Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of restricted stock units activity

The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans as of December 31, 2019:



Year Ended December 31, 2019
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		Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2018	1,028,256		$	26.3	71,428		$	1.8	587,500		$	15.0
Granted	280,083				—				243,168
Vested⁽¹⁾	(443,481	)			(14,286	)			—
Forfeited	(150,795	)			—				(51,480	)
Non-vested as of December 31, 2019	714,063		$	25.0	57,142		$	2.0	779,188		$	27.3
Shares vested, but not released⁽¹⁾	615,643		21.6		14,286		0.5		—		—
Total outstanding restricted stock units	1,329,706		$	46.6	71,428		$	2.5	779,188		$	27.3

(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 dividend equivalents, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.29 per unit. During 2019, an additional 16,324 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 613,605 time-based restricted stock units vested prior to January 1, 2019.

The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2019, 2018 and 2017:



Year Ended December 31	Grantee Type	Number of Restricted Stock Units Granted	Vesting Period	Grant Date Fair Value (in thousands)
2019	Trustees	18,267	1 year	$	575
2019	Employees	504,984	1-3 years	$	16,843
2018	Trustees	373,438	1-3 years	$	5,975
2018	Employees	1,263,751	1-4 years	$	22,196
2017	Trustees	18,348	2-3 years	$	199
2017	Employees	141,288	5 years	$	1,897

Schedule of market performance-based restricted stock units thresholds

In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below:



Performance Level Thresholds	RMS Relative Market Performance	Market Performance Vesting Percentage
High Level	above 75^th percentile	200%
Target Level	55^th percentile	100%
Threshold Level	30^th percentile	50%
Below Threshold Level	below 30^th percentile	0%

In the event that the TSR upon completion of the market performance period is achieved at the “minimum,” “target” or “maximum” level as set forth below, the awards will become vested as to the market condition with respect to the percentage RSUs, as applicable, set forth below:



Performance Level Thresholds	TSR	Market Performance Percentage
Maximum	12%	150% of Target Award
Target	10%	100% of Target Award
Minimum	8%	50% of Target Award

Schedule of performance-based restricted stock unit valuation assumptions

The key assumptions used in the valuation of the April 2017 award were as follows:



Award Date	Expected Stock Price Volatility	Risk-Free Interest Rate	Dividend Yield
4/10/2017	30%	1.63%	2%

Assumptions used in the valuations are summarized as follows:



Award Date	Expected Stock Price Volatility	Risk-Free Interest Rate	Dividend Yield ⁽¹⁾
2018	25% - 30%	2.34% - 2.85%	N/A
2019	22%	2.40% - 2.43%	N/A

(1)

Dividends are assumed to be reinvested and therefore not applicable.

Schedule of stock option activity

The following table provides a summary of option activity for the year ended December 31, 2019:



	Number of Options		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2018	2,355,787		$	9.81	5.4
Granted	—		—
Exercised	(1,342,289	)	9.81
Forfeited or expired	(219,000	)	9.81
Outstanding as of December 31, 2019	794,498		$	9.81	5.8

Exercisable as of December 31, 2019	301,500		$	9.81	5.1