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Mack-Cali Realty Corporation Stockholders' Equity (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Mack-Cali Realty Corporation Stockholders' Equity [Abstract] |
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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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$(000’s)
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Outstanding at January 1, 2012
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183,870
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$
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29.51
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-
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Exercised/Cancelled
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-
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-
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Outstanding at December 31, 2012 ($28.47 – $45.47)
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183,870
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$
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29.51
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-
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Lapsed or Cancelled
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(168,870)
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28.53
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Outstanding at December 31, 2013 ($35.59 – $45.47)
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15,000
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$
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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 – $45.47)
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10,000
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$
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33.36
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-
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Options exercisable at December 31, 2014
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5,000
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Available for grant at December 31, 2014
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4,424,013
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| Schedule Of Weighted Average Assumptions |
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Expected life (in years)
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6
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Risk-free interest rate
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1.50
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%
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Volatility
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20.26
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%
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Dividend yield
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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, 2012
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187,447
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$
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33.82
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Granted (a)
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70,758
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25.28
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Vested
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(123,877)
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31.30
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Outstanding at December 31, 2012
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134,328
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$
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31.65
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Granted (b) (c)
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168,841
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23.99
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Vested
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(149,463)
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29.63
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Forfeited
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(146)
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26.36
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Outstanding at December 31, 2013
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153,560
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$
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25.20
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Granted (d) (e) (f)
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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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(a)Included in the 70,758 Restricted Stock Awards granted in 2012 were 42,273 awards granted to the Company’s three executive officers, Mitchell E. Hersh, Barry Lefkowitz and Roger W. Thomas.
(b)Included in the 168,841 Restricted Stock Awards granted in 2013 were 106,933 awards granted to the Company’s four executive officers, Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Anthony Krug.
(c)Includes 63,933 Performance Shares which were legally granted in 2013 for which the 2013 performance goals were not met, which may be earned if subsequent years’ performance goals are met.
(d)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.
(e)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.
(f)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.
As of December 31, 2014, the Company had $1.5 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.5 years.
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| Schedule Of Basic And Diluted Earnings Per Share |
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Year Ended December 31,
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Computation of Basic EPS
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2014
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2013
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2012
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Income (loss) from continuing operations
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$
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31,391
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$
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(89,686)
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$
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37,566
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Add: Noncontrolling interest in consolidated joint ventures
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778
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2,199
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330
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Add (deduct): Noncontrolling interest in Operating Partnership
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(3,602)
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10,459
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(4,619)
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Income (loss) from continuing operations available to common shareholders
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28,567
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(77,028)
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33,277
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Income from discontinued operations available to common shareholders
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-
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62,119
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7,645
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Net income (loss) available to common shareholders
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$
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28,567
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$
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(14,909)
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$
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40,922
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Weighted average common shares
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88,727
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87,762
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87,742
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Basic EPS:
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Income (loss) from continuing operations available to common shareholders
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$
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0.32
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$
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(0.88)
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$
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0.38
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Income from discontinued operations available to common
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shareholders
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-
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0.71
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0.09
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Net income (loss) available to common shareholders
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$
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0.32
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$
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(0.17)
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$
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0.47
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Year Ended December 31,
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Computation of Diluted EPS
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2014
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2013
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2012
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Income (loss) from continuing operations available to common shareholders
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$
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28,567
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$
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(77,028)
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$
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33,277
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(Deduct) add: Noncontrolling interest in Operating Partnership
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3,602
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(10,459)
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4,619
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Income (loss) from continuing operations for diluted earnings per share
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32,169
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(87,487)
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37,896
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Income from discontinued operations for diluted earnings per share
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-
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70,628
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8,703
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Net income (loss) available to common shareholders
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$
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32,169
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$
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(16,859)
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$
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46,599
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Weighted average common shares
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100,041
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99,785
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99,996
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Diluted EPS:
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Income (loss) from continuing operations available to common shareholders
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$
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0.32
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$
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(0.88)
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$
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0.38
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Income from discontinued operations available to common
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shareholders
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-
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0.71
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0.09
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Net income (loss) available to common shareholders
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$
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0.32
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$
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(0.17)
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$
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0.47
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The following schedule reconciles the 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,
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2014
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2013
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2012
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Basic EPS shares
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88,727
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87,762
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87,742
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Add: Operating Partnership – common units
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11,272
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12,023
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12,180
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Restricted Stock Awards
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42
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-
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74
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Diluted EPS Shares
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100,041
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99,785
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99,996
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