Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Schedule Of Stock Option Plans |
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Weighted
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Aggregate
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Average
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Intrinsic
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Shares
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Exercise
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Value
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Under Options
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Price
|
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$(000’s)
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Outstanding at January 1, 2014
|
15,000
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$
|
40.54
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$
|
-
|
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Granted
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5,000
|
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|
21.25
|
|
|
|
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Lapsed or Cancelled
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(10,000)
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38.07
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Outstanding at December 31, 2014 ($21.25 – $45.47)
|
10,000
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$
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33.36
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|
-
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Granted
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800,000
|
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17.31
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Lapsed or Cancelled
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(5,000)
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45.47
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Outstanding at December 31, 2015 ($17.31 - $21.25)
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805,000
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$
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17.33
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4,843
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Lapsed or Cancelled
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(5,000)
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21.25
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Outstanding at December 31, 2016 ($17.31)
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800,000
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$
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17.31
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$
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9,368
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Options exercisable at December 31, 2016
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533,334
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Available for grant at December 31, 2016
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2,695,978
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| Schedule Of Weighted Average Assumptions |
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2015
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2014
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Time Vesting
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Price Vesting
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Stock
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Options
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Options
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Options
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Expected life (in years)
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6.0
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5.8
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6.0
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Risk-free interest rate
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2.04
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%
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1.96
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%
|
1.50
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%
|
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Volatility
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29.0
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%
|
29.0
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%
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20.26
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%
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Dividend yield
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3.5
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%
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3.5
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%
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5.65
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%
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| Schedule Of Restricted Stock Awards |
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Weighted-Average
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Grant – Date
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Shares
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Fair Value
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Outstanding at January 1, 2014
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153,560
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$
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25.20
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Granted (a) (b) (c)
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376,719
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20.04
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Vested
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(183,214)
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22.37
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Forfeited
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(119)
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26.36
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Outstanding at December 31, 2014
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346,946
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$
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21.09
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Granted (d)
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41,337
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17.51
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Vested
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(250,132)
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|
|
21.44
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Forfeited
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(1,931)
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|
20.31
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Outstanding at December 31, 2015
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136,220
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$
|
19.36
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Granted
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74,622
|
|
|
23.79
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Vested
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(61,654)
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18.94
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Forfeited
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(3,910)
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|
21.58
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Outstanding at December 31, 2016
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145,278
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$
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21.76
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(a)Included in the 376,719 Restricted Stock Awards granted in 2014 were 8,211 awards granted to the Company’s two executive officers, Anthony Krug and Gary Wagner.
(b)Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014.
