EQUITY COMPENSATION PLANS

On May 24, 2018, the Company’s shareholders approved the Company’s Amended and Restated 2014 Long-Term Equity Compensation Plan (Amended 2014 Plan), which amends and restates the Company’s 2014 Long-Term Equity Compensation Plan. The Amended 2014 Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, restricted stock and restricted stock units, stock appreciation rights and other similar awards to the Company’s employees, non-employee directors, consultants and advisors in connection with compensation and incentive arrangements that may be established by the Company’s board of directors or executive management.

The following table summarizes the Company’s unvested restricted shares as of and for the six months ended June 30, 2018:



	Unvested Restricted Shares		Weighted Average Grant Date Fair Value per Restricted Share
Balance as of January 1, 2018	496		$	14.81
Shares granted (a)	382		$	12.81
Shares vested	(345	)	$	14.64
Shares forfeited	(12	)	$	13.26
Balance as of June 30, 2018 (b)	521		$	13.50


(a)	Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements.


(b)	As of June 30, 2018, total unrecognized compensation expense related to unvested restricted shares was $3,984, which is expected to be amortized over a weighted average term of 1.4 years.

The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the six months ended June 30, 2018:



	Unvested RSUs		Weighted Average Grant Date Fair Value per RSU
RSUs eligible for future conversion as of January 1, 2018	555		$	14.60
RSUs granted (a)	291		$	14.36
Conversion of RSUs to common stock and restricted shares (b)	(141	)	$	14.10
RSUs ineligible for conversion	(56	)	$	15.36
RSUs eligible for future conversion as of June 30, 2018 (c)	649		$	14.54

(a)

Assumptions and inputs as of the grant dates included a weighted average risk-free interest rate of 2.04%, the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s weighted average common stock dividend yield of 5.00%. Subject to continued employment, in 2021, following the performance period which concludes on December 31, 2020, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term.

(b)

On February 5, 2018, 141 RSUs converted into 42 shares of common stock and 65 restricted shares that will vest on December 31, 2018, subject to continued employment through such date, after applying a conversion rate of 76% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies, for the performance period that concluded on December 31, 2017. An additional 16 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period.


(c)	As of June 30, 2018, total unrecognized compensation expense related to unvested RSUs was $5,683, which is expected to be amortized over a weighted average term of 2.7 years.

During the three months ended June 30, 2018 and 2017, the Company recorded compensation expense of $1,596 and $1,756, respectively, related to the amortization of unvested restricted shares and RSUs. During the six months ended June 30, 2018 and 2017, the Company recorded compensation expense of $3,729 and $3,549, respectively, related to the amortization of unvested restricted shares and RSUs. Included within the amortization of stock-based compensation expense recorded during the six months ended June 30, 2018 is compensation expense of $330 related to the accelerated vesting of 23 restricted shares and remaining amortization related to the 29 RSUs that remain eligible for future conversion in conjunction with the departure of the Company’s former Executive Vice President, General Counsel and Secretary. The total fair value of restricted shares vested during the six months ended June 30, 2018 was $4,195.

Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Third Amended and Restated Independent Director Stock Option and Incentive Plan. As of June 30, 2018, options to purchase 38 shares of common stock remained outstanding and exercisable. The Company did not grant any options in 2018 or 2017 and did not record any compensation expense related to stock options during the six months ended June 30, 2018 and 2017.