Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

The following table summarizes restricted stock unit grants under the 2017 Plan during the three and six months ended June 30, 2020 and 2019, respectively:


Three Months Ended June 30,	Grantee Type	Number of Restricted Stock Units Granted	Vesting Period	Grant Date Fair Value (in thousands)

2020	Trustees	8,517	1 year	$	300
2020	Employees	1,195	1 year	$	35
2019	Employees	35,042	1-3 years	$	1,163


Six Months Ended June 30,	Grantee Type	Number of Restricted Stock Units Granted	Vesting Period	Grant Date Fair Value (in thousands)
2020	Trustees	8,517	1 year	$	300
2020	Employees	284,666	1-3 years	$	8,734
2019	Trustees	12,285	1 year	$	375
2019	Employees	490,546	1-3 years	$	16,332

The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans during the six months ended June 30, 2020:


Six Months Ended June 30, 2020
Restricted Stock	Number of Time-Based Restricted Stock Units	Aggregate Intrinsic Value (in millions)		Number of Performance-Based Restricted Stock Units	Aggregate Intrinsic Value (in millions)		Number of Market Performance-Based Restricted Stock Units⁽²⁾	Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2019	714,063	$	25.0	57,142	$	2.0	779,188	$	27.3
Granted	184,373			—			108,810
Vested	(260,705)			(14,286)			—
Forfeited	(7,942)			—			(12,668)
Non-vested as of June 30, 2020	629,789	$	22.9	42,856	$	1.6	875,330	$	31.8
Shares vested, but not released⁽¹⁾	615,643	22.3		28,572	1.0		—	—
Total outstanding restricted stock units	1,245,432	$	45.2	71,428	$	2.6	875,330	$	31.8

(1)For certain vested restricted stock units, common share issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested restricted stock units, 568,753 belong to a member of the Board of Trustees who has resigned and common shares shall not be issued until the first to occur: (1) change in control; or (2) April 13, 2022. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.38 per unit. During 2020 an additional 14,286 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 615,643 time-based restricted stock units and 14,286 performance-based restricted stock units vested prior to January 1, 2020.

(2)The number of market performance-based restricted stock units are reflected within this table based upon the number of shares issuable upon achievement of the performance metric at target.

Schedule of OP Units Activity

The following table summarizes OP unit grants under the 2017 Plan during the three and six months ended June 30, 2020 (none were issued during the six months ended June 30, 2019):

Three Months Ended June 30,

Grantee Type

Number of
OP Units Granted

Vesting
Period

Grant Date
Fair Value
(in thousands)

2020

Trustees

16,325

1 year

575


Six Months Ended June 30,	Grantee Type	Number of OP Units Granted	Vesting Period	Grant Date Fair Value (in thousands)
2020	Trustees	16,325	1 year	$	575
2020	Employees	255,720	1-3 years	$	7,719

The following table provides a summary of the OP unit awards activity under the 2017 Plan during the six months ended June 30, 2020:


Six Months Ended June 30, 2020
OP Units	Number of Time-Based OP Units	Aggregate Intrinsic Value (in millions)		Number of Market Performance-Based OP Units	Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2019	20,190	$	0.7	—	$	0.0
Granted	93,180			178,865
Vested	—			—
Forfeited	—			—
Non-vested as of June 30, 2020	113,370	$	4.2	178,865	$	6.5

Schedule of Stock Option Activity

The following table provides a summary of option activity for the six months ended June 30, 2020:


Options	Shares (In thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2019	794,498	$	9.81	5.8
Granted	—	—
Exercised	(270,500)	9.81
Forfeited or expired	(8,000)	9.81
Outstanding as of June 30, 2020	515,998	9.81		5.2

Exercisable as of June 30, 2020	216,000	$	9.81	4.2