EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of restricted stock activity

The following table summarizes time-based restricted stock activity under our Equity Plan for 2020 and 2019:

	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
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
Granted	299,562	8.47
Vested	(172,170)	13.31
Forfeited	(2,282)	8.64
Non-vested December 31, 2020	573,577	$	10.18	$	5,168

The following table summarizes performance-based restricted stock activity under our Equity Plan for 2020 and 2019:

	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
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
Granted	376,609	9.38
Forfeited	(210,361)	17.13
Non-vested December 31, 2020	922,239	$	11.65	$	8,309

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:

	2020			2019			2018
Expected dividend yield	8.16		%	6.17		%	5.33		%
Expected stock price volatility	23.7		%	23.2		%	25.7		%
Risk-free interest rate	0.53		%	2.43		%	2.41		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	9.38		$	12.81		$	13.73

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, 2020, 2019, and 2018 was as follows (in thousands):

	2020		2019		2018
Time-based restricted stock	$	2,470	$	2,327	$	2,384
Performance-based restricted stock	3,559		3,396		3,727
Director stock	447		496		554
	$	6,476	$	6,219	$	6,665

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, 2020 as follows (in thousands):

	Total		2021		2022		2023		2024
Time-based restricted stock	$	3,140	$	1,855	$	1,037	$	232	$	16
Performance-based restricted stock	4,242		2,654		1,392		196		—
	$	7,382	$	4,509	$	2,429	$	428	$	16