STOCK-BASED COMPENSATION PLANS

6 Months Ended

Jun. 30, 2012

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

NOTE 11       STOCK-BASED COMPENSATION PLANS

The General Growth Properties, Inc. 2010 Equity Plan (the “Equity Plan”) provides for grants of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, and other stock-based awards and performance-based compensation.  Stock-based compensation expense associated with the Equity Plan and outstanding options granted by the Predecessor and converted into options of the Successor are summarized in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Stock options	$	2,117	$	1,503	$	4,781	$	3,459
Restricted stock	2,298		2,797		4,863		6,227
Total	$	4,415	$	4,300	$	9,644	$	9,686

The following table summarizes stock option activity for the six months ended June 30, 2012 and 2011:

	2012				2011
			Weighted				Weighted
			Average				Average
			Exercise				Exercise
	Shares		Price		Shares		Price
Stock options Outstanding at January 1,	11,503,869		$	15.65	5,427,011		$	20.21
Granted	—		—		2,020,363		15.27
Exercised	(1,200	)	14.17		(51,988	)	11.05
Forfeited	(240,128	)	14.67		(404,192	)	14.73
Expired	(499,088	)	46.39		(927,078	)	39.31
Stock options Outstanding at June 30,	10,763,453		$	13.65	6,064,116		$	15.95

There was no significant restricted stock activity for the three and six months ended June 30, 2012 and 2011.