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Equity Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of unvested restricted shares and restricted stock units
The following table summarizes the Company’s unvested RSUs as of and for the years ended December 31, 2017, 2018 and 2019:
 
Unvested
RSUs
 
Weighted Average
Grant Date Fair
Value per RSU
RSUs eligible for future conversion as of January 1, 2017
391

 
$
14.02

RSUs granted (a)
253

 
$
15.52

RSUs ineligible for conversion
(89
)
 
$
14.68

RSUs eligible for future conversion as of December 31, 2017
555

 
$
14.60

RSUs granted (b)
291

 
$
14.36

Conversion of RSUs to common stock and restricted shares (c)
(141
)
 
$
14.10

RSUs ineligible for conversion
(56
)
 
$
15.36

RSUs eligible for future conversion as of December 31, 2018
649

 
$
14.54

RSUs granted (d)
382

 
$
10.98

Conversion of RSUs to common stock and restricted shares (e)
(192
)
 
$
13.74

RSUs eligible for future conversion as of December 31, 2019 (f) (g)
839

 
$
13.10

(a)
Assumptions and inputs as of the grant date included a risk-free interest rate of 1.50%, the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s common stock dividend yield of 4.32%.
(b)
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 NAREIT Shopping Center Index and the Company’s weighted average common stock dividend yield of 5.00%.
(c)
On February 5, 2018, 141 RSUs converted into 42 shares of common stock and 65 restricted shares that vested on December 31, 2018, after applying a conversion rate of 76% based upon the Company’s 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.
(d)
Assumptions and inputs as of the grant date included a risk-free interest rate of 2.47%, the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s common stock dividend yield of 6.07%.
(e)
On February 4, 2019, 192 RSUs converted into 82 shares of common stock and 125 restricted shares that vested on December 31, 2019, after applying a conversion rate of 107.5% based upon the Company’s TSR relative to the TSRs of its Peer companies, for the performance period that concluded on December 31, 2018. An additional 29 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period.
(f)
As of December 31, 2019, total unrecognized compensation expense related to unvested RSUs was $4,856, which is expected to be amortized over a weighted average term of 1.9 years.
(g)
Subsequent to December 31, 2019, 196 RSUs converted into 105 shares of common stock and 175 restricted shares with a one year vesting term after applying a conversion rate of 142.5% based upon the Company’s TSR relative to the TSRs of its Peer Companies, for the performance period that concluded on December 31, 2019. An additional 43 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period.
The following table summarizes the Company’s unvested restricted shares as of and for the years ended December 31, 2017, 2018 and 2019:

Unvested
Restricted
Shares

Weighted Average
Grant Date Fair
Value per
Restricted Share
Balance as of January 1, 2017
542

 
$
15.28

Shares granted (a)
285

 
$
14.60

Shares vested
(291
)
 
$
15.44

Shares forfeited
(40
)
 
$
15.12

Balance as of December 31, 2017
496

 
$
14.81

Shares granted (a)
382

 
$
12.81

Shares vested
(426
)
 
$
14.52

Shares forfeited
(12
)
 
$
13.26

Balance as of December 31, 2018
440


$
13.40

Shares granted (a)
469


$
12.22

Shares vested
(358
)

$
13.29

Shares forfeited
(16
)

$
12.77

Balance as of December 31, 2019 (b)
535


$
12.46

(a)
Shares granted in 2017, 2018 and 2019 vest over periods ranging from one year to three years, 0.9 years to three years and 0.9 years to three years, respectively, in accordance with the terms of applicable award agreements.
(b)
As of December 31, 2019, total unrecognized compensation expense related to unvested restricted shares was $2,052, which is expected to be amortized over a weighted average term of 1.2 years.