Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

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Stock Based Compensation
6 Months Ended
Jun. 30, 2012
Share-based Compensation [Abstract]  
Stock Based Compensation
STOCK BASED COMPENSATION
WRIT maintains short-term ("STIP") and long-term ("LTIP") incentive plans that provide for stock-based awards to officers and non-officer employees. Stock based awards are provided to officers and non-officer employees, as well as trustees, under the Washington Real Estate Investment Trust 2007 Omnibus Long-Term Incentive Plan which allows for awards in the form of restricted shares, restricted share units, options, and other awards up to an aggregate of 2,000,000 shares over the ten year period in which the plan will be in effect. Restricted share units are converted into shares of our stock upon full vesting through the issuance of new shares.
Total Compensation Expense
Total compensation expense recognized in the consolidated financial statements for all outstanding share based awards, was as follows (in millions):
 
Quarter Ended June 30,
 
Period Ended June 30,
 
2012
 
2011
 
2012
 
2011
Stock-based compensation expense
$
1.3

 
$
1.5

 
$
2.7

 
$
2.8



Restricted Share Awards
The total fair values of share grants vested was as follows (in millions):
 
Quarter Ended June 30,
 
Period Ended June 30,
 
2012
 
2011
 
2012
 
2011
Fair value of share grants vested
$

 
$

 
$
0.3

 
$
0.3


The total unvested restricted share awards at June 30, 2012 was 313,500 shares, which had a weighted average grant date fair value of $28.40 per share.
As of June 30, 2012, the total compensation cost related to non-vested restricted share awards was $4.2 million, which we expect to recognize as compensation expense over a weighted average period of 24 months.