EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

Equity-based compensation

Schedule of assumptions used to estimate fair value of stock options granted

	2011
Expected dividend yield	5.09		%
Expected stock price volatility	56.6		%
Risk-free interest rate	2.57		%
Expected life of options (in years)	6.5
Weighted average estimated fair value of options at grant date per share	$	3.48

Summary of stock option activity

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Terms	Aggregate Intrinsic Value (Current Value Less Exercise Price)
			(per share)		(in years)	(in thousands)
Outstanding at December 31, 2013	893,000		$	9.75
Granted	—		—
Exercised	(47,000	)	9.75
Forfeited	—		—
Outstanding at December 31, 2014	846,000			9.75
Granted	—		—
Exercised	(376,000	)	9.75
Forfeited	—		—
Outstanding at December 31, 2015	470,000		$	9.75	5.2	$	1,034
Exercisable at December 31, 2015	376,000		$	9.75	5.2	$	827

Schedule of equity-based compensation expense

Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for 2015, 2014, and 2013 was (in thousands):

	2015		2014		2013
Stock options	$	633	$	675	$	622
Time-based restricted stock	1,691		960		611
Performance-based restricted stock	1,957		1,483		548
Director stock	472		406		343
	$	4,753	$	3,524	$	2,124

Schedule of unrecognized equity-based compensation expense for all non-vested awards

Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $4.1 million at December 31, 2015 as follows (in thousands):

	Total		2016		2017		2018
Stock options	$	55	$	55	$	—	$	—
Time-based restricted stock	1,919		1,008		799		112
Performance-based restricted stock	2,157		1,133		1,024		—
	$	4,131	$	2,196	$	1,823	$	112

Restricted Stock Awards | Time-Based

Equity-based compensation

Summary of restricted stock activity

	Number of Shares		Weighted Average Grant Date Fair Value		Aggregate Current Value
			(per share)		(in thousands)
Non-vested December 31, 2013	161,587		$	9.10
Granted	116,981		9.82
Vested	(95,696	)	8.63
Forfeited	(1,756	)	9.82
Non-vested December 31, 2014	181,116		9.81
Granted	166,340		13.53
Vested	(97,445	)	10.46
Non-vested December 31, 2015	250,011		$	12.03	$	2,988

Restricted Stock Awards | Performance-Based

Equity-based compensation

Schedule of assumptions used estimate fair value of performance-based restricted stock awards granted

	2015		2014
Expected dividend yield	3.42%		4.48%
Expected stock price volatility	22.2%		27.9%
Risk-free interest rate	1.02%		0.06 - 0.60%
Monte Carlo iterations	100,000		100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	18.78	$	7.12

Summary of restricted stock activity

	Number of Shares		Weighted Average Grant Date Fair Value		Aggregate Current Value
			(per share)		(in thousands)
Non-vested December 31, 2013	268,174		6.48
Granted	161,935		7.12
Vested	(45,551	)	6.50
Forfeited	—		—
Non-vested December 31, 2014	384,558		$	6.75
Granted	154,505		18.78
Vested	(184,666	)	6.86
Forfeited	(46,030	)	5.10
Non-vested December 31, 2015	308,367		$	12.95	$	3,685