Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Summary of Stock Option Activity under Plan

The following table summarizes stock option activity under the Plan for the six months ended June 30, 2016 and 2015:

	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual  Life (in years)	Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at January 1, 2015	2,165,000		$	16.17	8.8	$	1,890
Granted	588,500		16.49
Exercised	—		—			—
Forfeited	(125,500	)	16.57
Options outstanding at June 30, 2015	2,628,000		$	16.23	8.5	$	535
Options exercisable at June 30, 2015	661,250		$	15.93	7.7	$	274
Options outstanding at January 1, 2016	2,484,400		$	16.22	8.0	$	1,225
Granted	698,000		14.04
Exercised	(105,750	)	15.92			298
Forfeited	(95,650	)	16.35
Options outstanding at June 30, 2016	2,981,000		$	15.71	7.9	$	14,211
Options exercisable at June 30, 2016	1,117,625		$	16.07	7.2	$	4,934

(1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding

The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares issued during the six months ended June 30, 2016 and 2015:

	2016			2015
Weighted-average fair value	$	2.81		$	4.57
Expected term (years)	7.0			7.0
Dividend yield	3.0		%	3.0		%
Volatility	27.4		%	35.9		%
Risk-free interest rate	1.5		%	1.9		%

Summary of Restricted Stock Units Activity Under Plan

The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the six months ended June 30, 2016 and 2015:

	2016		2015
Restricted stock units at beginning of period	91,650		85,000
Units awarded	74,100		44,000
Units vested	(27,250	)	(21,250	)
Units forfeited	(3,550	)	(7,400	)
Restricted stock units at end of the period	134,950		100,350