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Share-Based and Other Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Units Valuation Assumptions
As of December 31, 2019, the estimated number of RSUs earned for the 2019 and 2018 Performance-Based RSUs and the actual number of RSUs earned for the 2017 Performance-Based RSUs was as follows:
 
2019 Performance-Based RSUs
 
2018 Performance-Based RSUs
 
2017 Performance-Based RSUs
Service vesting period
February 1, 2019 - January, 2022

 
February 14, 2018 - January, 2021

 
February 24, 2017 - January, 2020

Target RSUs granted
143,396

 
158,205

 
130,956

Estimated RSUs earned (1)
229,095

 
262,242

 
142,581

Date of valuation
February 1, 2019

 
February 14, 2018

 
February 24, 2017

_______________
(1)
Estimated RSUs earned for the 2019 Performance-Based RSUs are based on the actual achievement of the 2019 FFO Performance Condition and for the 2019 Debt to EBITDA Ratio Performance Condition, assumes 125% of the target level of achievement for one participant and 117% of the target level of achievement for all other participants, and target level of achievement of the 2019 Market Condition. Estimated RSUs earned for the 2018 Performance-Based RSUs are based on the actual achievement of the 2018 FFO Performance Condition and assume target level achievement of the 2018 Market Condition and maximum level of achievement of the 2018 Debt to EBITDA Ratio Performance Condition. The 2017 Performance-Based RSUs earned are based on actual performance of the 2017 Performance Conditions and the 2017 Market Condition.
The total fair value of the Time-Based RSUs is based on the Company's closing share price on the NYSE on the respective fair valuation dates as detailed in the table below:

 
2019 Time-Based RSU Grant 
 
December 2018 Time-Based RSU Grant
 
2018 Time-Based RSU Grant (1)
 
2017 Time-Based RSU Grant (2)
Service vesting period
February 1, 2019 - January 5, 2022

 
December 27, 2018 - January 5, 2023

 
January & February 2018 - January 5, 2021

 
February 2017 - January 5, 2020

Fair value on valuation date (in millions)
$
10.1

 
$
18.5

 
$
8.4

 
$
7.5

Fair value per share
$
69.89

 
$
62.00

 
$
70.37

 
$
73.30

Date of fair valuation
February 1, 2019

 
December 27, 2018

 
January & February 2018

 
February 2017


_______________
(1)
The 2018 Time-Based RSUs consist of 56,015 RSUs granted on January 29, 2018 at a fair value per share of $70.37 and 67,818 RSUs granted on February 14, 2018 at a fair value per share of $66.46.
(2)
The 2017 Time-Based RSUs consist of 41,119 RSUs granted on February 3, 2017 at a fair value per share of $73.30 and 57,901 RSUs granted on February 24, 2017 at a fair value per share of $77.16.
Summary of Nonvested Restricted Stock A summary of our nonvested and vested restricted stock activity for years ended December 31, 2018 and 2017 is presented below:

 
Shares Granted
 
Shares Vested
Years ended December 31,
Nonvested
Shares Issued
 
Weighted-Average Grant Date
Fair Value
Per Share
 
Vested Shares
 
Total Fair Value at Vest Date (1)
(in thousands)
2018
—

 
—

 
(22,884
)
 
1,652

2017
—

 
—

 
(24,261
)
 
1,781

_______________
(1)
Total fair value of shares vested was calculated based on the quoted closing share price of the Company’s common stock on the NYSE on the date of vesting.
Summary of Nonvested and Vested Restricted Stock Activity A summary of our nonvested and vested restricted stock activity for years ended December 31, 2018 and 2017 is presented below:

 
Shares Granted
 
Shares Vested
Years ended December 31,
Nonvested
Shares Issued
 
Weighted-Average Grant Date
Fair Value
Per Share
 
Vested Shares
 
Total Fair Value at Vest Date (1)
(in thousands)
2018
—

 
—

 
(22,884
)
 
1,652

2017
—

 
—

 
(24,261
)
 
1,781

_______________
(1)
Total fair value of shares vested was calculated based on the quoted closing share price of the Company’s common stock on the NYSE on the date of vesting.
December 2018 Market-Based RSUs [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Assumptions Utilized in the Monte Carlo Simulation Pricing Models The following table summarizes the assumptions utilized in the Monte Carlo simulation pricing models:
 
 
December 2018 Market-Based RSU Award Fair Value Assumptions
Valuation date
 
December 27, 2018
Fair value per share on valuation date
 
$68.66
Expected share price volatility
 
23.0%
Risk-free interest rate
 
2.4%
Market measure-based Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Restricted Stock Units Award Activity
A summary of our performance and market-measure based RSU activity from January 1, 2019 through December 31, 2019 is presented below:

 
Nonvested RSUs
 
Vested RSUs
 
Total RSUs
 
Amount
 
Weighted-Average
Fair Value
Per Share
 
Outstanding at January 1, 2019
1,018,337

 
$
67.29

 
35,761

 
1,054,098

Granted
231,191

 
71.12

 
1,155

 
232,346

Vested
(261,990
)
 
57.08

 
261,990

 
—

Settled (1)
—

 
 
 
(264,814
)
 
