EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of restricted stock activity

The following table summarizes performance-based restricted stock activity under our Equity Plan for 2019 and 2018:

	Number of Shares		Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
					(in thousands)
Non-vested December 31, 2017	619,429		$	16.16
Granted	397,808		15.69
Vested	(309,010	)	18.78
Non-vested December 31, 2018	708,227		14.75
Granted	302,327		12.81
Vested	(89,097	)	13.77
Forfeited	(165,466	)	13.77
Non-vested December 31, 2019	755,991		$	14.31	$	9,329

The following table summarizes time-based restricted stock activity under our Equity Plan for 2019 and 2018:

	Number of Shares		Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
					(in thousands)
Non-vested December 31, 2017	391,477		$	13.52
Granted	185,930		13.15
Vested	(205,619	)	13.41
Forfeited	(1,636	)	12.84
Non-vested December 31, 2018	370,152		13.40
Granted	235,407		11.32
Vested	(154,801	)	12.82
Forfeited	(2,291	)	12.65
Non-vested December 31, 2019	448,467		$	12.51	$	5,534

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:

 

	2019			2018			2017
Expected dividend yield	6.17		%	5.33		%	4.14		%
Expected stock price volatility	23.2		%	25.7		%	24.8		%
Risk-free interest rate	2.43		%	2.41		%	1.59		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	12.81		$	13.73		$	17.13

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, 2019, 2018, and 2017 was as follows (in thousands):

	2019		2018		2017
Time-based restricted stock	$	2,327	$	2,384	$	2,145
Performance-based restricted stock	3,396		3,727		3,183
Director stock	496		554		559
	$	6,219	$	6,665	$	5,887

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 $7.4 million at December 31, 2019 as follows (in thousands):

	Total		2020		2021		2022		2023
Time-based restricted stock	$	3,092	$	1,798	$	1,048	$	231	$	15
Performance-based restricted stock	4,270		2,578		1,477		215		—
	$	7,362	$	4,376	$	2,525	$	446	$	15