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Share Options And Awards
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share Options And Awards
Share Options and Awards
In April 2011, our Long-Term Incentive Plan for the issuance of options and share awards expired, and issued options of .5 million remain outstanding as of December 31, 2016.
In May 2010, our shareholders approved the adoption of the Amended and Restated 2010 Long-Term Incentive Plan, under which 3.0 million of our common shares were reserved for issuance, and options and share awards of .9 million are available for future grant at December 31, 2016. This plan expires in May 2020.
Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $8.5 million in 2016, $7.4 million in 2015 and $7.9 million in 2014, of which $1.9 million in 2016, $1.5 million in 2015 and $2.3 million in 2014 was capitalized.
Options
The fair value of share options issued prior to 2012 was estimated on the date of grant using the Black-Scholes option pricing method based on the expected weighted average assumptions.
Following is a summary of the option activity for the three years ended December 31, 2016:
 
Shares
Under
Option
 
Weighted
Average
Exercise
Price
Outstanding, January 1, 2014
3,543,746

 
$
29.16

Forfeited or expired
(307,413
)
 
39.73

Exercised
(339,210
)
 
22.98

Outstanding, December 31, 2014
2,897,123

 
28.76

Forfeited or expired
(435,840
)
 
37.37

Exercised
(94,633
)
 
26.55

Outstanding, December 31, 2015
2,366,650

 
27.26

Forfeited or expired
(460,722
)
 
47.42

Exercised
(971,727
)
 
21.95

Outstanding, December 31, 2016
934,201

 
$
22.85


The total intrinsic value of options exercised was $14.9 million in 2016, $.9 million in 2015 and $4.2 million in 2014. As of December 31, 2016, all share options were vested, and there was no unrecognized compensation cost related to share options. As of December 31, 2015, there was approximately $.05 million of total unrecognized compensation cost related to unvested share options, which was amortized over a weighted average of 0.2 years.
The following table summarizes information about share options outstanding and exercisable at December 31, 2016:
Range of
Exercise Prices
 
Outstanding
 
Exercisable
 
Number
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
(000’s)
 
Number
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
(000’s)
$11.85 - $17.78  
 
241,979

 
2.2 years
 
$
11.85

 
 
 
241,979

 
$
11.85

 
2.2 years
 
 
$17.79 - $26.69  
 
479,127

 
3.9 years
 
$
24.15

 
 
 
479,127

 
$
24.15

 
3.9 years
 
 
$26.70 - $40.05  
 
211,603

 
1.2 years
 
$
32.31

 
 
 
211,603

 
$
32.31

 
1.2 years
 
 
$40.06 - $49.62  
 
1,492

 
0.2 years
 
$
49.62

 
 
 
1,492

 
$
49.62

 
0.2 years
 
 
Total
 
934,201

 
2.8 years
 
$
22.85

 
$
12,089

 
934,201

 
$
22.85

 
2.8 years
 
$
12,089


Share Awards
The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:
 
Year Ended December 31, 2016
 
Minimum
 
Maximum
Dividend yield
0.0
%
 
4.0
%
Expected volatility (1)
16.0
%
 
20.4
%
Expected life (in years)
N/A

 
3

Risk-free interest rate
0.5
%
 
0.9
%
_______________
(1)
Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors.
A summary of the status of unvested share awards for the year ended December 31, 2016 is as follows:
 
Unvested
Share
Awards
 
Weighted
Average 
Grant
Date Fair 
Value
Outstanding, January 1, 2016
589,906

 
$
32.05

Granted:
 
 
 
Service-based awards
119,958

 
34.56

Market-based awards relative to FTSE NAREIT U.S. Shopping Center
Index
50,170

 
37.11

Market-based awards relative to three-year absolute TSR
50,170

 
24.20

Trust manager awards
24,983

 
37.63

Vested
(233,524
)
 
32.05

Forfeited
(10,809
)
 
33.97

Outstanding, December 31, 2016
590,854

 
$
32.52


As of December 31, 2016 and 2015, there was approximately $2.0 million and $2.2 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.8 years and 0.8 years, respectively.