Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Stockholders' Equity

Schedule of dividends declared by board of directors

Declaration Date	Record Date	Ex-Dividend Date	Payment Date	Amount		Frequency
11/2/16	12/30/16	12/28/16	1/13/17	$	0.48	Quarterly
8/4/16	9/30/16	9/28/16	10/17/16		0.48	Quarterly
5/9/16	6/30/16	6/28/16	7/15/16		0.48	Quarterly
2/25/16	3/31/16	3/29/16	4/15/16		0.48	Quarterly
11/5/15	12/31/15	12/29/15	1/15/16		0.48	Quarterly
8/4/15	9/30/15	9/28/15	10/15/15		0.48	Quarterly
5/5/15	6/30/15	6/26/15	7/15/15		0.48	Quarterly
2/25/15	3/31/15	3/27/15	4/15/15		0.48	Quarterly
11/5/14	12/31/14	12/29/14	1/15/15		0.48	Quarterly
8/6/14	9/30/14	9/26/14	10/15/14		0.48	Quarterly
5/6/14	6/30/14	6/26/14	7/15/14		0.48	Quarterly
2/24/14	3/31/14	3/27/14	4/15/14		0.48	Quarterly

Schedule of common stock issued as incentive compensation under the Management Agreement

Timing of Issuance	Shares of Common Stock Issued	Price per share
November 2016	144,093	$	22.06
August 2016	65,211		21.99
May 2016	117,083		19.64
March 2016	606,166		18.02
November 2015	126,154		20.22
August 2015	95,696		21.82
May 2015	136,261		24.17
March 2015	387,299		24.39
November 2014	92,865		22.97
August 2014	86,328		23.49
May 2014	152,316		23.99
March 2014	138,288		23.92

Summary of share-based compensation expenses

The following table summarizes our share‑based compensation expenses during the years ended December 31, 2016, 2015 and 2014 (in thousands):

	For the year ended December 31,
	2016		2015		2014
Management fees:
Manager incentive fee	$	16,423	$	18,859	$	17,258
Manager Equity Plan		21,484		26,625		26,498
		37,907		45,484		43,756
General and administrative:
Non-Executive Director Stock Plan		435		360		294
Equity Plan		10,728		5,161		1,830
		11,163		5,521		2,124
Income tax effect		—		—		—
Total share-based compensation expense	$	49,070	$	51,005	$	45,880

Schedule of Non-Vested Shares and Share Equivalents

	Non-Executive				Weighted Average
	Director		Manager		Grant Date Fair Value
	Stock Plan	Equity Plan	Equity Plan	Total	(per share)
Balance as of January 1, 2016	16,988	548,378	1,302,850	1,868,216	$	25.84
Granted	21,564	436,700	—	458,264		19.13
Vested	(20,764)	(410,905)	(1,021,600)	(1,453,269)		25.81
Forfeited	—	(52,837)	—	(52,837)		22.63
Balance as of December 31, 2016	17,788	521,336	281,250	820,374		22.34

Vesting Schedule

	Non-Executive Director Stock Plan	Equity Plan	Manager Equity Plan	Total
2017	17,788	314,111	225,000	556,899
2018	—	131,914	56,250	188,164
2019	—	75,311	—	75,311
Total	17,788	521,336	281,250	820,374