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Shareholders' Equity / Partners' Capital (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity [Abstract] |
Schedule of Preferred Shares | As of December 31, 2018 and 2017, the Company had the following series of preferred shares outstanding (in thousands, except share data):
|  |  |  |  |  |  |  | December 31, 2018 |  | December 31, 2017
Series |  | Issuance Date |  | Earliest Redemption Date |  | Dividend Rate |  | Outstanding Shares |  | Liquidation Value |  | Outstanding Shares |  | Liquidation Value (1)
Series C participating preferred shares (2) |  | N/A |  | N/A |  | N/A |  |  | — |  |  | $ | — |  |  | 7,600,000 |  |  | $ | 218,236 |
Series D perpetual preferred shares |  | 5/24/2016 |  | 5/24/2021 |  | 6.500 | % |  | 10,750,000 |  |  | 268,750 |  |  | 10,750,000 |  |  | 268,750 |
Series E perpetual preferred shares |  | 6/29/2016 |  | 6/29/2021 |  | 6.350 | % |  | 9,200,000 |  |  | 230,000 |  |  | 9,200,000 |  |  | 230,000 |
Series F perpetual preferred shares |  | 4/24/2017 |  | 4/24/2022 |  | 5.875 | % |  | 6,200,000 |  |  | 155,000 |  |  | 6,200,000 |  |  | 155,000 |
Series G perpetual preferred shares |  | 7/17/2017 |  | 7/17/2022 |  | 5.875 | % |  | 4,600,000 |  |  | 115,000 |  |  | 4,600,000 |  |  | 115,000 |
Series H perpetual preferred shares |  | 9/19/2018 |  | 9/19/2023 |  | 6.250 | % |  | 4,600,000 |  |  | 115,000 |  |  | — |  |  | — |
Total preferred shares |  |  |  |  |  |  |  | 35,350,000 |  |  | $ | 883,750 |  |  | 38,350,000 |  |  | $ | 986,986 |
(1) | Liquidation value reflects initial liquidation value of $25.00 per share, which in the case of the Series C participating preferred shares was 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.
(2) | All of the outstanding Series C participating preferred shares were converted into 10,848,827 Class A common shares on April 5, 2018, based on a conversion ratio of 1.4275 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary.
Noncontrolling Interest | The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016 (in thousands):
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Preferred income allocated to Series C convertible units | $ | — |  |  | $ | — |  |  | $ | 3,027 |
Net income (loss) allocated to Class A units | 4,424 |  |  | (4,648 | ) |  | (6,417 | )
Net income allocated to Series D convertible units | — |  |  | — |  |  | 134 |
Beneficial conversion feature related to Series D and E convertible units | — |  |  | — |  |  | 7,569 |
Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary | (259 | ) |  | 141 |  |  | (562 | )
| $ | 4,165 |  |  | $ | (4,507 | ) |  | $ | 3,751 |
Summary of Stock Option Activity Under Plan | The following table summarizes stock option activity under the Plan for the years ended December 31, 2018, 2017 and 2016:
| Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at December 31, 2015 | 2,484,400 |  |  | $ | 16.22 |  |  | 8.0 |  | $ | 1,225 |
Granted | 708,000 |  |  | 14.15 |  |  |  |  |
Exercised | (196,000 | ) |  | 16.18 |  |  |  |  | 790 |
Forfeited | (169,900 | ) |  | 16.38 |  |  |  |  |
Options outstanding at December 31, 2016 | 2,826,500 |  |  | $ | 15.69 |  |  | 7.6 |  | $ | 14,956 |
Granted | 385,200 |  |  | 23.38 |  |  |  |  |
Exercised | (74,000 | ) |  | 15.65 |  |  |  |  | 520 |
Forfeited | (85,250 | ) |  | 16.24 |  |  |  |  |
Options outstanding at December 31, 2017 | 3,052,450 |  |  | $ | 16.65 |  |  | 6.9 |  | $ | 16,421 |
Granted | 140,000 |  |  | 19.40 |  |  |  |  |
Exercised | (769,875 | ) |  | 16.07 |  |  |  |  | 4,754 |
Forfeited | (170,300 | ) |  | 17.93 |  |  |  |  |
Options outstanding at December 31, 2018 | 2,252,275 |  |  | $ | 16.92 |  |  | 6.1 |  | $ | 7,713 |
Options exercisable at December 31, 2018 | 1,569,800 |  |  | $ | 16.21 |  |  | 5.4 |  | $ | 6,018 |
(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 years ended December 31, 2018, 2017 and 2016:
| 2018 |  | 2017 |  | 2016
Weighted-average fair value | $ | 3.03 |  |  | $ | 3.82 |  |  | $ | 2.82 |
Expected term (years) |  | 7.0 |  |  |  | 7.0 |  |  |  | 7.0 |
Dividend yield |  | 3.0 | % |  |  | 3.0 | % |  |  | 3.0 | %
Volatility |  | 18.9 | % |  |  | 21.3 | % |  |  | 27.3 | %
Risk-free interest rate |  | 2.8 | % |  |  | 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 years ended December 31, 2018, 2017 and 2016:
| 2018 |  | 2017 |  | 2016
Restricted stock units at beginning of period | 243,875 |  |  | 130,150 |  |  | 91,650 |
Units awarded | 304,400 |  |  | 174,400 |  |  | 74,100 |
Units vested | (80,125 | ) |  | (42,475 | ) |  | (27,250 | )
Units forfeited | (95,775 | ) |  | (18,200 | ) |  | (8,350 | )
Restricted stock units at end of the period | 372,375 |  |  | 243,875 |  |  | 130,150 |

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- Definition Tabular disclosure of preferred units of master limited partnerships that have priority over limited partner units in areas including liquidation, redemption, conversion, tax status of distribution or sharing in distributions. This schedule ordinarily includes a description of the preferred units that details various rights including redemption, conversion, liquidation, and sharing in distributions; capital contributed by preferred partners; number of preferred units authorized to be issued, issued, and outstanding; aggregate cumulative cash distributions made to the preferred partners; aggregate cumulative net income earned by the preferred partners; capital account balance of the preferred partners. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 + Details
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