STOCK

6 Months Ended

Jun. 30, 2011

STOCK-BASED COMPENSATION [Abstract]

Stock-Based Compensation

(14)  STOCK-BASED COMPENSATION

Equity Incentive Plan

In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan (the "Plan") that authorized the issuance of up to 1,900,000 shares of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation.  The Plan was further amended by the Board of Directors in September 2005 and December 2006.  Total shares available for grant were 1,406,923 at June 30, 2011.  Typically, the Company issues new shares to fulfill stock grants or upon the exercise of stock options.

Stock-based compensation cost was $554,000 and $1,348,000 for the three and six months ended June 30, 2011, respectively, of which $47,000 and $86,000 were capitalized as part of the Company's development costs.  For the three and six months ended June 30, 2010, stock-based compensation cost was $417,000 and $861,000, respectively, of which $18,000 and $29,000 were capitalized as part of the Company's development costs.

Equity Awards

In the second quarter of 2011, the Company's Board of Directors approved an equity compensation plan for its executive officers based upon the attainment of certain annual performance goals.  These goals are for the period ending December 31, 2011, so any shares issued upon attainment of these goals will be issued after that date.  The number of shares to be issued could range from zero to 50,705.  These shares will vest 20% on the date shares are determined and awarded and 20% per year on each January 1 for the subsequent four years.

Also in the second quarter of 2011, EastGroup's Board of Directors approved an equity compensation plan for the Company's executive officers based on EastGroup's absolute and relative total stockholder return for the five-year period ending December 31, 2011.  Any shares issued pursuant to this equity compensation plan will be issued after that date.  The number of shares to be issued could range from zero to 53,680.  These shares will vest 25% per year on January 1 in years 2012, 2013, 2014 and 2015.

Notwithstanding the foregoing, pursuant to a special vesting provision adopted by the Company's Compensation Committee, shares issued to the Company's Chief Executive Officer, David H. Hoster II, will become fully vested no later than January 1, 2014.

Following is a summary of the total shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices.  Of the shares that vested in the first quarter of 2011, the Company withheld 3,564 shares to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan.  As of the vesting date, the fair value of shares that vested during the first quarter of 2011 was $613,000.  There were no shares that vested in the second quarter of 2011.

Award Activity:	Three Months Ended June 30, 2011				Six Months Ended June 30, 2011
	Shares		Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Nonvested at beginning of period		235,162	$	38.89		170,575		$	36.29
Granted		-		-		78,491			45.05
Forfeited		-		-		-			-
Vested		-		-		(13,904	)		41.77
Nonvested at end of period		235,162	$	38.89		235,162		$	38.89

Directors Equity Plan

In May 2005, the stockholders of the Company approved the EastGroup Properties, Inc. 2005 Directors Equity Incentive Plan that authorized the issuance of up to 50,000 shares of common stock through awards of shares and restricted shares granted to non-employee directors of the Company.  The Directors Equity Incentive Plan was further amended by the Board of Directors in May 2006, May 2008 and May 2011.  Stock-based compensation expense for directors was $60,000 and $120,000 for the three and six months ended June 30, 2011, respectively, and $60,000 and $120,000 for the same periods in 2010.