XML 47 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1

Equity Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2018

Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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.

	2018								2017								2016
	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,		295,847			$	7.84				281,005			$	6.99				117,000			$	9.13
Granted		233,706				8.64				168,010				9.17				228,000				6.33
Vested		(175,555	)			7.99				(142,748	)			7.68				(60,661	)			8.62
Forfeited		(50,179	)			8.45				(10,420	)			8.56				(3,334	)			7.47
Balance, December 31,		303,819			$	8.22				295,847			$	7.84				281,005			$	6.99

Summary of PSUs Granted

The following table summarizes the PSUs granted for the year ended December 31, 2018:

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, 2018

February 23, 2018

Relative 3-year TSR vs NAREIT Apartment Index

317,906

January 1, 2018

December 31, 2020

$

4.19

317,906

February 23, 2018

Strategic Objectives

136,245

January 1, 2018

December 31, 2020

$

8.67

136,245

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, 2018

February 28, 2017

Relative 3-year TSR vs NAREIT Apartment Index

135,881

January 1, 2017

December 31, 2019

4.83

135,881

February 28, 2017

Absolute 3-Year TSR

45,294

January 1, 2017

December 31, 2019

3.13

45,294

July 26, 2017

Strategic Objectives

45,294

January 1, 2017

December 31, 2019

9.87

45,294

SARs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of SARs Activity of the Incentive Plan

A summary of the SARs activity of the incentive plan is presented below.  

	2018								2017								2016
	SARs				Weighted Average Exercise Price				SARs				Weighted Average Exercise Price				SARs			Weighted Average Exercise Price
Outstanding, January 1,		250,000			$	9.28				337,000			$	9.15				351,000		$	9.13
Granted		—				—				—				—				—			—
Expired		—				—				—				—				(2,000	)		9.35
Exercised		(55,000	)			9.02				(84,000	)			8.78				(8,000	)		8.20
Forfeited		—				—				(3,000	)			9.35				(4,000	)		9.35
Outstanding, December 31,		195,000			$	9.35				250,000			$	9.28				337,000		$	9.15
SARs exercisable at December 31,		195,000								160,000								128,998

Performance Share Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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, 2018
Dividend yield		8.2	%
Volatility		28.0	%	(a)
Expected term	2.9 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 41%.

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=109197908&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109197908&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109197908&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
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: