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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Summary of Stock Option Activity Under Plan

The following table summarizes stock option activity under the Plan for the years ended December 31, 2015, 2014 and 2013:

	Shares			Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at December 31, 2012	700,000			$	15.00			9.9		$	—		(2)
Granted	550,000			16.03
Exercised	—			—						—
Forfeited	(60,000	)		15.00
Options outstanding at December 31, 2013	1,190,000			$	15.48			9.3		$	862
Granted	1,270,000			16.74
Exercised	(28,750	)		15.00						74
Forfeited	(266,250	)		15.88
Options outstanding at December 31, 2014	2,165,000			$	16.17			8.8		$	1,890
Granted	588,500			16.49
Exercised	(16,600	)		15.16						19
Forfeited	(252,500	)		16.57
Options outstanding at December 31, 2015	2,484,400			$	16.22			8.0		$	1,225
Options exercisable at December 31, 2015	860,900			$	15.81			7.4		$	766

(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.

(2) Prior to August 1, 2013, there was no public trading market for our Class A common shares.

Summary of Black-Scholes Option Pricing Model Inputs Used for Valuation of Stock Options Outstanding

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 years ended December 31, 2015, 2014 and 2013:

	2015				2014				2013
Weighted-average fair value	$	4.57			$	5.06			$	4.75
Expected term (years)	7.0				7.0				7.0
Dividend yield	3.0		%		3.0		%		3.0		%
Volatility	35.9		%		38.5		%		38.0		%
Risk-free interest rate	1.9		%		2.2		%		2.0		%

Summary of Restricted Stock Units Activity Under Plan

The following table summarizes the activity that relates to the Company's restricted stock units under the Plan for the years ended December 31, 2015, 2014 and 2013:

	2015			2014			2013
Restricted stock units at beginning of period	85,000			—			—
Units awarded	44,000			92,000			—
Units vested	(22,000	)		—			—
Units forfeited	(15,350	)		(7,000	)		—
Restricted stock units at end of the period	91,650			85,000			—

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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