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Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2017

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

Summary of Restricted Share Awards

A summary of the Company’s restricted share awards for the three months ended March 31, 2017 and the year ended December 31, 2016 is as follows:

	Three Months Ended							Year Ended
	March 31, 2017							December 31, 2016
	Number of Shares			Weighted - Average  Grant Date Fair Value				Number of Shares			Weighted - Average  Grant Date Fair Value
Non-vested at beginning of the period	110,825			$	22.05			170,480			$	21.38
Granted	5,000			20.20				—			—
Vested	(29,458	)		25.55				(59,655	)		20.14
Forfeited	(25,870	)		$	13.17			—			$	—
Non-vested at end of the period	60,497			$	23.99			110,825			$	22.05

A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of March 31, 2017 is as follows:

Award Type	Award Date		Total Shares Granted			Vested as of March 31, 2017
2014 Time-based Awards	1/31/2014		48,213			48,213
2014 Performance-based Awards	1/31/2014		38,805			12,935
2015 Time-based Awards	1/30/2015		40,161			26,774
2015 Performance-based Awards	1/30/2015		36,144			—
2015 Time-based Awards	6/1/2015		8,949			2,983
2017 Restricted Board Awards	1/11/2017		5,000			—

Schedule of Share-based Payment Award, Valuation Assumptions

The grant date fair value of the performance LTIP awards were determined using a Monte Carlo simulation method with the following assumptions (based on the three-year risk free U.S. Treasury yield over the measurement period of the LTIP awards):

	Grant Date	Volatility	Dividend Yield	Risk Free Interest Rate	Discount
Outperformance Plan	6/1/2015	26%	4.5%	0.95%	—%
2016 Time-Based LTIP Unit Awards	1/28/2016	28%	—%	0.79%	7.5%
2016 Performance-Based LTIP Unit Awards	1/28/2016	30%	5.8%	1.13%	—%
2017 Time-Based LTIP Unit Awards	3/1/2017	24%	—%	0.92%	7.5%
2017 Performance-Based LTIP Unit Awards	3/1/2017	25%	5.8%	1.47%	—%

The grant date fair values of the performance-based share awards were determined using a Monte Carlo simulation method with the following assumptions:

Performance Award							Risk Free Interest
Grant Date			Volatility		Dividend Yield		Rate
1/31/2014			27%		—%		0.71%
1/30/2015			29%		—%		0.84%

Schedule of Long Term Incentive Unit Awards

A summary of the Company's LTIP Unit awards for the three months ended March 31, 2017 and the year ended December 31, 2016 is as follows:

	Three Months Ended							Year Ended
	March 31, 2017							December 31, 2016
	Number of Shares			Weighted - Average  Grant Date Fair Value				Number of Shares			Weighted - Average  Grant Date Fair Value
Non-vested at beginning of the period	295,551			$	14.36			183,300			$	14.13
Granted	223,922			19.20				112,251			14.73
Vested	(37,417	)		14.73				—			—
Non-vested at end of the period	482,056			$	16.58			295,551			$	14.36

Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2017 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows:

	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	50th	100%
Maximum	75th	150%

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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