Long-Term Incentive Plan Units

9 Months Ended

Sep. 30, 2014

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

Long-Term Incentive Plan Units

Long-Term Incentive Plan Units

In 2007, the Company established the Manager LTIP and the Individual LTIP. Pursuant to the terms of the Manager LTIP, the Company issued 375,000 long-term incentive plan units to its Manager, which as of August 17, 2010 have been fully vested and expensed. Pursuant to the terms of the Individual LTIP, each year since inception the Company has issued annual awards to its independent directors and, beginning in 2010, issued awards to certain of its dedicated or partially dedicated personnel.

Units held pursuant to the Individual LTIPs are generally exercisable by the holder at any time after vesting. Each unit is convertible into one common share. Costs associated with the Individual LTIPs are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with Individual LTIPs for the three month periods ended September 30, 2014 and 2013 was $0.07 million and $0.04 million, respectively. Total expense associated with Individual LTIPs for the nine month periods ended September 30, 2014 and 2013 was $0.19 million and $0.13 million, respectively.

Detailed below is a roll-forward of the Company's LTIP units outstanding for the three month periods ended September 30, 2014 and 2013:

	Three Month Period Ended September 30, 2014					Three Month Period Ended September 30, 2013
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (6/30/2014 and 6/30/2013, respectively)	375,000	36,052		411,052		375,000	22,096		397,096
Granted	—	5,841		5,841		—	5,466		5,466
Exercised	—	(1,822	)	(1,822	)	—	(1,782	)	(1,782	)
LTIP Units Outstanding (9/30/2014 and 9/30/2013, respectively)	375,000	40,071		415,071		375,000	25,780		400,780
LTIP Units Vested and Outstanding (9/30/2014 and 9/30/2013, respectively)	375,000	23,958		398,958		375,000	17,814		392,814

Detailed below is a roll-forward of the Company's LTIP units outstanding for the nine month periods ended September 30, 2014 and 2013:

	Nine Month Period Ended September 30, 2014					Nine Month Period Ended September 30, 2013
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (12/31/2013 and 12/31/2012, respectively)	375,000	36,052		411,052		375,000	22,096		397,096
Granted	—	5,841		5,841		—	5,466		5,466
Exercised	—	(1,822	)	(1,822	)	—	(1,782	)	(1,782	)
LTIP Units Outstanding (9/30/2014 and 9/30/2013, respectively)	375,000	40,071		415,071		375,000	25,780		400,780
LTIP Units Vested and Outstanding (9/30/2014 and 9/30/2013, respectively)	375,000	23,958		398,958		375,000	17,814		392,814