EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2017

Equity-based compensation

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, 2015	470,000		$	9.75
Exercised	(235,000	)	9.75
Outstanding at December 31, 2016	235,000		9.75
Exercised	—		—
Outstanding at December 31, 2017	235,000		$	9.75	3.2	$	1,288
Exercisable at December 31, 2017	235,000		$	9.75	3.2	$	1,288

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, 2017, 2016, and 2015 was as follows (in thousands):

	2017		2016		2015
Stock options	$	—	$	55	$	633
Time-based restricted stock	2,145		1,594		1,691
Performance-based restricted stock	3,183		2,107		1,957
Director stock	559		465		472
	$	5,887	$	4,221	$	4,753

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 $6.7 million at December 31, 2017 as follows (in thousands):

	Total		2018		2019		2020		2021
Time-based restricted stock	$	2,741	$	1,599	$	945	$	187	$	10
Performance-based restricted stock	3,976		2,374		1,401		201		—
	$	6,717	$	3,973	$	2,346	$	388	$	10

Restricted Stock Awards | Time-Based

Equity-based compensation

Summary of restricted stock activity

The following table summarizes time-based restricted stock activity under our Equity Plan for 2017 and 2016:

	Number of Shares		Weighted Average Grant Date Fair Value		Aggregate Current Value
			(per share)		(in thousands)
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
Granted	156,318		15.52
Vested	(120,366	)	11.29
Forfeited	(2,320	)	13.70
Non-vested December 31, 2017	391,477		$	13.52	$	5,962

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:

	2017			2016			2015
Expected dividend yield	4.14		%	4.01		%	3.42		%
Expected stock price volatility	24.8		%	24.2		%	22.2		%
Risk-free interest rate	1.59		%	1.04		%	1.02		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	17.13		$	13.77		$	18.78

Summary of restricted stock activity

 The following table summarizes performance-based restricted stock activity under our Equity Plan for 2017 and 2016:

	Number of Shares		Weighted Average Grant Date Fair Value		Aggregate Current Value
			(per share)		(in thousands)
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
Granted	210,361		17.13
Vested	(39,959	)	7.12
Non-vested December 31, 2017	619,429		$	16.16	$	9,434