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Equity (Tables) | 12 Months Ended
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Dec. 31, 2016
Equity |
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands):
|  | Year Ended |  |
|  | December 31, 2016 |  | December 31, 2015 |  |
|  | Declared |  | Paid |  | Declared |  | Paid |  |
Preferred Stock Series C |  | $ | — |  | $ | — |  | $ | 2,454 |  | $ | 2,454 |  |
Common Stock |  |  | 84,568 | (1) |  | 84,568 | (1) |  | 74,311 | (2) |  | 74,311 | (2) |
Total |  | $ | 84,568 |  | $ | 84,568 |  | $ | 76,765 |  | $ | 76,765 |  |
| (1) |  | Represents $0.18 per share per month for January through September 2016 and $0.19 per share per month for October through December 2016.
| (2) |  | Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015.
Schedule of restricted stock activity | Restricted Stock and performance-based stock units. Restricted stock and performance based stock units activity for the years ended December 31, 2016 and 2015 was as follows:
|  | 2016 |  | 2015 |
Outstanding, January 1 |  |  | 187,347 |  |  | 214,168 |
Granted |  |  | 127,087 |  |  | 92,150 |
Vested |  |  | (103,861) |  |  | (118,331) |
Canceled |  |  | — |  |  | (640) |
Outstanding, December 31 |  |  | 210,573 |  |  | 187,347 |
Compensation expense related to restricted stock and performance based stock units for the year |  | $ | 4,265,000 |  | $ | 3,992,000 |
Schedule of restricted stock granted | During 2016 and 2015, we granted 127,087 and 92,150 shares of restricted common stock, respectively, under the 2015 plan and 2008 Plan as follows:
|  |  |  | Price per |  |  |
Year |  | No. of Shares/Units |  | Share |  | Vesting Period |
2016 |  | 65,300 |  | $ | 43.24 |  | ratably over 3 years |
|  | 54,107 |  | $ | 46.87 |  | TSR targets (1) |
|  | 7,680 |  | $ | 46.87 |  | June 1, 2017 |
|  | 127,087 |  |  |  |  |  |
2015 |  | 65,750 |  | $ | 44.45 |  | ratably over 3 years |
|  | 18,000 |  | $ | 42.30 |  | ratably over 3 years |
|  | 8,400 |  | $ | 42.30 |  | June 2, 2016 |
|  | 92,150 |  |  |  |  |  |
| (1) |  | Vesting is based on achieving certain total shareholder return (or TSR) targets in 3.7 years with acceleration opportunity in 2.7 years.
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense | At December 31, 2016, the total number of restricted common stock and performance-based stock units that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows:
|  | Number |  | Remaining
|  | of |  | Compensation
Vesting Date |  | Awards |  | Expense
2017 |  | 85,343 |  |  | 3,428,000
2018 |  | 49,352 |  |  | 2,071,000
2019 |  | 75,878 | (1) |  | 236,000
|  | 210,573 |  | $ | 5,735,000
| (1) |  | Includes 54,107 performance-based stock units. The performance based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense.
Schedule of nonqualified stock option activity |
|  |  |  |  |  | Weighted Average |
|  | Shares |  | Price |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Outstanding, January 1 |  | 40,001 |  | 43,334 |  | $ | 29.60 |  | $ | 29.16 |
Granted |  | — |  | — |  | $ | — |  | $ | — |
Exercised |  | (6,667) |  | (3,333) |  | $ | 23.79 |  | $ | 23.79 |
Canceled |  | — |  | — |  | $ | — |  | $ | — |
Outstanding, December 31 |  | 33,334 |  | 40,001 |  | $ | 30.76 |  | $ | 29.60 |
Exercisable, December 31(1) |  | 28,334 |  | 30,001 |  | $ | 45.45 |  | $ | 31.99 |
| (1) |  | The aggregate intrinsic value of exercisable options at December 31, 2016, based upon the closing price of our common shares at December 30, 2016, the last trading day of 2016, was approximately $498,000. Options exercisable at December 31, 2016 have a weighted average remaining contractual life of approximately 2.9 years.
Schedule of options exercised |
|  |  |  | Weighted |  |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |  |
|  | Options |  | Exercise |  | Option |  | Market |
|  | Exercised |  | Price |  | Value |  | Value(1) |
2016 |  | 6,667 |  | $ | 23.79 |  | $ | 159,000 |  | $ | 311,000 |
2015 |  | 3,333 |  | $ | 23.79 |  | $ | 79,000 |  | $ | 140,000 |
| (1) |  | As of the exercise dates.

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