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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020, 2019 and 2018:
| Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (1) (in thousands)
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 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (426,150) |  |  | 16.55 |  |  |  |  | 4,911 |
Forfeited | (13,350) |  |  | 21.89 |  |  |  |  |
Options outstanding at December 31, 2020 | 1,090,300 |  |  | $ | 17.68 |  |  | 4.5 |  | $ | 13,436 |
Options exercisable at December 31, 2020 | 956,700 |  |  | $ | 17.15 |  |  | 4.2 |  | $ | 12,289 |
(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 and 2018 were $2.85 and 3.03, respectively, based on the following inputs used in the Black-Scholes Option Pricing Model:
|  |  | 2019 |  | 2018
Expected term (years) |  |  |  |  | 7.0 |  |  | 7.0
Dividend yield |  |  |  |  | 3.0 | % |  |  | 3.0 | %
Volatility |  |  |  |  | 17.3 | % |  |  | 18.9 | %
Risk-free interest rate |  |  |  |  | 2.6 | % |  |  | 2.8 | %
Summary of Restricted Stock Units Activity Under Plan | The following table summarizes RSU activity under the Plan for the years ended December 31, 2020, 2019 and 2018:
| Restricted Stock Units |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value (1) (in thousands)
RSUs 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 |  |  |
RSUs 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 |  |  |
RSUs outstanding at December 31, 2019 | 599,109 |  |  | $ | 21.71 |  |  | $ | 15,703 |
Awarded | 470,147 |  |  | 27.38 |  |  |
Vested | (316,186) |  |  | 23.61 |  |  | 8,835 |
Forfeited | (101,533) |  |  | 23.93 |  |  |
RSUs outstanding at December 31, 2020 | 651,537 |  |  | $ | 24.53 |  |  | $ | 19,546 |
(1)Intrinsic value for outstanding RSUs 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 RSUs 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, 2020, 2019 and 2018 (in thousands):
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
General and administrative expense | $ | 6,573 |  |  | $ | 3,466 |  |  | $ | 2,075 |
Property management expenses | 1,745 |  |  | 1,342 |  |  | 1,358 |
Acquisition and other transaction costs | 1,516 |  |  | — |  |  | — |
Total noncash share-based compensation expense | $ | 9,834 |  |  | $ | 4,808 |  |  | $ | 3,433 |

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- 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=120381028&loc=d3e5070-113901 + Details
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- 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=120381028&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=120381028&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=120381028&loc=d3e5070-113901 + Details
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- 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=120381028&loc=d3e5070-113901 + Details
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