Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

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Stock Based Compensation
3 Months Ended
Mar. 31, 2013
Share-based Compensation [Abstract]  
Stock Based Compensation
STOCK BASED COMPENSATION
WRIT maintains short-term ("STIP") and long-term ("LTIP") incentive plans that allow 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 $1.0 million and $1.4 million for the 2013 and 2012 Quarters, respectively.

Restricted Share Awards
During the 2013 Quarter, 102,641 restricted share grants were awarded at a weighted average grant date fair value of $26.98.
The total fair values of restricted share grants vested was $0.5 million and $0.3 million for the 2013 and 2012 Quarters, respectively.
The total unvested restricted share awards at March 31, 2013 was 233,378 shares, which had a weighted average grant date fair value of $27.27 per share.
As of March 31, 2013, the total compensation cost related to non-vested restricted share awards was $3.6 million, which we expect to recognize over a weighted average period of 15 months.