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Stock Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Restricted Stock Awards
A summary of our restricted stock awards from January 1, 2014 to September 30, 2014 is as follows:
 
Number of
Shares
 
Weighted-
Average Grant
Date Fair
Value
Unvested balance at January 1, 2014
583,021

 
$
9.80

Granted
246,621

 
12.37

Forfeited
(537
)
 
9.32

Vested
(270,440
)
 
10.10

Unvested balance at September 30, 2014
558,665

 
$
10.79

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair values of the PSU awards are determined using a Monte Carlo simulation performed by a third-party valuation firm. The determination of the grant-date fair values of the awards included the following assumptions:

Award Grant Date
 
Volatility
 
Risk-Free Rate
 
Fair Value at Grant Date
March 3, 2013
 
39.2
%
 
0.36
%
 
$
9.55

May 15, 2013
 
37.9
%
 
0.40
%
 
$
10.41

March 3, 2014
 
33.5
%
 
0.66
%
 
$
12.77

May 15, 2014
 
33.1
%
 
0.80
%
 
$
9.88

Schedule of Nonvested Performance-based Units Activity
A summary of our PSUs from January 1, 2014 to September 30, 2014 is as follows:
 
Number of
Units
 
Weighted-
Average Grant
Date Fair
Value
Unvested balance at January 1, 2014
223,176

 
$
9.66

Granted
200,685

 
12.33

Additional units from dividends
8,849

 
11.69

Unvested balance at September 30, 2014
432,710

 
$
10.94