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Share and Unit-Based Plans
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share and Unit-Based Plans Share and Unit-Based Plans:
Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards.
The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period.
During the six months ended June 30, 2020, the Company granted the following LTIP Units:
Grant DateUnitsTypeFair Value per LTIP UnitVest Date
1/1/2020154,158  Service-based$26.92  12/31/2022
1/1/2020321,940  Market-indexed$27.80  12/31/2022
3/1/202039,176  Service-based$20.42  2/28/2023
3/1/202037,592  Market-indexed$21.28  2/28/2023
552,866  
The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2020 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.62% and an expected volatility of 26.08%. The fair value of the market-indexed LTIP Units (Level 3) granted on March 1, 2020 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 0.85% and an expected volatility of 28.34%.
The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
 LTIP UnitsPhantom Stock UnitsStock Units
 UnitsValue(1)UnitsValue(1)UnitsValue(1)
Balance at January 1, 2020616,219  $39.04  7,216  $43.29  199,987  $43.59  
Granted552,866  26.59  17,836  20.23  247,872  14.24  
Vested(3,408) 66.02  (15,825) 22.32  (100,076) 45.18  
Forfeited(6,714) 39.66  —  —  (399) 59.04  
Balance at June 30, 20201,158,963  $33.02  9,227  $34.67  347,384  $22.17  
(1) Value represents the weighted average grant date fair value.
The following table summarizes the activity of the stock options outstanding:
 Stock Options
 UnitsValue(1)
Balance at January 1, 202035,565  $57.32  
Granted(2)1,950  54.34  
Exercised—  —  
Balance at June 30, 202037,515  $54.34  
(1) Value represents the weighted average exercise price.
(2) Pursuant to the terms of the Company's equity plan, the exercise price
     and number of options were adjusted so that the stock dividend paid on
     June 3, 2020 had no negative impact on the outstanding stock options
    (See Note 14 - Stockholders' Equity).
The following summarizes the compensation cost under the share and unit-based plans:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2020201920202019
LTIP Units$3,350  $2,647  $6,564  $6,361  
Stock units694  544  2,896  3,204  
Stock options—  —  —  51  
Phantom stock units166  182  353  422  
$4,210  $3,373  $9,813  $10,038  
The Company capitalized share and unit-based compensation costs of $941 and $1,459 for the three months ended June 30, 2020 and 2019, respectively, and $2,320 and $2,605 for the six months ended June 30, 2020 and 2019, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2020 consisted of $9,782 from LTIP Units, $3,560 from stock units and $320 from phantom stock units.