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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%.

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