Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of non-vested restricted common shares

A summary of the status of the Trust’s non-vested restricted common shares as of September 30, 2015 and changes during the nine month period then ended follow:

	Common Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2014	319,654		$	12.60
Granted	129,277		16.18
Vested	(169,259	)	12.91
Non-vested at September 30, 2015	279,672		$	14.07

Schedule of weighted average grant date fair value assumptions

The Trust utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $20.06 per unit for the March 2015 grant using the following assumptions:

Volatility	20.7	%
Dividend assumption	reinvested
Expected term in years	2.8
Risk-free rate	1.14	%
Share price (per share)	15.87

Summary of the activity in the restricted share units

The following is a summary of the activity in the Trust’s restricted share units during the nine months ended September 30, 2015: 

	Restricted  Share Units	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2014	55,680	$	16.94
Granted	116,206	19.22
Non-vested at September 30, 2015	171,886	$	18.48