Annual report pursuant to Section 13 and 15(d)

Equity-Based Compensation of the Operating Partnership (Tables)

v2.4.0.6
Equity-Based Compensation of the Operating Partnership (Tables) (Tanger Properties Limited Partnership)
12 Months Ended
Dec. 31, 2011
Tanger Properties Limited Partnership
 
Disclosure of Equity-based Compensation Arrangements by Equity-based Payment Award [Table Text Block]
We recorded equity-based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2011, 2010 and 2009, respectively, as follows (in thousands):
 
 
2011
 
2010
 
2009
Restricted units (1)
 
$
5,227

 
$
4,095

 
$
11,720

Notional unit performance awards
 
1,885

 
1,753

 

Options
 
179

 

 
78

Total equity based compensation
 
$
7,291

 
$
5,848

 
$
11,798


(1)
For the year ended December 31, 2009, includes $6.9 million of incremental equity-based compensation related to the accelerated vesting of restricted units.
Schedule of Equity-based Compensation, Units Authorized under Stock Option Plans, By Exercise Price Range [Table Text Block]
Options outstanding at December 31, 2011 had the following weighted average exercise prices and weighted average remaining contractual lives:

 
 
Options Outstanding
 
 
 
Options Exercisable
Range of exercise prices
 
Options
 
Weighted average exercise price
 
Weighted remaining contractual life in years
 
Options
 
Weighted average exercise price
$38.76
 
2,500

 
$
38.76

 
2.32
 
2,500

 
$
38.76

$38.83
 
15,425

 
38.83

 
2.33
 
15,425

 
38.83

$47.25
 
3,000

 
47.25

 
2.84
 
3,000

 
47.25

$104.24
 
44,375

 
104.24

 
9.16
 

 

 
 
65,300

 
$
83.66

 
6.99
 
20,925

 
$
40.03


Schedule of Equity-based Compensation, Stock Options, Activity [Table Text Block]
A summary of option activity under our Amended and Restated Incentive Award Plan as of December 31, 2011 and changes during the year then ended is presented below (aggregate intrinsic value amount in thousands):
Options
 
Units
 
Weighted-average exercise price
 
Weighted-average remaining contractual life in years
 
Aggregate intrinsic value
Outstanding as of December 31, 2010
 
30,050

 
$
39.66

 
 
 
 
Granted
 
47,875

 
104.24

 
 
 
 
Exercised
 
(9,125
)
 
38.83

 
 
 
 
Forfeited
 
(3,500
)
 
104.24

 
 
 
 
Outstanding as of December 31, 2011
 
65,300

 
$
83.66

 
6.99
 
$
2,273

 
 
 
 
 
 
 
 
 
Vested and Expected to Vest as of
 
 
 
 
 
 
 
 
December 31, 2011
 
55,545

 
$
80.05

 
6.61
 
$
2,135

 
 
 
 
 
 
 
 
 
Exercisable as of December 31, 2011
 
20,925

 
$
40.03

 
2.40
 
$
1,642


The total intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was $652,000, $1.7 million and $1.5 million, respectively.
Schedule of Equity-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
The following table summarizes information related to unvested restricted units outstanding as of December 31, 2011:
Unvested Restricted Units
 
Number of units
 
Weighted average grant date fair value
Unvested at December 31, 2010
 
179,440

 
$
71.81

Granted
 
82,250

 
101.91

Vested
 
(60,956
)
 
73.84

Forfeited
 
(5,800
)
 
71.13

Unvested at December 31, 2011
 
194,934

 
$
83.70


The total value of restricted units vested during the years ended 2011, 2010 and 2009 was $7.1 million, $4.7 million and $13.5 million, respectively.