XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Equity Incentive Plans | 12 Months Ended
--- | ---
Dec. 31, 2018
Share-based Compensation [Abstract] |
Equity Incentive Plans | Equity Incentive Plan All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016 and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 1,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. At December 31, 2018, there were 1,322,389 shares available for grant under the 2016 Equity Incentive Plan. Share Options Share options granted under the 2007 Equity Incentive Plan and the 2016 Equity Incentive Plan have exercise prices equal to the fair market value of a common share at the date of grant. The options may be granted for any reasonable term, not to exceed 10 years, and for employees typically become exercisable at a rate of 25% per year over a four-year period. The Company generally issues new common shares upon option exercise. A summary of the Company’s share option activity and related information is as follows:
| Number of shares |  | Option price per share |  | Weighted avg. exercise price
Outstanding at December 31, 2015 | 516,305 |  |  | $ | 19.02 |  |  | — |  |  | $ | 65.50 |  |  | $ | 48.42 |
Exercised | (230,319 | ) |  | 19.41 |  |  | — |  |  | 65.50 |  |  | 44.05 |
Outstanding at December 31, 2016 | 285,986 |  |  | $ | 19.02 |  |  | — |  |  | $ | 61.79 |  |  | $ | 51.93 |
Exercised | (29,253 | ) |  | 46.86 |  |  | — |  |  | 61.79 |  |  | 54.54 |
Granted | 2,215 |  |  | 76.63 |  |  | — |  |  | 76.63 |  |  | 76.63 |
Forfeited/Expired | (1,342 | ) |  | 51.64 |  |  | — |  |  | 61.79 |  |  | 59.52 |
Outstanding at December 31, 2017 | 257,606 |  |  | $ | 19.02 |  |  | — |  |  | $ | 76.63 |  |  | $ | 51.81 |
Exercised | (25,721 | ) |  | 45.20 |  |  | — |  |  | 61.79 |  |  | 50.68 |
Granted | 3,835 |  |  | 56.94 |  |  | — |  |  | 56.94 |  |  | 56.94 |
Forfeited/Expired | (845 | ) |  | 51.64 |  |  | — |  |  | 61.79 |  |  | 61.12 |
Outstanding at December 31, 2018 | 234,875 |  |  | $ | 19.02 |  |  | — |  |  | $ | 76.63 |  |  | $ | 51.98 |
The weighted average fair value of options granted was $3.03 and $7.91 during 2018 and 2017, respectively. There were no options granted during 2016. The intrinsic value of stock options exercised was $0.4 million, $0.5 million, and $5.2 million during the years ended December 31, 2018, 2017 and 2016, respectively. Additionally, the Company repurchased 20,258 shares in conjunction with the stock options exercised during the year ended December 31, 2018 with a total value of $1.4 million. The expense related to share options included in the determination of net income for the years ended December 31, 2018, 2017 and 2016 was $0.3 million, $0.7 million, and $0.9 million, respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates: risk-free interest rate of 2.7% and 2.1% in 2018 and 2017, respectively, dividend yield of 7.6% and 5.4% in 2018 and 2017, respectively, volatility factors in the expected market price of the Company’s common shares of 18.9% and 22.0% in 2018 and 2017, respectively, 0.74% expected forfeiture rates for both 2018 and 2017, and an expected life of approximately six years for both 2018 and 2017. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. At December 31, 2018, stock-option expense to be recognized in future periods was as follows (in thousands):
| Amount
Year: |
2019 | $ | 7 |
2020 | 7 |
2021 | 3 |
Total | $ | 17 |
The following table summarizes outstanding options at December 31, 2018:
Exercise price range | Options outstanding |  | Weighted avg. life remaining |  | Weighted avg. exercise price |  | Aggregate intrinsic value (in thousands)
$ 19.02 - 19.99 | 11,097 |  |  | 0.4 |  |  |  |  |
20.00 - 29.99 | — |  |  | — |  |  |  |  |
30.00 - 39.99 | 1,428 |  |  | 1.0 |  |  |  |  |
40.00 - 49.99 | 72,342 |  |  | 3.1 |  |  |  |  |
50.00 - 59.99 | 71,868 |  |  | 5.2 |  |  |  |  |
60.00 - 69.99 | 75,925 |  |  | 6.1 |  |  |  |  |
70.00 - 76.63 | 2,215 |  |  | 8.1 |  |  |  |  |
| 234,875 |  |  | 4.6 |  |  | $ | 51.98 |  |  | $ | 2,857 |
The following table summarizes exercisable options at December 31, 2018:
Exercise price range | Options outstanding |  | Weighted avg. life remaining |  | Weighted avg. exercise price |  | Aggregate intrinsic value (in thousands)
$ 19.02 - 19.99 | 11,097 |  |  | 0.4 |  |  |  |  |
20.00 - 29.99 | — |  |  | — |  |  |  |  |
30.00 - 39.99 | 1,428 |  |  | 1.0 |  |  |  |  |
40.00 - 49.99 | 72,342 |  |  | 3.1 |  |  |  |  |
50.00 - 59.99 | 68,033 |  |  | 5.0 |  |  |  |  |
60.00 - 61.79 | 55,387 |  |  | 6.1 |  |  |  |  |
70.00 - 76.63 | 554 |  |  | 8.1 |  |  |  |  |
| 208,841 |  |  | 4.4 |  |  | $ | 50.73 |  |  | $ | 2,784 |
Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows:
| Number of shares |  | Weighted avg. grant date fair value |  | Weighted avg. life remaining
Outstanding at December 31, 2017 | 620,122 |  |  | $ | 68.07 |  |  |
Granted | 295,202 |  |  | 56.94 |  |  |
Vested | (244,852 | ) |  | 65.33 |  |  |
Forfeited | (15,416 | ) |  | 64.39 |  |  |
Outstanding at December 31, 2018 | 655,056 |  |  | $ | 64.16 |  |  | 0.78
The holders of nonvested shares have voting rights and receive dividends from the date of grant. These shares vest ratably over a period of three to four years. The fair value of the nonvested shares that vested was $16.0 million, $15.1 million, and $9.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018, unamortized share-based compensation expense related to nonvested shares was $16.6 million and will be recognized in future periods as follows (in thousands):
| Amount
Year: |
2019 | $ | 8,609 |
2020 | 5,570 |
2021 | 2,436 |
Total | $ | 16,615 |
Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Life Remaining
Outstanding at December 31, 2017 | 19,030 |  |  | $ | 70.91 |  |  |
Granted | 23,571 |  |  | 61.25 |  |  |
Vested | (19,030 | ) |  | 70.91 |  |  |
Outstanding at December 31, 2018 | 23,571 |  |  | $ | 61.25 |  |  | 0.42
The holders of restricted share units have voting rights and receive dividends from the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee trustee, and ranges from one year from the grant date to upon termination of service. At December 31, 2018, unamortized share-based compensation expense related to restricted share units was $602 thousand which will be recognized in 2019.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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