Incentive Plans

9 Months Ended

Sep. 30, 2011

Incentive Plans [Abstract]

Incentive Plans

10. Incentive Plans

     The Company has adopted the 2010 Equity Incentive Compensation Plan (the “Plan”). The Plan permits the grant of incentive awards to executive officers, employees, consultants and non-employee directors of the Company. The aggregate number of awards approved under the Plan is 2,500,000. As of September 30, 2011 and December 31, 2010, 1,953,612 shares and 2,002,236 shares, respectively, were available for issuance under the plan.

Restricted Stock Awards

     Awards to executive officers and employees of the Company vest over a three year period and are subject to restriction based upon employment in good standing with the Company. Awards to non-employee directors of the Company vest over a five year period and are subject to restriction based upon continued service on the Board of Directors of the Company.

     At September 30, 2011, unearned compensation totaled approximately $1.0 million, and will be recorded as expense over the applicable vesting period of three to five years. During the three and nine months ended September 30, 2011, stock compensation expense of approximately $0.1 million and $0.3 million, respectively, was recognized as general and administrative expense in the accompanying condensed consolidated financial statements related to the vesting of restricted stock.

Restricted OP Units

     At September 30, 2011, unearned compensation totaled approximately $1.3 million, and will be recorded over the applicable vesting period of three years. During the three and nine months ended September 30, 2011, approximately $0.2 million and $0.5 million, respectively, of compensation cost was recognized in the accompanying condensed consolidated financial statements relating to the vesting of restricted OP units.

     A summary of incentive plan activity as of and for the nine months ended September 30, 2011 is as follows:

			Number of
	Number of		Restricted						Weighted Average
	Restricted OP		Common						Grant Date Fair
	Units		Shares			Total			Value
Nonvested balances at December 31, 2010		150,000		98,882			248,882		$	12.50
Granted		—		25,725			25,725		$	11.32
Forfeited		—		(1,413	)		(1,413	)	$	12.50
Nonvested balances at September 30, 2011		150,000		123,194			273,194		$	12.39