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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of restricted stock units activity | The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31 | Grantee Type | Number of Restricted Stock Units Granted | Vesting Period | Grant Date Fair Value (in thousands)
2021 | Trustees | 6,616 | 1 year | $ | 250 |
2021 | Associates | 1,004,650 | 1-3 years | $ | 31,159 |
2020 | Trustees | 8,517 | 1 year | $ | 300 |
2020 | Associates | 295,274 | 1-3 years | $ | 9,137 |
2019 | Trustees | 18,267 | 1 year | $ | 575 |
2019 | Associates | 504,984 | 1-3 years | $ | 16,843 |
The following table provides a summary of restricted stock unit activity under the 2010 and 2017 Plans for the year ended December 31, 2021:
Year Ended December 31, 2021
Restricted Stock | Number of Time-Based Restricted Stock Units | Aggregate Intrinsic Value (in millions) | Number of Performance-Based Restricted Stock Units | Aggregate Intrinsic Value (in millions) | Number of Market Performance-Based Restricted Stock Units(2) | Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2020 | 563,224 |  | $ | 21.0 |  | 42,856 |  | $ | 1.6 |  | 873,581 |  | $ | 42.6 |
Granted | 902,485 |  |  | — |  |  | 108,781 |  |
Market-performance adjustment(3) | N/A |  | N/A |  | 266,531 |  |
Vested | (300,430) |  |  | (14,286) |  |  | (800,087) |  |
Forfeited | (93,320) |  |  | (28,570) |  |  | (74,758) |  |
Non-vested as of December 31, 2021 | 1,071,959 |  | $ | 35.1 |  | — |  | $ | — |  | 374,048 |  | $ | 12.3 |
Shares vested, but not released(1) | 615,643 |  | 20.2 |  | 42,856 |  | 1.4 |  | — |  | — |
Total outstanding restricted stock units | 1,687,602 |  | $ | 55.3 |  | 42,856 |  | $ | 1.4 |  | 374,048 |  | $ | 12.3 |
(1)For certain vested restricted stock units, common share issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested time-based restricted stock units, 568,753 belong to a member of the Board of Trustees who has resigned and common shares shall not be issued until the first to occur: (1) change in control; or (2) April 13, 2022. The weighted average grant date fair value of these units is $9.38 per unit. Of these vested time-based restricted stock units 46,890 belong to an active member of the Board of Trustees and the date of issuance is therefore unknown at this time. The weighted average grant date fair value of these units is $8.42 per unit. Of these vested performance-based restricted stock units, 42,856 belong to the former CEO and common shares shall not be issued until May 2, 2022 in accordance with the terms of the award. The weighted average grant date fair value of these units is $13.43 per unit. During 2021 an additional 14,286 of these performance-based restricted stock units vested. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote the shares until common shares are issued. (2)The number of market performance-based restricted stock units granted are reflected within this table based upon the number of shares issuable upon achievement of the performance metric at target. (3)Represents the increase in the number of original market-performance units awarded based on the final performance criteria achievement at the end of the defined performance period. This adjustment pertains to the 2018 annual grant of market-performance awards which utilized absolute total shareholder return (TSR) over a three-year measurement period as the market performance metric, and attained the maximum threshold, vesting at 150% of target.
Schedule of market performance-based restricted stock units thresholds | In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below:
Performance Level Thresholds | RMZ Relative Market Performance | Market Performance Vesting Percentage
High Level | above 75 th percentile | 200%
Target Level | 55 th percentile | 100%
Threshold Level | 30 th percentile | 50%
Below Threshold Level | below 30 th percentile | 0%
Schedule of performance-based restricted stock unit valuation assumptions | Assumptions used in the valuations are summarized as follows:
Award Date | Expected Stock Price Volatility | Risk-Free Interest Rate | Dividend Yield (1)
2019 | 22% | 2.40% - 2.43% | N/A
2020 | 23% | 0.52% | N/A
2021 | 33% | 0.31% | N/A
(1)Dividends are assumed to be reinvested and therefore not applicable.
Schedule of OP units activity | The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31, | Grantee Type | Number of OP Units Granted | Vesting Period | Grant Date Fair Value (in thousands)
2021 | Trustees | 22,427 | 1 year | $ | 811 |
2021 | Associates | 308,862 | 1-3 years | $ | 9,938 |
2020 | Trustees | 16,325 | 1 year | $ | 575 |
2020 | Associates | 255,720 | 1-3 years | $ | 7,719 |
2019 | Trustees | 20,190 | 1 year | $ | 675 |
OP units granted for the year ended December 31, 2021 consisted of: (i) 22,427 time-based OP units with a one-year vesting period issued to non-employee trustees as part of their annual compensation (ii) 102,655 time-based graded vesting OP units with various vesting periods ranging from one to three years issued to certain associates in connection with the annual grant provided in March (iii) 198,007 market performance-based cliff vesting OP units with a three-year vesting period issued to certain associates in connection with the annual grant provided in March and (iv) 8,200 time-based graded vesting OP units with a two-year vesting period issued to certain associates as a retention grant in November of 2021. OP units granted for the year ended December 31, 2020 consisted of: (i) 16,325 time-based OP units with a one-year vesting period issued to non-employee trustees as part of their annual compensation (ii) 76,855 time-based graded vesting OP units with various vesting periods ranging from one to three years issued to certain associates and (iii) 178,865 market performance-based cliff vesting OP units with a three-year vesting period issued to certain associates. OP units granted for the year ended December 31, 2019 consisted of 20,190 time-based OP units with a one-year vesting period issued to non-employee trustees as part of their annual compensation. The following table provides a summary of the OP unit activity under the 2017 Plan for the year ended December 31, 2021:
Year Ended December 31, 2021
OP Units | Number of Time-Based OP Units | Aggregate Intrinsic Value (in millions) |  | Number of Market Performance-Based OP Units | Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2020 | 93,180 |  | $ | 3.5 |  |  | 178,865 |  | $ | 6.7 |
Granted | 133,282 |  |  |  | 198,007 |  |
Vested | (59,496) |  |  |  | — |  |
Forfeited | (26,744) |  |  |  | (88,707) |  |
Non-vested as of December 31, 2021 | 140,222 |  | $ | 4.6 |  |  | 288,165 |  | $ | 9.4 |
Shares vested, but not released | 76,695 |  | 2.5 |  |  | — |  | — |
Total outstanding OP units | 216,917 |  | $ | 7.1 |  |  | 288,165 |  | $ | 9.4 |
Schedule of stock option activity | The following table provides a summary of option activity for the year ended December 31, 2021:
| Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2020 | 465,498 |  | $ | 9.81 |  | 4.7
Granted | — |  | — |  |
Exercised | (209,200) |  | 9.81 |  |
Forfeited or expired | (50,000) |  | 9.81 |  |
Outstanding as of December 31, 2021 | 206,298 |  | $ | 9.81 |  | 2.9
Exercisable as of December 31, 2021 | 206,298 |  | $ | 9.81 |  | 2.9

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