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Shareholders' Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
 
Participating Preferred Shares
 
As of September 30, 2015, the initial liquidation preference on the Company’s participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets, for all of the Company’s outstanding 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares was $453.6 million.

Distributions
 
Our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares during the quarters ended September 30, 2015 and 2014. Distributions declared on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares during the quarters ended September 30, 2015 and 2014, totaled $0.3125 per share, $0.3125 per share and $0.34375 per share, respectively. Our board of trustees declared distributions that totaled $0.15113 per share on our Series C convertible units during the quarters ended September 30, 2015 and 2014.
 
Noncontrolling Interest
 
Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interest held by AH LLC in units in the Company’s Operating Partnership. AH LLC owned 14,440,670, or approximately 6.5% and 6.4%, of the total 222,536,211 and 225,914,576 Class A units in the Operating Partnership as of September 30, 2015, and December 31, 2014, respectively. Additionally, AH LLC owned all 31,085,974 Series C convertible units and all 4,375,000 Series D convertible units in the Operating Partnership as of September 30, 2015, and December 31, 2014. Also included in noncontrolling interest are outside ownership interests in certain consolidated subsidiaries of the Company.
 
Noncontrolling interest as reflected in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015, of $3.1 million and $10.8 million, respectively, primarily consisted of $4.7 million and $14.1 million, respectively, of preferred income allocated to Series C convertible units, $1.6 million and $3.2 million, respectively, of net loss allocated to Class A units and $0.01 million and $0.06 million, respectively, of net loss allocated to noncontrolling interests in certain of the Company’s consolidated subsidiaries. Noncontrolling interest for the three and nine months ended September 30, 2014, of $3.4 million and $11.2 million, respectively, primarily consisted of $4.7 million and $13.9 million, respectively, of preferred income allocated to Series C convertible units, $1.1 million and $2.5 million, respectively, of net loss allocated to Class A units, and $0.2 million of net loss, allocated to noncontrolling interests in certain of the Company’s consolidated subsidiaries.
 
2012 Equity Incentive Plan
 
During the nine months ended September 30, 2015 and 2014, the Company granted stock options for 588,500 and 1,220,000 Class A common shares, respectively, and 44,000 and 92,000 restricted stock units, respectively, to certain employees of the Company under the 2012 Equity Incentive Plan (the “Plan”). The options and restricted stock units granted during the nine months ended September 30, 2015 and 2014, vest over four years and expire 10 years from the date of grant.
 
The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2015 and 2014:
 
Shares
 
Weighted-
Average
Exercise Price
 
Weighted-
Average
Remaining
Contractual Life
(in years)
 
Aggregate
Intrinsic Value (1)
(in thousands)
Options outstanding at January 1, 2014
1,190,000

 
$
15.48

 
9.3
 
$
862

Granted
1,220,000

 
16.74

 
 
 
 

Exercised
(28,750
)
 
15.00

 
 
 
74

Forfeited
(216,250
)
 
15.70

 
 
 
 

Options outstanding at September 30, 2014
2,165,000

 
$
16.17

 
9.3
 
$
3,438

Options exercisable at September 30, 2014
131,250

 
$
15.00

 
8.4
 
$
362

 
 
 
 
 
 
 
 
Options outstanding at January 1, 2015
2,165,000

 
$
16.17

 
8.8
 
$
1,890

Granted
588,500

 
16.49

 
 
 
 

Exercised
(15,000
)
 
15.00

 
 
 
19

Forfeited
(178,500
)
 
16.57

 
 
 
 

Options outstanding at September 30, 2015
2,560,000

 
$
16.23

 
8.3
 
$
557

Options exercisable at September 30, 2015
636,250

 
$
15.94

 
7.7
 
$
273


(1)
Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares issued during the nine months ended September 30, 2015 and 2014:
 
2015
 
2014
Weighted-average fair value
$
4.57

 
 
$
4.89

 
Expected term (years)
7.0

 
 
7.0

 
Dividend yield
3.0

%
 
3.0

%
Volatility
35.9

%
 
37.3

%
Risk-free interest rate
1.9

%
 
2.2

%

  
The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2015 and 2014:
 
2015
 
2014
Restricted stock units at beginning of period
85,000

 
—

Units awarded
44,000

 
92,000

Units vested
(22,000
)
 
—

Units forfeited
(9,700
)
 
(2,000
)
Restricted stock units at end of the period
97,300


90,000


 
Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.9 million and $0.8 million for the three months ended September 30, 2015 and 2014, respectively, and $2.3 million and $1.9 million for the nine months ended September 30, 2015 and 2014, respectively.

Share Repurchase Program
 
On September 21, 2015, the Company announced that our Board of Trustees approved a share repurchase program authorizing us to repurchase up to $300.0 million of our outstanding Class A common shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. In addition, the excess of the purchase price over the par value of shares repurchased is recorded as a reduction to additional paid-in capital. During the nine months ended September 30, 2015, we repurchased 3.4 million of our Class A common shares in accordance with the program at a weighted-average price of $15.76 per share and a total price of $53.7 million, which was included in accounts payable and accrued expenses in the condensed consolidated balance sheets. As of September 30, 2015, we had a remaining repurchase authorization of $246.3 million under the program.