Print Page  Close Window

SEC Filings



10-K
MACERICH CO filed this Form 10-K on 02/23/2018
Entire Document
 
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts)
19. Share and Unit-Based Plans: (Continued)

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2017, 2016 and 2015:
 
2017
 
2016
 
2015
 
Stock Units
 
Weighted
Average
Grant Date
Fair Value
 
Stock Units
 
Weighted
Average
Grant Date
Fair Value
 
Stock Units
 
Weighted
Average
Grant Date
Fair Value
Balance at beginning of year
5,845

 
$
81.47

 

 
$

 
9,269

 
$
58.35

Granted
8,760

 
68.93

 
21,088

 
80.21

 
13,351

 
78.72

Vested
(10,551
)
 
71.69

 
(15,243
)
 
79.73

 
(20,162
)
 
72.17

Forfeited

 

 

 

 
(2,458
)
 
55.62

Balance at end of year
4,054

 
$
79.82

 
5,845

 
$
81.47

 

 
$


Employee Stock Purchase Plan ("ESPP"):
The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 750,000 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2017 was 450,306.
Compensation:
The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2017, 2016 and 2015:
 
2017
 
2016
 
2015
Stock awards
$

 
$
20

 
$
252

Stock units
6,045

 
6,305

 
6,041

LTIP units
30,161

 
32,957

 
26,622

Stock options
85

 
16

 
16

Phantom stock units
714

 
1,231

 
1,444

 
$
37,005

 
$
40,529

 
$
34,375


The Company capitalized share and unit-based compensation costs of $6,206, $7,241 and $6,008 for the years ended December 31, 2017, 2016 and 2015, respectively.
The fair value of the stock awards and stock units that vested during the years ended December 31, 2017, 2016 and 2015 was $5,257, $5,644 and $8,794, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2017 consisted of $286 from LTIP Units, $3,239 from stock units, $176 from stock options and $324 from phantom stock units.

103