Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2017

Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations

The following table summarizes the income or loss allocated to the Company’s noncontrolling interests as reflected in the condensed consolidated statements of operations for the three and six months ended June 30, 2017 and 2016:



	For the Three Months Ended						For the Six Months Ended
	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Preferred income allocated to Series C convertible units	$	—		$	—		$	—		$	3,027
Net (loss) income allocated to Class A units	(31		)	(616		)	(370		)	134
Net income allocated to Series D convertible units	—			—			—			134
Net income (loss) allocated to noncontrolling interests in certain consolidated subsidiaries	1			(145		)	39			(220		)
	$	(30	)	$	(761	)	$	(331	)	$	3,075

Summary of Stock Option Activity under Plan

The following table summarizes stock option activity under the Plan for the six months ended June 30, 2017 and 2016:



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at January 1, 2016	2,484,400		$	16.22	8.0	$	1,225
Granted	698,000		14.04
Exercised	(105,750	)	15.92			298
Forfeited	(95,650	)	16.35
Options outstanding at June 30, 2016	2,981,000		$	15.71	7.9	$	14,211
Options exercisable at June 30, 2016	1,117,625		$	16.07	7.2	$	4,934

Options outstanding at January 1, 2017	2,826,500		$	15.69	7.6	$	14,956
Granted	385,200		23.38
Exercised	(28,250	)	15.96			196
Forfeited	(50,000	)	16.38
Options outstanding at June 30, 2017	3,133,450		$	16.62	7.3	$	18,940
Options exercisable at June 30, 2017	1,716,000		$	15.89	6.5	$	11,468


(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.

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 granted during the six months ended June 30, 2017 and 2016:



	2017			2016
Weighted-average fair value	$	3.82		$	2.81
Expected term (years)		7.0			7.0
Dividend yield		3.0	%		3.0	%
Volatility		21.3	%		27.4	%
Risk-free interest rate		2.2	%		1.5	%

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 six months ended June 30, 2017 and 2016:



	2017		2016
Restricted stock units at beginning of period	130,150		91,650
Units awarded	174,000		74,100
Units vested	(42,475	)	(27,250	)
Units forfeited	(10,250	)	(3,550	)
Restricted stock units at end of the period	251,425		134,950