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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity Under Plan
The following table summarizes stock option activity under the Plan for the years ended December 31, 2019, 2018 and 2017:
 
Shares
 
Weighted- Average Exercise Price
 
Weighted- Average Remaining Contractual Life (in years)
 
Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at December 31, 2016
2,826,500

 
$
15.69

 
7.6
 
$
14,956

Granted
385,200

 
23.38

 
 
 
 
Exercised
(74,000
)
 
15.65

 
 
 
520

Forfeited
(85,250
)
 
16.24

 
 
 
 
Options outstanding at December 31, 2017
3,052,450

 
$
16.65

 
6.9
 
$
16,421

Granted
140,000

 
19.40

 
 
 
 
Exercised
(769,875
)
 
16.07

 
 
 
4,754

Forfeited
(170,300
)
 
17.93

 
 
 
 
Options outstanding at December 31, 2018
2,252,275

 
$
16.92

 
6.1
 
$
7,713

Granted
20,000

 
20.48

 
 
 
 
Exercised
(730,125
)
 
15.94

 
 
 
6,088

Forfeited
(12,350
)
 
20.80

 
 
 
 
Options outstanding at December 31, 2019
1,529,800

 
$
17.40

 
5.3
 
$
13,479

Options exercisable at December 31, 2019
1,163,150

 
$
16.76

 
4.8
 
$
10,993

(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 grant 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 weighted-average fair value of stock options for Class A common shares granted during the years ended December 31, 2019, 2018 and 2017 were $2.85, $3.03 and 3.82, respectively, based on the following inputs used in the Black-Scholes Option Pricing Model:
 
2019
 
2018
 
2017
Expected term (years)
 
7.0

 
 
7.0

 
 
7.0

Dividend yield
 
3.0
%
 
 
3.0
%
 
 
3.0
%
Volatility
 
17.3
%
 
 
18.9
%
 
 
21.3
%
Risk-free interest rate
 
2.6
%
 
 
2.8
%
 
 
2.2
%
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 years ended December 31, 2019, 2018 and 2017:
 
Restricted Stock Units
 
Weighted- Average Grant Date Fair Value
 
Aggregate Intrinsic Value (1) (in thousands)
Restricted stock units outstanding at December 31, 2016
130,150

 
$
15.09

 
$
2,731

Awarded
174,400

 
23.38

 
 
Vested
(42,475
)
 
15.42

 
990

Forfeited
(18,200
)
 
19.30

 
 
Restricted stock units outstanding at December 31, 2017
243,875

 
$
20.65

 
$
5,326

Awarded
304,400

 
19.40

 
 
Vested
(80,125
)
 
19.51

 
1,552

Forfeited
(95,775
)
 
20.15

 
 
Restricted stock units outstanding at December 31, 2018
372,375

 
$
20.00

 
$
7,392

Awarded
350,334

 
22.90

 
 
Vested
(111,000
)
 
19.75

 
2,431

Forfeited
(12,600
)
 
21.34

 
 
Restricted stock units outstanding at December 31, 2019
599,109

 
$
21.71

 
$
15,703

(1)
Intrinsic value for outstanding restricted stock units is defined as the market value of the underlying Class A common shares on the last trading day of the period. Intrinsic value for vested restricted stock units is defined as the market value of the underlying shares on the day the awards vested.
Summary of Noncash Share-Based Compensation Expense The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the years ended December 31, 2019, 2018 and 2017 (in thousands):

 
For the Years Ended December 31,
 
2019
 
2018
 
2017
General and administrative expenses
$
3,466

 
$
2,075

 
$
2,563

Property management expenses
1,342

 
1,358

 
1,649

Total noncash share-based compensation expense
$
4,808

 
$
3,433

 
$
4,212