(264,814
)
Issuance of dividend equivalents (2)
23,254

 
74.11

 
2,592

 
25,846

Forfeited
(78,117
)
 
70.07

 
(5
)
 
(78,122
)
Outstanding as of December 31, 2019 (3)
932,675

 
$
71.04

 
36,679

 
969,354

_______________
(1)
Represents vested RSUs that were settled in shares of the Company’s common stock. Total shares settled include 125,220 shares that were tendered in accordance with the terms of the 2006 Plan to satisfy minimum statutory tax withholding requirements related to the RSUs settled. We accept the return of RSUs at the current quoted closing share price of the Company’s common stock to satisfy tax obligations.
(2)
Represents the issuance of dividend equivalents earned on the underlying RSUs. The dividend equivalents vest based on terms specified under the related RSU award agreement.
(3)
Outstanding RSUs as of December 31, 2019 represent the actual achievement of the FFO performance conditions and assumes target levels for the market and other performance conditions. The number of restricted stock units ultimately earned is subject to change based upon actual performance over the three-year vesting period. Dividend equivalents earned will vest along with the underlying award and are also subject to changes based on the number of RSUs ultimately earned for each underlying award.

A summary of our performance and market-measure based RSU activity for the years ended December 31, 2019, 2018 and 2017 is presented below:

 
RSUs Granted
 
RSUs Vested
Years ended December 31,
Non-Vested
RSUs Granted (1)
 
Weighted-Average
Fair Value
Per Share
 
Vested RSUs
 
Total Vest-Date Fair Value
(in thousands)
2019
231,191

 
$
71.12

 
(265,737
)
 
$
18,703

2018
601,012

 
68.51

 
(265,918
)
 
18,906

2017
170,994

 
78.97

 
(194,991
)
 
14,270

_______________
(1)
Non-vested RSUs granted are based on the actual achievement of the FFO performance conditions and assumes target level achievement for the market and other performance conditions.

Time-Based Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Restricted Stock Units Award Activity
A summary of our time-based RSU activity from January 1, 2019 through December 31, 2019 is presented below:

 
Nonvested RSUs
 
Vested RSUs
 
Total RSUs
 
Amount
 
Weighted Average Fair Value
Per Share
 
Outstanding at January 1, 2019
586,779

 
$
65.87

 
1,089,088

 
1,675,867

Granted
153,005

 
70.31

 
—

 
153,005

Vested
(153,464
)
 
67.26

 
153,464

 
—

Settled (1)
 
 
 
 
(198,183
)
 
(198,183
)
Issuance of dividend equivalents (2)
13,341

 
74.72

 
28,755

 
42,096

Forfeited
(55,813
)
 
68.71

 
—

 
(55,813
)
Canceled (3)
 
 
 
 
(1,746
)
 
(1,746
)
Outstanding as of December 31, 2019
543,848

 
$
66.66

 
1,071,378

 
1,615,226

_______________
(1)
Represents vested RSUs that were settled in shares of the Company’s common stock. Total shares settled include 82,646 shares that were tendered in accordance with the terms of the 2006 Plan to satisfy minimum statutory tax withholding requirements related to the RSUs settled. We accept the return of RSUs at the current quoted closing share price of the Company’s common stock to satisfy tax obligations.
(2)
Represents the issuance of dividend equivalents earned on the underlying RSUs. The dividend equivalents vest based on terms specified under the related RSU award agreement.
(3)
For shares vested but not yet settled, we accept the return of RSUs at the current quoted closing share price of the Company’s common stock to satisfy minimum statutory tax-withholding requirements related to either the settlement or vesting of RSUs in accordance with the terms of the 2006 Plan.
A summary of our time-based RSU activity for the years ended December 31, 2019, 2018 and 2017 is presented below:

 
RSUs Granted
 
RSUs Vested
Year ended December 31,
Non-Vested
RSUs Issued
 
Weighted-Average Grant Date
Fair Value
Per Share
 
Vested RSUs
 
Total Vest-Date Fair Value (1)
(in thousands)
2019
153,005

 
$
70.31

 
(182,219
)
 
$
12,277

2018
437,216

 
64.21

 
(214,131
)
 
14,768

2017
142,101

 
74.91

 
(228,095
)
 
16,735

_______________
(1)
Total fair value of RSUs vested was calculated based on the quoted closing share price of the Company’s common stock on the NYSE on the day of vesting. Excludes the issuance of dividend equivalents earned on the underlying RSUs. The dividend equivalents vest based on terms specified under the related RSU award agreement.
2018, 2017, and 2016 Performance-Based RSUs [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Assumptions Utilized in the Monte Carlo Simulation Pricing Models The following table summarizes the assumptions utilized in the Monte Carlo simulation pricing models:

 
2019 Award Fair Value Assumptions
 
2018 Award Fair Value Assumptions
 
2017 Award Fair Value Assumptions
Valuation date
February 1, 2019
 
February 14, 2018
 
February 24, 2017
Fair value per share on valuation date
$72.57
 
$70.08
 
$80.89
Expected share price volatility
19.0%
 
20.0%
 
21.0%
Risk-free interest rate
2.48%
 
2.37%
 
1.39%