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Equity-Based Compensation of the Operating Partnership (Notes) (Tanger Properties Limited Partnership)
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Mar. 31, 2012
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Tanger Properties Limited Partnership
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| Disclosure of Compensation Related Costs Equity Based Payments [Text Block] |
Equity-Based Compensation of the Operating Partnership
As discussed in Note 9, 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 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.
The tables below set forth the equity based compensation expense and other related information as recognized in the Operating Partnership's consolidated financial statements.
We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations for the three months ended March 31, 2012 and 2011 as follows (in thousands):
(1) Includes approximately $1.3 million of compensation expense related to 11,250 units issued related to a restricted share grant that vested immediately pursuant to the Employment Agreement as described in footnote 9.
The following table summarizes information related to unvested restricted units outstanding as of March 31, 2012:
The total value of restricted units vested during the three months ended March 31, 2012 and March 31, 2011 was $8.2 million and $5.4 million, respectively.
As of March 31, 2012, there was $31.8 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 3.8 years
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