Long-Term Incentive Plan Units

In 2007, the Company established the Manager LTIP and the Individual LTIP. Pursuant to the terms of the Manager LTIP, the Company issued 375,000 long-term incentive plan units to its Manager, which as of August 17, 2010 have been fully vested and expensed. Pursuant to the terms of the Individual LTIP, each year since inception the Company has issued annual awards to its independent directors and, beginning in 2010, issued awards to certain of its dedicated or partially dedicated personnel.

Units held pursuant to the Individual LTIPs are generally exercisable by the holder at any time after vesting. Each unit is convertible into one common share. Costs associated with the Individual LTIPs are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with Individual LTIPs for the years ended December 31, 2014, 2013, and 2012 was $0.3 million, $0.2 million, and $0.1 million, respectively.

Detailed below is a roll-forward of the Company's LTIP units outstanding for the years ended December 31, 2014, 2013, and 2012:



	Year Ended December 31, 2014					Year Ended December 31, 2013					Year Ended December 31, 2012
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (12/31/2013, 12/31/2012, and 12/31/2011, respectively)	375,000	36,052		411,052		375,000	22,096		397,096		375,000	15,500		390,500
Granted	—	20,084		20,084		—	15,738		15,738		—	7,846		7,846
Exercised	—	(1,822	)	(1,822	)	—	(1,782	)	(1,782	)	—	(1,250	)	(1,250	)
LTIP Units Outstanding (12/31/2014, 12/31/2013, and 12/31/2012, respectively)	375,000	54,314		429,314		375,000	36,052		411,052		375,000	22,096		397,096
LTIP Units Vested and Outstanding (12/31/2014, 12/31/2013, and 12/31/2012, respectively)	375,000	29,859		404,859		375,000	20,314		395,314		375,000	14,250		389,250