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Equity-Based Compensation of the Operating Partnership (Tanger Properties Limited Partnership [Member])
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Mar. 31, 2013
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Tanger Properties Limited Partnership [Member]
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| Equity-Based Compensation of the Operating Partnership |
Equity-Based Compensation of the Operating Partnership
As discussed in Note 8, the Operating Partnership and the Company have a joint plan whereby equity based and performance based awards may be granted to directors, officers and employees. When common shares are issued by the Company, the Operating Partnership issues corresponding units to the Company based on the current exchange ratio as provided by the Operating Partnership agreement. Based on the current exchange ratio, each unit in the Operating Partnership is equivalent to four common shares of the Company. Therefore, when the Company grants an equity based award, the Operating Partnership treats each award as having been granted by the Operating Partnership.
We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):
(1) For the three months ended March 31, 2012, includes approximately $1.3 million of compensation expense related to 11,250 units issued related to a restricted share grant that vested immediately upon grant under the terms of the Employment Agreement for Steven B. Tanger, our President and Chief Executive Officer.
The following table summarizes information related to unvested restricted units outstanding as of March 31, 2013:
The total value of restricted units vested during the three months ended March 31, 2013 and March 31, 2012, was $9.6 million and $7.9 million, respectively.
As of March 31, 2013, there was $36.8 million of total unrecognized compensation cost related to unvested equity-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 3.5 years.
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