Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 and changes during the six month period then ended follow:

	Common Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2015	311,839		$	14.17
Granted	149,879		17.85
Vested	(84,736	)	15.93
Forfeited	(326	)	15.36
Non-vested at June 30, 2016	376,656		$	15.24

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 $28.50 per unit for the March 2016 grant using the following assumptions:

Volatility	20.3		%
Dividend assumption	reinvested
Expected term in years	2.8
Risk-free rate	1.07		%
Share price (per share)	$	17.67

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 six months ended June 30, 2016: 

	Restricted  Share Units		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2015	171,886		$	18.48
Granted	141,337		24.08
Vested	(20,481	)	15.87
Non-vested at June 30, 2016	292,742		$	21.37