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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020:
Three Months Ended March 31, 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
174,661

 
—

 
108,810

 
Vested
(243,009
)
 
(14,286
)
 
—

 
Forfeited
(2,283
)
 
—

 
(6,186
)
 
Non-vested as of March 31, 2020
643,432

$
21.9

42,856

$
1.5

881,812

$
30.0

Shares vested, but not released(1)
615,643

21.0

28,571

1.0

—

—

Total outstanding restricted stock units
1,259,075

$
42.9

71,427

$
2.5

881,812

$
30.0

(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.
The following table summarizes restricted stock unit grants under the 2017 Plan during the three months ended March 31, 2020 and 2019, respectively:
Three Months Ended March 31,
Grantee Type
Number of
Restricted Stock
Units Granted
Vesting
Period
Grant Date
Fair Value
(in thousands)
2020
Employees
283,471
1-3 years
$
8,699

2019
Trustees
12,285
1 year
$
375

2019
Employees
455,504
1-3 years
$
15,169
Schedule of OP Units Activity
The following table summarizes OP unit grants under the 2017 Plan during the three months ended March 31, 2020 (none were issued during the first quarter of 2019):
Three Months Ended March 31,
Grantee Type
Number of
OP Units Granted
Vesting
Period
Grant Date
Fair Value
(in thousands)
2020
Employee group
255,720
1 - 3 years
$
7,719

The following table provides a summary of the OP unit awards activity under the 2017 Plan as of March 31, 2020:
Three Months Ended March 31, 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
76,855

 
 
178,865

 
Vested
—

 
 
—

 
Forfeited
—

 
 
—

 
Non-vested as of March 31, 2020
97,045

$
3.3

 
178,865

$
6.1
Schedule of Stock Option Activity
The following tables provide a summary of option activity for the three months ended March 31, 2020, respectively:
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
(27,500
)
9.81

 
Forfeited or expired
—

—

 
Outstanding as of March 31, 2020
766,998

9.81

5.6
 
 
 
 
Exercisable as of March 31, 2020
372,000

$
9.81

5.1