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Common Stock Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of severance-related expense | The total value of cash, stock compensation and professional fees incurred as a result of this severance was $28.3 million; however, the net amount, after incorporating accruals for CEO compensation previous to this severance, was $18.7 million, which was recognized in general and administrative expense on our 2018 consolidated statement of income and comprehensive income, and which represents the incremental costs incurred per the reconciliation below (dollars in thousands):
Cash | $ | 9,817 |
Stock compensation | 17,902 |
Professional fees | 574 |
Total value of severance | 28,293 |
Amount accrued for CEO compensation prior to separation | (9,642 | )
Incremental severance | $ | 18,651 |
Schedule of nonvested restricted stock activity | The following table summarizes our common stock grant activity under our 2012 Plan.
|  | 2018 |  | 2017 |  | 2016
|  | Number of shares |  | Weighted average price(1) |  | Number of shares |  | Weighted average price(1) |  | Number of shares |  | Weighted average price(1)
Outstanding nonvested shares, beginning of year |  | 475,768 |  |  | $ | 52.32 |  |  | 513,523 |  |  | $ | 48.33 |  |  | 456,282 |  |  | $ | 30.46 |
Shares granted |  | 183,952 |  |  | $ | 52.21 |  |  | 149,264 |  |  | $ | 59.21 |  |  | 260,171 |  |  | $ | 54.14 |
Shares vested |  | (310,706 | ) |  | $ | 51.05 |  |  | (183,381 | ) |  | $ | 46.65 |  |  | (200,066 | ) |  | $ | 43.26 |
Shares forfeited |  | (41,193 | ) |  | $ | 53.06 |  |  | (3,638 | ) |  | $ | 56.57 |  |  | (2,864 | ) |  | $ | 48.15 |
Outstanding nonvested shares, end of each period |  | 307,821 |  |  | $ | 53.44 |  |  | 475,768 |  |  | $ | 52.32 |  |  | 513,523 |  |  | $ | 48.33 |
(1) Grant date fair value. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of number of performance shares that vest based on the achievement of performance goals | The number of performance shares that vest is based on the achievement of the following performance goals:
2017 & 2018 Performance Awards Metrics |  | Weighting |
Total shareholder return (“TSR”) relative to RMS Index |  | 45 | %
TSR relative to JP Morgan Net Lease Peers |  | 26 | %
Dividend per share growth rate |  | 16 | %
Debt-to-EBITDA ratio |  | 13 | %
2016 Performance Awards Metrics |  | Weighting |
Total shareholder return (“TSR”) relative to MSCI US REIT Index |  | 50 | %
TSR relative to NAREIT Freestanding Index |  | 20 | %
Dividend per share growth rate |  | 20 | %
Debt-to-EBITDA ratio |  | 10 | %
Schedule of nonvested performance shares activity | The following table summarizes our performance share grant activity:
|  | 2018 |  | 2017 |  | 2016
|  | Number of performance shares |  |  | Weighted average price(1) |  |  | Number of performance shares |  |  | Weighted average price(1) |  |  | Number of performance shares |  |  | Weighted average price(1) |
Outstanding nonvested shares, beginning of year |  | 245,309 |  |  | $ | 62.49 |  |  | 159,751 |  |  | $ | 49.95 |  |  | 115,121 |  |  | $ | 46.94 |
Shares granted |  | 256,999 |  |  | $ | 51.89 |  |  | 124,681 |  |  | $ | 71.79 |  |  | 58,575 |  |  | $ | 55.07 |
Shares vested |  | (291,785 | ) |  | $ | 54.88 |  |  | (39,123 | ) |  | $ | 41.60 |  |  | (10,454 | ) |  | $ | 44.54 |
Shares forfeited |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | (3,491 | ) |  | $ | 52.55 |
Outstanding nonvested shares, end of each period |  | 210,523 |  |  | $ | 59.08 |  |  | 245,309 |  |  | $ | 62.49 |  |  | 159,751 |  |  | $ | 49.95 |
(1) Grant date fair value. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of nonvested restricted stock units activity | During 2018 and 2017 we also granted restricted stock units that primarily vest over a four-year service period and have the same economic rights as shares of restricted stock:
|  | 2018 |  | 2017 |  | 2016
|  | Number of restricted stock units |  |  | Weighted average price(1) |  |  | Number of restricted stock units |  |  | Weighted average price(1) |  |  | Number of restricted stock units |  |  | Weighted average price(1) |
Outstanding nonvested shares, beginning of year |  | 24,869 |  |  | $ | 55.97 |  |  | 18,460 |  |  | $ | 52.65 |  |  | 10,136 |  |  | $ | 52.21 |
Shares granted |  | 8,383 |  |  | $ | 49.96 |  |  | 10,467 |  |  | $ | 60.56 |  |  | 14,783 |  |  | $ | 52.76 |
Shares vested |  | (10,118 | ) |  | $ | 55.01 |  |  | (4,058 | ) |  | $ | 52.70 |  |  | (6,459 | ) |  | $ | 52.21 |
Shares forfeited |  | (8,166 | ) |  | $ | 53.45 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Outstanding nonvested shares, end of each period |  | 14,968 |  |  | $ | 54.62 |  |  | 24,869 |  |  | $ | 55.97 |  |  | 18,460 |  |  | $ | 52.65 |
(1) Grant date fair value. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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