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Share-Based Compensation (Tables)

12 Months Ended

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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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.

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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.

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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.

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