(c)Includes 126,000 Performance Shares which were legally granted in 2013 for which future performance goals had not yet been set by the Committee. These awards were not considered granted for accounting purposes until these goals are set. These were considered granted in 2014 for accounting purposes in connection with the announcement of the departure of Mitchell E. Hersh in the fourth quarter 2014.
(d)Included in the 41,337 Restricted Stock Awards granted in 2015 were 37,551 awards granted to the Company’s two executive officers, Mitchell E. Rudin and Michael J. DeMarco.
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| Schedule Of Basic And Diluted Earnings Per Share |
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Year Ended December 31,
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Computation of Basic EPS
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2016
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2015
|
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2014
|
|
Net income (loss)
|
$
|
130,294
|
|
$
|
(142,052)
|
|
$
|
31,391
|
|
Add: Noncontrolling interest in consolidated joint ventures
|
|
651
|
|
|
1,044
|
|
|
778
|
|
Add (deduct): Noncontrolling interest in Operating Partnership
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(13,721)
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15,256
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(3,602)
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Net income (loss) available to common shareholders
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$
|
117,224
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$
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(125,752)
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$
|
28,567
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|
|
|
|
|
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Weighted average common shares
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|
89,746
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|
89,291
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|
88,727
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Basic EPS:
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Net income (loss) available to common shareholders
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$
|
1.31
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$
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(1.41)
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$
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0.32
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Year Ended December 31,
|
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Computation of Diluted EPS
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Net income (loss) available to common shareholders
|
$
|
117,224
|
|
$
|
(125,752)
|
|
$
|
28,567
|
|
Add (deduct): Noncontrolling interest in Operating Partnership
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|
13,721
|
|
|
(15,256)
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|
3,602
|
|
Net income (loss) for diluted earnings per share
|
$
|
130,945
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$
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(141,008)
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$
|
32,169
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|
|
|
|
|
|
|
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|
Weighted average common shares
|
|
100,498
|
|
|
100,222
|
|
|
100,041
|
|
|
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Diluted EPS:
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|
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Net income (loss) available to common shareholders
|
$
|
1.30
|
|
$
|
(1.41)
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
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The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation:
(in thousands)
|
|
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Year Ended December 31,
|
|
|
|
2016
|
|
2015
|
|
|
2014
|
|
Basic EPS shares
|
|
89,746
|
|
89,291
|
|
|
88,727
|
|
Add: Operating Partnership – common units
|
|
10,499
|
|
10,931
|
|
|
11,272
|
|
Restricted Stock Awards
|
|
43
|
|
-
|
|
|
42
|
|
Stock Options
|
|
210
|
|
-
|
|
|
-
|
|
Diluted EPS Shares
|
|
100,498
|
|
100,222
|
|
|
100,041
|
|
| Mack-Cali Realty LP [Member] |
|
| Schedule Of Stock Option Plans |
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
Weighted
|
|
|
Aggregate
|
|
|
|
|
|
Average
|
|
|
Intrinsic
|
|
|
Shares
|
|
|
Exercise
|
|
|
Value
|
|
|
Under Options
|
|
|
Price
|
|
|
$(000’s)
|
|
Outstanding at January 1, 2014
|
15,000
|
|
$
|
40.54
|
|
$
|
-
|
|
Granted
|
5,000
|
|
|
21.25
|
|
|
|
|
Lapsed or Cancelled
|
(10,000)
|
|
|
38.07
|
|
|
|
|
Outstanding at December 31, 2014 ($21.25 – $45.47)
|
10,000
|
|
$
|
33.36
|
|
|
-
|
|
Granted
|
800,000
|
|
|
17.31
|
|
|
|
|
Lapsed or Cancelled
|
(5,000)
|
|
|
45.47
|
|
|
|
|
Outstanding at December 31, 2015 ($17.31 - $21.25)
|
805,000
|
|
$
|
17.33
|
|
|
4,843
|
|
Lapsed or Cancelled
|
(5,000)
|
|
|
21.25
|
|
|
|
|
Outstanding at December 31, 2016 ($17.31)
|
800,000
|
|
$
|
17.31
|
|
$
|
9,368
|
|
Options exercisable at December 31, 2016
|
533,334
|
|
|
|
|
|
|
|
Available for grant at December 31, 2016
|
2,695,978
|
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
Time Vesting
|
|
Price Vesting
|
|
Stock
|
|
|
|
Options
|
|
Options
|
|
Options
|
|
|
Expected life (in years)
|
6.0
|
|
5.8
|
|
6.0
|
|
|
Risk-free interest rate
|
2.04
|
%
|
1.96
|
%
|
1.50
|
%
|
|
Volatility
|
29.0
|
%
|
29.0
|
%
|
20.26
|
%
|
|
Dividend yield
|
3.5
|
%
|
3.5
|
%
|
5.65
|
%
|
|
| Schedule Of Restricted Stock Awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
Grant – Date
|
|
|
Shares
|
|
|
Fair Value
|
|
Outstanding at January 1, 2014
|
153,560
|
|
$
|
25.20
|
|
Granted (a) (b) (c)
|
376,719
|
|
|
20.04
|
|
Vested
|
(183,214)
|
|
|
22.37
|
|
Forfeited
|
(119)
|
|
|
26.36
|
|
Outstanding at December 31, 2014
|
346,946
|
|
$
|
21.09
|
|
Granted (d)
|
41,337
|
|
|
17.51
|
|
Vested
|
(250,132)
|
|
|
21.44
|
|
Forfeited
|
(1,931)
|
|
|
20.31
|
|
Outstanding at December 31, 2015
|
136,220
|
|
$
|
19.36
|
|
Granted
|
74,622
|
|
|
23.79
|
|
Vested
|
(61,654)
|
|
|
18.94
|
|
Forfeited
|
(3,910)
|
|
|
21.58
|
|
Outstanding at December 31, 2016
|
145,278
|
|
$
|
21.76
|
(a)Included in the 376,719 Restricted Stock Awards granted in 2014 were 8,211 awards granted to the Company’s two executive officers, Anthony Krug and Gary Wagner.
(b)Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014.
(c)Includes 126,000 Performance Shares which were legally granted in 2013 for which future performance goals had not yet been set by the Committee. These awards were not considered granted for accounting purposes until these goals are set. These were considered granted in 2014 for accounting purposes in connection with the announcement of the departure of Mitchell E. Hersh in the fourth quarter 2014.
(d)Included in the 41,337 Restricted Stock Awards granted in 2015 were 37,551 awards granted to the Company’s two executive officers, Mitchell E. Rudin and Michael J. DeMarco.
|
| Schedule Of Basic And Diluted Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Computation of Basic EPU
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Net income (loss)
|
|
$
|
130,294
|
|
$
|
(142,052)
|
|
$
|
31,391
|
|
Add: Noncontrolling interest in consolidated joint ventures
|
|
|
651
|
|
|
1,044
|
|
|
778
|
|
Net income (loss) available to common unitholders
|
|
$
|
130,945
|
|
$
|
(141,008)
|
|
$
|
32,169
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units
|
|
|
100,245
|
|
|
100,222
|
|
|
99,999
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPU:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
|
$
|
1.31
|
|
$
|
(1.41)
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Computation of Diluted EPU
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Net income (loss) available to common unitholders
|
|
$
|
130,945
|
|
$
|
(141,008)
|
|
$
|
32,169
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common unit
|
|
|
100,498
|
|
|
100,222
|
|
|
100,041
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPU:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
|
$
|
1.30
|
|
$
|
(1.41)
|
|
$
|
0.32
|
The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation: (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2016
|
|
2015
|
|
|
2014
|
|
Basic EPU units
|
|
100,245
|
|
100,222
|
|
|
99,999
|
|
Add: Restricted Stock Awards
|
|
43
|
|
-
|
|
|
42
|
|
Stock Options
|
|
210
|
|
-
|
|
|
-
|
|
Diluted EPU Units
|
|
100,498
|
|
100,222
|
|
|
100,041
|
|