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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Options Activity

The following table presents stock option activity for the years ended December 31, 2018, 2017, and 2016:

	Shares Under Options			Weighted Average Exercise Price per Share				Weighted Average Remaining Expected Term
								(In years)
Outstanding at January 1, 2016	2,289,139			$	23.89			6.15
Granted	196,713			23.52				6.00
Exercised	(8,501	)		24.46				—
Forfeited or expired	(5,067	)		24.46				—
Outstanding at December 31, 2016	2,472,284			23.86				5.33
Granted	137,259			28.36				6.01
Exercised	—			—				—
Forfeited or expired	(5,879	)		23.17				—
Outstanding at December 31, 2017	2,603,664			24.09				4.40
Granted	2,146,885			21.71				4.58
Exercised	—			—				—
Forfeited or expired	—			—				—
Outstanding at December 31, 2018	4,750,549			$	23.02			4.48
Exercisable at December 31, 2018	807,352			$	24.03			—

Schedule of Assumptions Used to Estimate Fair Value of Options Granted

During the years ended December 31, 2018, 2017 and 2016, the fair value of the options granted was estimated on the grant date using the Black-Scholes pricing model with the following assumptions:

	February 8, 2016		February 24, 2017		February 22, 2018		September 27, 2018
Risk-free interest rate	1.31%		1.93%		2.73%		3.00%
Expected option life	6.25		6.25		6.25		7.00
Expected volatility	23.94%		25.06%		32.23%		30.42%

Schedule of Restricted Share Activity

The following table presents information regarding restricted share activity during the years ended December 31, 2018, 2017, and 2016:

	Shares			Weighted Average Grant Date Fair Value per Share
Unvested at January 1, 2016	30,717			$	22.62
Granted	117,399			24.55
Vested	(15,977	)		23.17
Forfeited	(2,744	)		23.55
Unvested at December 31, 2016	129,395			24.29
Granted	104,698			27.69
Vested	(53,236	)		25.13
Forfeited	(5,427	)		24.64
Unvested at December 31, 2017	175,430			26.05
Granted	103,814			21.65
Vested	(84,185	)		25.67
Forfeited	(32,482	)		23.32
Unvested at December 31, 2018	162,577			$	23.99

Summary of Share-based Compensation Expense

Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows:

	Year Ended December 31,
(Amounts in thousands)	2018				2017				2016
Share-based compensation expense components:
Restricted share expense	$	2,051			$	1,961			$	1,314
Stock option expense	2,778				2,569				2,437
LTIP expense(1)	2,218				557				473
Outperformance Plan (“OPP”) expense	2,530				2,050				1,209
DSU expense	164				—				—
Total Share-based compensation expense	$	9,741			$	7,137			$	5,433

⁽¹⁾ LTIP expense excludes the expense associated with LTIP units under the 2015 OPP, 2017 OPP and 2018 LTI Plan

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