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SHARE BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Status of Unvested Restricted Shares
A summary of the status of our unvested restricted shares as of December 31, 2014 and changes during the years ended December 31, 2014, 2013 and 2012 is presented below:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2012
950,226

 
$
12.65

Shares granted
459,526

 
14.46

Shares vested
(664,574
)
 
11.50

Shares forfeited
(20,442
)
 
14.22

Unvested at December 31, 2012
724,736

 
$
14.81

Shares granted
253,920

 
18.54

Shares vested
(392,917
)
 
13.74

Shares forfeited
(2,300
)
 
16.41

Unvested at December 31, 2013
583,439

 
$
17.15

Shares granted
253,922

 
19.20

Shares vested
(374,213
)
 
16.16

Shares forfeited
(25,099
)
 
18.46

Unvested as of December 31, 2014
438,049

 
$
19.11
Assumptions Used in Monte Carlo Simulations Used to Determine Aggregate Fair Values
The table below sets forth the assumptions used in the Monte Carlo simulations used to determine the aggregate fair values of the RSU awards in 2014, 2013 and 2012 by grant date:
 
 
RSUs and assumptions by Grant Date
 
February 26, 2014
 
February 27,
2013
 
April 23,
2012
 
April 9,
2012
RSUs granted
127,353

 
112,898

 
80,744

 
134,761

Volatility
37.7
%
 
44.7
%
 
57.2
%
 
61.5
%
Risk free interest rate
0.68
%
 
0.36
%
 
0.39
%
 
0.46
%
PREIT Stock Beta compared to Dow Jones US Real Estate Index
1.492

 
1.472

 
1.457

 
1.495
Schedule of Changes in Number of Options Outstanding
The following table presents the changes in the number of options outstanding from January 1, 2012 through December 31, 2014:
 
 
Weighted
Average
Exercise
Price/
Total
 
2003
Equity
Incentive
Plan
 
1990
Non-Employee
Trustee Plan
Options outstanding at January 1, 2012
30,932

 
15,932

 
15,000

Options forfeited
$
22.55

 
(932
)
 
—

Options granted
$
12.87

 
5,000

 
—

Options exercised
$
5.41

 
(5,000
)
 
—

Options outstanding at December 31, 2012
30,000

 
15,000

 
15,000

Options forfeited
$
32.89

 
—

 
(15,000
)
Options granted
$
20.40

 
5,000

 
—

Options outstanding at December 31, 2013
20,000

 
20,000

 
—

Options forfeited
$
34.55

 
(5,000
)
 
—

Options outstanding at December 31, 2014(1)
15,000

 
15,000

 
—

Outstanding exercisable and unexercisable options
 
 
 
 
 
Average exercise price per share
$
23.67

 
$
23.67

 
$
—

Aggregate exercise price(2) 
$
357

 
$
357

 
$
—

Intrinsic value of options outstanding(2) 
$
31

 
$
31

 
$
—

Outstanding exercisable options at December 31, 2014
 
 
 
 
 
Options
8,750

 
8,750

 
—

Average exercise price per share
$
28.30

 
$
28.30

 
$
—

Aggregate exercise price(2) 
$
248

 
$
248

 
$
—

Intrinsic value of options outstanding(2)
$
15

 
$
15

 
$
—

 
(1) 
The weighted average remaining contractual life of these outstanding options is 5.53 years (weighted average exercise price of $23.67 per share and an aggregate exercise price of $0.4 million).
(2) 
Amounts in thousands of dollars.
Summary of Information Relating to All Options Outstanding
The following table summarizes information relating to all options outstanding as of December 31, 2014:
 
 
Options Outstanding as of
December 31, 2014
 
Options Exercisable as of
December 31, 2014
Range of Exercise
Prices (Per Share)
Number of
Shares
 
Weighted
Average
Exercise Price
(Per Share)
 
Number of
Shares
 
Weighted
Average
Exercise Price
(Per Share)
 
Weighted
Average
Remaining
Life (Years)
$12.87-$18.99
5,000

 
$
12.87

 
2,500

 
$
12.87

 
7.3
$19.00-$28.99
5,000

 
$
20.40

 
1,250

 
$
20.40

 
8.3
$29.00-$38.00
5,000

 
$
38.00

 
5,000

 
$
38.00

 
0.9
Time based restricted share awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Future Compensation Expense
We will record future compensation expense in connection with the vesting of existing time based restricted share awards as follows:
 
(in thousands of dollars)
For the Year Ending December 31,
Future
Compensation
Expense
2015
$
2,339

2016
1,200

2017
156

Total
$
3,695
Non-employee trustee [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Future Compensation Expense
e will record compensation expense of $0.3 million in connection with the vesting of existing non-employee trustee restricted share awards.