Share-Based Compensation

3 Months Ended

Mar. 31, 2012

Share-based compensation expense was $1,027 and $1,060 for the three months ended March 31, 2012 and 2011, respectively. Share-based compensation cost capitalized as part of real estate assets was $22 and $41 for the three months ended March 31, 2012 and 2011, respectively.

The Company’s stock option activity for the three months ended March 31, 2012 is summarized as follows:



	Shares		Weighted Average Exercise Price
Outstanding at January 1, 2012	281,725		$	18.27
Exercised	(128,000	)	$	18.27
Outstanding at March 31, 2012	153,725		$	18.28
Vested and exercisable at March 31, 2012	153,725		$	18.28

A summary of the status of the Company’s stock awards as of March 31, 2012, and changes during the three months ended March 31, 2012, is presented below:



	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	289,290		$	16.09
Granted	205,750		$	18.34
Vested	(86,010	)	$	16.66
Forfeited	(1,270	)	$	16.58
Nonvested at March 31, 2012	407,760		$	17.10

As of March 31, 2012, there was $5,500 of total unrecognized compensation cost related to nonvested stock awards granted under the plan, which is expected to be recognized over a weighted average period of 3.9 years

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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+ Details