$	218.11	619,150	$	213.29	717,696	$	210.69
Granted (a)	189,318	$	321.17	110,755	$	222.27	97,140	$	217.35
Vested	(138,420)	$	(216.63)	(140,089)	$	(200.88)	(160,329)	$	(204.04)
Forfeited	(32,864)	$	(221.32)	(37,028)	$	(215.08)	(35,357)	$	(213.62)
Restricted share units outstanding December 31,	570,822	$	251.95	552,788	$	218.11	619,150	$	213.29

Share Based Compensation Shares Vesting During Year


	2021		2020		2019
Amounts for the year (in 000's, except number of shares):
Fair value of vested shares on vesting date	$	37,430	$	31,076	$	33,769
Cash paid for taxes upon vesting in lieu of issuing common shares	$	13,069	$	10,518	$	12,162
Common shares issued upon vesting	81,325		91,627		96,479

(a)Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria.