Incentive Plans

3 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule Of Nonvested Share Activity [Text Block]

10. Incentive Plans

We have adopted the 2010 Equity Incentive Compensation Plan (the “Incentive Plan”) which permits the grant of incentive awards to executive officers, employees, consultants and non-employee directors. The aggregate number of awards approved under the Incentive Plan is 2.5 million. As of March 31, 2013 and December 31, 2012, approximately 0.5 million and 1.2 million shares, respectively, were available for issuance under the Incentive Plan.

Restricted Stock Awards

Awards to executive officers and employees 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 vest over a three or five year period and are subject to restriction based upon continued service on our Board of Directors.

At March 31, 2013, total unrecognized compensation cost was approximately $7.0 million and is expected to be recognized over a remaining weighted average period of 2.5 years. During the three months ended March 31, 2013 and 2012, we recognized stock compensation expense of approximately $0.4 million and $0.1 million, respectively, in the accompanying condensed consolidated financial statements, and capitalized $0.1 million and $0.1 million, respectively.

Restricted OP Units

At March 31, 2013, total unrecognized compensation cost was approximately $0.3 million and is expected to be recognized over a remaining weighted average period of 0.6 years. During the three months ended March 31, 2013 and 2012, we recognized stock compensation expense related to the vesting of restricted OP Units of approximately $0.2 million and immaterial amount, respectively, in the accompanying condensed consolidated financial statements, and capitalized $0.1 million and $0.1 million, respectively.

The following is a summary of our plan activity for the period shown (in thousands, except weighted average grant price):

	Restricted			Restricted					Weighted
	Common			Restricted OP					Average
	Stock			Units		Total			Grant Price
Unvested balances at December 31, 2012		438			50		488		$	11.07
Granted		357			-		357			12.21
Vested		(98	)		-		(98	)		12.20
Forfeited		(15	)		-		(15	)		12.59
Unvested balances at March 31, 2013		682			50		732		$	12.19