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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Share-Based Compensation Activity

The following table summarizes the Company’s share-based compensation activity:

 

 

Year ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

(in thousands except per share amounts)

 

Number of units:

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

 

734

 

 

 

725

 

 

 

661

 

Granted

 

 

330

 

 

 

312

 

 

 

300

 

Vested

 

 

(299

)

 

 

(302

)

 

 

(234

)

Canceled or forfeited

 

 

—

 

 

 

(1

)

 

 

(2

)

Outstanding at end of year

 

 

765

 

 

 

734

 

 

 

725

 

Weighted Average Grant Date Fair Value:

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

$

21.26

 

 

$

21.00

 

 

$

19.95

 

Granted

 

$

10.46

 

 

$

21.06

 

 

$

21.05

 

Vested

 

$

18.46

 

 

$

19.65

 

 

$

19.68

 

Expired or canceled

 

$

—

 

 

$

21.29

 

 

$

18.74

 

Outstanding at end of year

 

$

16.19

 

 

$

21.26

 

 

$

21.00

 

Compensation expense recorded during the year

 

$

5,748

 

 

$

6,346

 

 

$

7,107

 

Fair value of vested units during the year

 

$

5,510

 

 

$

5,929

 

 

$

4,615

 

Year end:

 

 

 

 

 

 

 

 

 

 

 

 

Units available for future awards(1)

 

 

4,632

 

 

 

 

 

 

 

 

 

Unamortized compensation cost

 

$

4,118

 

 

 

 

 

 

 

 

 

 

(1)

Based on shares outstanding as of December 31, 2016. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above.