Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and changes during the six month period then ended follow:

	Common Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2016	296,785		$	16.16
Granted	143,593		19.74
Vested	(239,587	)	16.11
Forfeited	(550	)	18.78
Non-vested at June 30, 2017	200,241		$	18.77

Schedule of weighted average grant date fair value assumptions

The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $33.43 per unit for the March 2017 grant using the following assumptions: 

Volatility	21.5		%
Dividend assumption	reinvested
Expected term in years	2.8
Risk-free rate	1.68		%
Share price (per share)	$	19.80

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, 2017: 

	Executive Awards					Trustee Awards
	Restricted Share Units			Weighted Average Grant Date Fair Value		Restricted Share Units		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2016	235,483			$	21.84	57,260		$	17.03
Granted	174,320			29.34		32,831		19.80
Vested	(55,680	)	(1)	16.94		(38,871	)	16.72
Non-vested at June 30, 2017	354,123			$	26.30	51,220		$	19.04

(1) Restricted units vested by Company executives in 2017 resulted in the issuance of 105,792 shares of common stock, less 50,112 shares of common stock withheld to cover minimum withholding tax obligations, for multiple employees.