XML 45 R28.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Equity Compensation Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Summary of PSUs Granted | The following table summarizes the PSUs granted for the year ended December 31, 2017:
Grant Date |  | Type of PSUs Granted |  | Number of PSUs Granted |  |  | Performance Period Commencement Date |  | Performance Period End Date |  | Grant Date Fair Value |  | Number of PSUs Outstanding as of December 31, 2017 |
February 28, 2017 |  | Relative 3-year TSR vs NAREIT Apartment Index |  |  | 135,881 |  |  | January 1, 2018 |  | December 31, 2020 |  | 4.83 |  |  | 135,881 |
February 28, 2017 |  | Absolute 3-Year TSR |  |  | 45,294 |  |  | January 1, 2018 |  | December 31, 2020 |  | 3.13 |  |  | 45,294 |
July 26, 2017 |  | Strategic Objectives |  |  | 45,294 |  |  | January 1, 2018 |  | December 31, 2020 |  | 9.87 |  |  | 45,294 |
Restricted Stock |
Summary of Restricted Common Share Awards of Incentive Plan | A summary of the restricted common share awards activity of the incentive plan is presented below.
| 2017 |  |  | 2016 |  |  | 2015 |
| Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance, January 1, |  | 281,005 |  |  | $ | 6.99 |  |  |  | 117,000 |  |  | $ | 9.13 |  |  |  | 36,000 |  |  | $ | 8.20 |
Granted |  | 168,010 |  |  |  | 9.17 |  |  |  | 228,000 |  |  |  | 6.33 |  |  |  | 112,000 |  |  |  | 9.30 |
Vested |  | (142,748 | ) |  |  | 7.68 |  |  |  | (60,661 | ) |  |  | 8.62 |  |  |  | (24,000 | ) |  |  | 8.55 |
Forfeited |  | (10,420 | ) |  |  | 8.56 |  |  |  | (3,334 | ) |  |  | 7.47 |  |  |  | (7,000 | ) |  |  | 9.02 |
Balance, December 31, |  | 295,847 |  |  | $ | 7.84 |  |  |  | 281,005 |  |  | $ | 6.99 |  |  |  | 117,000 |  |  | $ | 9.13 |
SARs |
Summary of SARs Activity of the Incentive Plan | As of December 31, 2017, the unearned compensation cost relating to unvested restricted common share awards was $1,463. The estimated fair value of restricted common share awards vested during 2017 and 2016 was $1,319 and $427, respectively. A summary of the SARs activity of the incentive plan is presented below.
| 2017 |  |  | 2016 |  |  | 2015 |  |  |  |
| SARs |  |  | Weighted Average Exercise Price |  |  | SARs |  |  | Weighted Average Exercise Price |  |  | SARs |  | Weighted Average Exercise Price |
Outstanding, January 1, |  | 337,000 |  |  | $ | 9.15 |  |  |  | 351,000 |  |  | $ | 9.13 |  |  |  | 72,000 |  | $ | 8.20 |
Granted |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 300,000 |  |  | 9.35 |
Expired |  | — |  |  |  | — |  |  |  | (2,000 | ) |  |  | 9 |  |  |  | — |  |  | — |
Exercised |  | (84,000 | ) |  |  | 8.78 |  |  |  | (8,000 | ) |  |  | 8.20 |  |  |  | (2,000 | ) |  | 8.20 |
Forfeited |  | (3,000 | ) |  |  | 9.35 |  |  |  | (4,000 | ) |  |  | 9.35 |  |  |  | (19,000 | ) |  | 9.11 |
Outstanding, December 31, |  | 250,000 |  |  | $ | 9.28 |  |  |  | 337,000 |  |  | $ | 9.15 |  |  |  | 351,000 |  | $ | 9.13 |
SARs exercisable at December 31, |  | 160,000 |  |  |  |  |  |  |  | 128,998 |  |  |  |  |  |  |  | 22,000 |  |  |  |
Schedule of Assumptions Used in Computing the Fair Value | Our assumptions used in computing the fair value of the SARs issued during the year ended December 31, 2015 using the Black-Scholes Option Pricing Model, are summarized below. There were no SARs issued during the years ended December 31, 2017 and 2016.
| As of December 31, |
| 2015 |
Stock Price | $ | 7.51 |
Strike Price | $ 8.20-9.35 |
Risk-free interest rate | 1.1 - 1.2% |
Dividend yield |  | 9.6 | %
Volatility |  | 34 | %
Expected term | 1.7 - 2.5 years |
Performance Share Units |
Schedule of Assumptions Used in Computing the Fair Value | Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows:
| For the year ended December 31, 2017 |  |
Dividend yield |  | 8.1 | % |
Volatility |  | 27.0 | % | (a)
Expected term | 2.8 years |  |
| (a) | This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%.

X
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockAppreciationRightsAwardActivityTableTextBlock
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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=96867065&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_StockAppreciationRightsSARSMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_PerformanceSharesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |