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Equity Incentive Plan | 9 Months Ended
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Sep. 30, 2019
Equity Incentive Plan |
Equity Incentive Plan | Note 11 – Equity Incentive Plan The Company estimates the fair value of restricted stock grants at the date of grant and amortizes those amounts into expense on a straight line basis or amount vested, if greater, over the appropriate vesting period. As of September 30, 2019, there was $8.1 million of total unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.3 years. The Company used 0% for the forfeiture rate for determining the fair value of restricted stock. The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. Restricted stock activity is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares |  | Weighted Average
​ | ​ | Outstanding | ​ | Grant Date
​ | ​ | (in thousands) | ​ | Fair Value
Unvested restricted stock at December 31, 2018 |  | 212 | ​ | $ | 42.74
Restricted stock granted |  | 54 | ​ | $ | 65.83
Restricted stock vested |  | (64) | ​ | $ | 38.99
Unvested restricted stock at September 30, 2019 |  | 202 | ​ | $ | 50.47
​ Performance Units On February 23, 2019 certain executive officers received performance units. Performance units are subject to a three-year performance period, at the conclusion of which, shares awarded are to be determined by the Company’s total shareholder return compared to the constituents of the MSCI US REIT Index and a defined peer group. 50% of the award is based upon the total shareholder return percentile rank versus the MSCI US REIT index for the three-year performance period; and 50% of the award is based upon TSR percentile rank versus a specified net lease peer group for the three-year performance period. Vesting of the performance units following their issuance will occur ratably over a three-year period, with the initial vesting occurring immediately following the conclusion of the performance period such that all shares vest within five years of the original award date of February 23, 2019. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation expense is amortized on an attribution method over a five-year period. The Monte Carlo simulation pricing model for the 2019 grants utilized the following assumptions: (i) expected term of 2.9 years (equal to the remaining performance measurement period at the grant date), (ii) volatility of 19.7% (based on historical volatility), (iii) dividend yield of 3.4% (based on the most recently paid dividend at grant date), (iv) risk-free rate of 2.5% (interpolated based on 2- and 3-year rates). Compensation expense related to performance units is determined at the grant date and is not adjusted throughout the measurement or vesting periods. In 2018, the Company granted performance share awards. These shares have substantially identical terms to the performance unit awards granted in 2019. As of September 30, 2019, there was $2.7 million of total unrecognized compensation costs related to the outstanding performance shares and units, which is expected to be recognized over a weighted average period of 3.7 years. The Company used 0% for the forfeiture rate for determining the fair value of performance shares and units. Performance share and unit activity is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Target Number |  | Weighted Average
​ | ​ | of Awards | ​ | Grant Date
​ | ​ | (in thousands) | ​ | Fair Value
Performance shares at December 31, 2018 |  | 31 | ​ | $ | 47.73
Performance units granted |  | 30 | ​ | $ | 65.66
Performance shares and units at September 30, 2019 |  | 61 | ​ | $ | 56.57
​

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