Restricted Stock.  The 1998 plan also provides for shares of restricted stock to be granted to certain employees at no cost  to those employees, subject to achievement of certain financial and return-based performance measures established by the  Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over  a four-year period (25% each year) beginning on January 1 of each year. The cost of restricted stock grants, which is based upon  the stock’s fair market value on the grant date, is charged to earnings ratably over the vesting period. Through December 31,  2011 a total of 5,226,247 shares of restricted stock, net of forfeitures, have been awarded under the plan. Information regarding  restricted stock awards is summarized in the following table for each of the years presented: All 2,279 options outstanding at December 31, 2011, have an exercise price of $50.17 and a weighted average life of  2.17 years. No stock options were granted to any non-employee director and there were no stock options previously awarded to non- employee directors that were outstanding from December 31, 2008 through December 31, 2011. We also maintain a tax-qualified retirement 401(k) savings plan and offer no other postretirement or post employment benefits  to our employees. Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common  stock on a one-for-one basis or cash, as determined by the Board of Directors. The amount of cash to be paid if the exchange right  is exercised and the cash option is selected will be based on the trading price of our common stock at that time. At December 31,  2011, we had reserved 61,668,104 shares of common stock for possible issuance upon the exchange of units, stock options, and  Class B common stock and certain convertible preferred stock. Exchange Rights 60 Simon Property Group, Inc. Weighted Average Exercise Price Options  Per Share Shares under option at December 31, 2008  724,632 $ 30.18 Granted  — — Exercised  (181,850)  25.52 Forfeited  (37,100)  70.73 Shares under option at December 31, 2009  505,682 $ 28.88 Granted  — — Exercised, none were forfeited during the period  (178,683)  23.03 Shares under option at December 31, 2010  326,999 $ 29.75 Granted  — — Exercised, none were forfeited during the period  (324,720)  29.61 Shares under option at December 31, 2011  2,279 $ 50.17 Stock Options.  Information relating to employee options from December 31, 2008 through December 31, 2011 is as follows: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except share and per share amounts and where indicated as in millions or billions) For the Year Ended December 31, 2011 2010 2009 Restricted stock shares awarded during the year, net of forfeitures   116,885 116,726 254,227 Weighted average fair value of shares granted during the year  $110.12 $ 85.17 $ 29.44 Amortization expense  $14,018 $16,839 $22,870