Share-Based Compensation

3 Months Ended

Mar. 31, 2013

Share-based Compensation [Abstract]

Share-Based Compensation

Share-Based Compensation

As of March 31, 2013, there were two share-based compensation plans under which the Company has outstanding awards or can elect to make awards. The CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan") was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400 shares. The Company did not issue any new awards under the CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan ("the 1993 Plan"), which was approved by the Company's shareholders in May 2003, between the adoption of the 2012 Plan to replace the 1993 Plan in May 2012 and the termination of the 1993 Plan on May 5, 2013.

Share-based compensation expense was $1,400 and $1,026 for the three months ended March 31, 2013 and 2012, respectively. Share-based compensation cost capitalized as part of real estate assets was $50 and $22 for the three months ended March 31, 2013 and 2012, respectively.

A summary of the status of the Company’s stock awards as of March 31, 2013, and changes during the three months ended March 31, 2013, is presented below: 

	Shares		Weighted  Average Grant-Date Fair Value
Nonvested at January 1, 2013	346,860		$	17.06
Granted	207,550		$	21.88
Vested	(92,280	)	$	17.32
Forfeited	(2,720	)	$	17.41
Nonvested at March 31, 2013	459,410		$	19.18

As of March 31, 2013, there was $6,363 of total unrecognized compensation cost related to nonvested stock awards granted under the plans, which is expected to be recognized over a weighted-average period of 4.1 years.