EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2016

Equity-based compensation

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

The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions:

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

The following table summarizes stock option activity under our Equity Plan:

	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, 2014	846,000		$	9.75
Exercised	(376,000	)	9.75
Outstanding at December 31, 2015	470,000		9.75
Exercised	(235,000	)	9.75
Outstanding at December 31, 2016	235,000		$	9.75	4.2	$	1,476
Exercisable at December 31, 2016	235,000		$	9.75	4.2	$	1,476

Schedule of equity-based compensation expense

Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2016, 2015, and 2014 was as follows (in thousands):

	2016		2015		2014
Stock options	$	55	$	633	$	675
Time-based restricted stock	1,594		1,691		960
Performance-based restricted stock	2,107		1,957		1,483
Director stock	465		472		406
	$	4,221	$	4,753	$	3,524

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 $6.0 million at December 31, 2016 as follows (in thousands):

	Total		2017		2018		2019		2020
Time-based restricted stock	$	2,493	$	1,503	$	817	$	163	$	10
Performance-based restricted stock	3,555		2,192		1,168		195		—
	$	6,048	$	3,695	$	1,985	$	358	$	10

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, 2014	181,116		$	9.81
Granted	166,340		13.53
Vested	(97,445	)	10.46
Non-vested December 31, 2015	250,011		12.03
Granted	192,123		11.36
Vested	(82,869	)	11.06
Forfeited	(1,420	)	10.27
Non-vested December 31, 2016	357,845		$	11.90	$	5,736

Restricted Stock Awards | Performance-Based

Equity-based compensation

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

The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:

	2016			2015
Expected dividend yield	4.01		%	3.42		%
Expected stock price volatility	24.2		%	22.2		%
Risk-free interest rate	1.04		%	1.02		%
Monte Carlo iterations	100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	13.77		$	18.78

Summary of restricted stock activity

 The following table summarizes performance-based restricted stock activity under our Equity Plan for 2016 and 2015:

	Number of Shares		Weighted Average Grant Date Fair Value		Aggregate Current Value
			(per share)		(in thousands)
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
Granted	254,563		13.77
Vested	(113,903	)	7.10
Non-vested December 31, 2016	449,027		$	14.90	$	7,198