Equity Compensation (Tables)

9 Months Ended

Sep. 30, 2020

equity compensation expense [Table Text Block]

Equity compensation expense by award type for the Company was:


(In thousands)	Three-month periods ended September 30,				Nine-month periods ended September 30,				Unamortized expense as of September 30,
	2020		2019		2020		2019		2020

Class B Unit awards to employees:
2016	$	—	$	—	$	—	$	2	$	—
2017	—		78		3		234		—
2018	70		72		191		215		71
Restricted stock grants to Board members:
2018	—		—		—		120		—
2019	—		106		140		176		—
2020	133		—		222		—		310
Restricted stock grants for employees:
2020	242		—		279		—		3,601
Performance-based restricted stock units:
2020	92		—		92		—		1,753
Restricted stock units to employees:
2017	—		15		—		53		—
2018	14		15		38		55		19
2019	16		19		47		67		94
2020	15		—		46		—		137

Total	$	582	$	305	$	1,058	$	922	$	5,985

Performance Shares, Schedule of Percentile Rank [Table Text Block]

PSUs will become earned PSUs according to the percentile rank of the TSR of Company's Common Stock versus the peer group’s average TSR, as shown in the following table:


Level	Relative TSR performance (percentile rank versus peers)	Earned PSUs (% of target)
< Threshold	<35th Percentile	0%
Threshold	35th Percentile	50%
Target	55th Percentile	100%
Maximum	>=75th Percentile	200%

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

Restricted Stock Grants

The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2017-2019 vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grant for service year 2020 is scheduled to vest on the one-year anniversary of the date of grant.


Service year	Shares	Fair value per share		Total compensation cost (in thousands)
2017	24,408	$	14.75	$	360
2018	24,810	$	14.51	$	360
2019	26,446	$	15.88	$	420
2020	66,114	$	8.05	$	532


Grant date	1/2/2020		1/2/2019		1/2/2018
Service period	2020-2022		2019-2021		2018-2020

RSU activity:
Granted	21,400		27,760		20,720
Forfeited	(2,100)		(6,581)		(6,874)

RSUs outstanding at September 30, 2020	19,300		21,179		13,846

RSUs unearned but vested	—		7,141		9,306
RSUs unearned and not yet vested	19,300		14,038		4,540

RSUs outstanding at September 30, 2020	19,300		21,179		13,846

Fair value per RSU	$	9.47	$	10.77	$	16.66
Total fair value of RSU grant	$	202,658	$	298,975	$	345,195

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The underlying valuation assumptions and result for the Performance RSU award was:


Stock price on grant date	$	7.23
Dividend yield	6.87		%
Expected volatility	44.40		%
Risk-free interest rate	0.11		%

Target number of PSUs granted:
First vesting tranche	136,462
Second vesting tranche	136,467
	272,929

Calculated fair value per PSU	$	6.76

Total fair value of PSUs	$	1,845,000

The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were:


Grant date	1/2/2018
Stock price	$	20.19
Dividend yield	4.95		%
Expected volatility	25.70		%
Risk-free interest rate	2.71		%

Number of Units granted:
One year vesting period	171,988
Three year vesting period	84,099
	256,087

Calculated fair value per Unit	$	16.66

Total fair value of Units	$	4,266,409

Target market threshold increase	$	5,660,580