XML 24 R37.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Share-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity Under Plan | The following table summarizes stock option activity under the Plan for the years ended December 31, 2019, 2018 and 2017:
| Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (1) (in thousands)
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 |
Granted | 20,000 |  |  | 20.48 |  |  |  |  |
Exercised | (730,125 | ) |  | 15.94 |  |  |  |  | 6,088 |
Forfeited | (12,350 | ) |  | 20.80 |  |  |  |  |
Options outstanding at December 31, 2019 | 1,529,800 |  |  | $ | 17.40 |  |  | 5.3 |  | $ | 13,479 |
Options exercisable at December 31, 2019 | 1,163,150 |  |  | $ | 16.76 |  |  | 4.8 |  | $ | 10,993 |
(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 grant 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 weighted-average fair value of stock options for Class A common shares granted during the years ended December 31, 2019, 2018 and 2017 were $2.85, $3.03 and 3.82, respectively, based on the following inputs used in the Black-Scholes Option Pricing Model:
| 2019 |  | 2018 |  | 2017
Expected term (years) |  | 7.0 |  |  |  | 7.0 |  |  |  | 7.0 |
Dividend yield |  | 3.0 | % |  |  | 3.0 | % |  |  | 3.0 | %
Volatility |  | 17.3 | % |  |  | 18.9 | % |  |  | 21.3 | %
Risk-free interest rate |  | 2.6 | % |  |  | 2.8 | % |  |  | 2.2 | %
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, 2019, 2018 and 2017:
| Restricted Stock Units |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value (1) (in thousands)
Restricted stock units outstanding at December 31, 2016 | 130,150 |  |  | $ | 15.09 |  |  | $ | 2,731 |
Awarded | 174,400 |  |  | 23.38 |  |  |
Vested | (42,475 | ) |  | 15.42 |  |  | 990 |
Forfeited | (18,200 | ) |  | 19.30 |  |  |
Restricted stock units outstanding at December 31, 2017 | 243,875 |  |  | $ | 20.65 |  |  | $ | 5,326 |
Awarded | 304,400 |  |  | 19.40 |  |  |
Vested | (80,125 | ) |  | 19.51 |  |  | 1,552 |
Forfeited | (95,775 | ) |  | 20.15 |  |  |
Restricted stock units outstanding at December 31, 2018 | 372,375 |  |  | $ | 20.00 |  |  | $ | 7,392 |
Awarded | 350,334 |  |  | 22.90 |  |  |
Vested | (111,000 | ) |  | 19.75 |  |  | 2,431 |
Forfeited | (12,600 | ) |  | 21.34 |  |  |
Restricted stock units outstanding at December 31, 2019 | 599,109 |  |  | $ | 21.71 |  |  | $ | 15,703 |
(1) | Intrinsic value for outstanding restricted stock units is defined as the market value of the underlying Class A common shares on the last trading day of the period. Intrinsic value for vested restricted stock units is defined as the market value of the underlying shares on the day the awards vested.
Summary of Noncash Share-Based Compensation Expense | The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the years ended December 31, 2019, 2018 and 2017 (in thousands):
| For the Years Ended December 31,
| 2019 |  | 2018 |  | 2017
General and administrative expenses | $ | 3,466 |  |  | $ | 2,075 |  |  | $ | 2,563 |
Property management expenses | 1,342 |  |  | 1,358 |  |  | 1,649 |
Total noncash share-based compensation expense | $ | 4,808 |  |  | $ | 3,433 |  |  | $ | 4,212 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration