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Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2018

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

Summary of Restricted Share Awards

A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of March 31, 2018 is as follows:

Award Type	Award Date		Total Shares Granted			Vested as of March 31, 2018
2015 Time-based Awards	1/30/2015		40,161			40,161
2015 Performance-based Awards	1/30/2015		36,144			12,048
2015 Time-based Awards	6/1/2015		8,949			5,966
2017 Restricted Board Awards	1/11/2017		5,000			1,666

A summary of the Company’s restricted share awards for the three months ended March 31, 2018 and the year ended December 31, 2017 is as follows:

	Three Months Ended							Year Ended
	March 31, 2018							December 31, 2017
	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	57,514			$	23.78			110,825			$	22.05
Granted	—			—				5,000			20.20
Vested	(27,101	)		25.77				(32,441	)		25.77
Forfeited	(24,096	)		$	21.21			(25,870	)		$	13.17
Non-vested at end of the period	6,317			$	23.78			57,514			$	23.78

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%	—%
2018 Time-Based LTIP Unit Awards	3/1/2018	26%	—%	2.07%	7.5%
2018 Performance-Based LTIP Unit Awards	3/1/2018	26%	6.2%	2.37%	—%

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
1/30/2015			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, 2018 and the year ended December 31, 2017 is as follows:

	Three Months Ended							Year Ended
	March 31, 2018							December 31, 2017
	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	482,056			$	16.58			295,551			$	14.36
Granted	244,917			16.94				223,922			19.20
Vested	(67,275	)		16.42				(37,417	)		14.73
Non-vested at end of the period	659,698			$	20.08			482,056			$	16.58

Schedule of Time-Based Equity Incentive Plan

A summary of time-based LTIP unit awards granted, as recommended by the Compensation Committee, are as follows:

Grant Date

Number of Shares Granted

Estimated Value Per Share

Vesting 1st Year Date

Vesting 2nd Year Date

Vesting 3rd Year Date

January 28, 2016

72,966

$

16.69

1/28/2017

1/28/2018

1/28/2019

March 1, 2017

89,574

$

18.53

3/1/2018

3/1/2019

3/1/2020

March 1, 2018

97,968

$

16.83

3/1/2019

3/1/2020

3/1/2021

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

The 2017 and 2018 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=96867065&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=96867065&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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